VPAS® Repetitive Payment Management (VPAS® RPM)
VPAS® Repetitive Payment Management component offers a flexible solution to the multitude of payout options needed for life and annuity products and rider benefits. The RPM system is easily configurable to streamline high volumes of simple and complex payout options for settlement options, SPIAs, death and disability benefit payouts. It provides access to payout option details and history for swift and accurate client responses. VPAS® RPM is a component of the VPAS® Platform, offering payout related services in a BPO or SaaS delivery model.
Features
- Robust offering of income options
- Support for multiple calculation methods
- Compliant for multiple tax markets
- Exclusion ratio calculations
- Split payee options
- Fixed payouts
- Policy Fee options
- Death benefit options
- Policy Pages support
Administrative services
- Quotes for settlement options and SPIAs
- Payouts made via EFT or check
- Premium handling
- Support premium tax
- History of payments to payees
- Tax withholding
- Survivor verification (SS database sweeps)
- OFAC / ALM compliance
