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Annuities business using modern transaction processingThe system is called Automated Customer Account Transfer Service/Insurance Processing Service (ACATS/IPS).Pacific Life is boosting its speed in obtaining notification of customer requests to change brokers/dealers. This process is now almost immediate when compared to the earlier customary six weeks. Pacific Life is not leading a long term determined effort to make the annuities business paperless. The automation of the annuities began in the first half of 2005. The change to ACATS/IPS was at the request of several large broker/dealers. The catalyst was also the mandate of the National Association of Securities Dealers (NASD) for broker/dealers to automate customer account transfers for annuities. Pacific Life began the process even though Insurance Firms did not need to adopt the automated system. Frank Norton, e-commerce program director of annuities and mutual funds for Newport Beach said that priority was given to save some transaction processing time to free up the customer service representatives and provide outstanding customer service as well, to brokers/dealers. The ACATS/IPS processing has the following transactions; Customer Account transfer Transactions, Rep Change transaction and the brokerage account number change transaction. The Rep change transaction ensures that the Rep is paid promptly when the change occurs. The present processing done by Pacific life is 1,000 brokerage account number change transaction per month of which 200 is automated. The results of automation helped Pacific Life earn the top ranking in terms of brokerage account changes. |
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