Professional Documents
Culture Documents
book administration
Many insurance organisations have legacy
portfolios which are no longer sold or may not
be of strategic importance to the direction of
the company. Often these closed books may
have been inherited as part of mergers and
acquisitions and are run on legacy systems
which are no longer supported and are at risk
of termination by existing outsourcers and
suppliers.
The application and hardware costs to run
such books, the erosion of data quality, and the
knock-on effect to the quality of service can all
be signifcant regulatory risks, which increase
over time. Most outsourcing service providers
may not be able to deliver the specialist level
of service required to properly manage these
smaller, problematic books. Typically such
providers will offer a one size fts all approach
that suits the greatest part of a portfolio but
overlooks the specifc challenges of closed
books, and does nothing to mitigate or remove
their inherent risks. Over time, these risks and
challenges can only increase in severity and will
eventually require urgent attention.
What does this mean
for you?
n Legacy systems on platforms which are
no longer supported are inherently at
risk of failure, and even when performing
to their optimum, are ineffcient in comparison
to modern best-in-class platforms, creating
a drain on resources
n These legacy platforms bring with them an
inherent inability to properly address
regulatory change or changes in best
practice which can in turn lead to additional
manual reliance and increased cost
n Customer experience suffers as a result
of poor quality data and systems, delivering
poor levels of satisfaction, refecting poorly
on company reputation
n Over-reliance on key staff who hold the
knowledge around the legacy system: it
becomes increasingly diffcult to recruit
replacements for these staff, leaving the
company at risk should staff leave
n An inability to engage with customers of
these portfolios through any other channel
creates disengagement, and in some cases
the customer may not even be aware they
have a policy with you
How we can help
Outsourcing these legacy portfolios to
Equiniti will free you up to focus on your core
business. We can deliver cost savings,
operational effciencies and get you closer to
your loyal customers, while reducing your risk.
Equiniti will help you manage your portfolio
and all of the support systems including the IT
infrastructure, call centres and administration staff.
We will take full responsibility for managing
the day-to-day administration of the legacy
portfolio including managing customer calls,
issuing statements and making & receiving
payments, leaving you to focus on growing
your business.
Equiniti can provide a lift and drop solution
(simply transfer your existing platform to our
environment, offering improved technologies
and service levels) or a re-platform solution
(transferring to our best-in-class platform). In
either case, our experience in IT integration,
process design and workfow means that we
can drive automation and effciencies throughout
the management of the legacy portfolio.
Taking care of
the detail to reduce
risk, cut cost and
enhance customer
experience
Closed books represent a unique challenge to insurance companies. They require continued care
and attention, often at a level that is disproportionate to their value to the Insurer, as they tend to
be smaller in size than most books being managed. In addition, they bring with them a level of
intrinsic, but often unappreciated, risk that requires specialist management and mitigation in
respect of meeting regulatory standards and TCF. Selective outsourcing can be a prudent and
effcient way to reduce the burden of these specialist portfolios.
Equiniti Paymaster is the trading name of Paymaster (1836) Limited. Registered Offce: Sutherland House, Russell Way, Crawley,
RH10 1UH. Registered in England and Wales No. 3249700. Paymaster (1836) Limited is authorised and regulated by the Financial
Conduct Authority. 1021_EP_06/13
www.equinitipaymaster.com
n One of the largest and longest standing pension specialists with a strong presence in both
public and private sectors
n Commitment to excellent customer service supported by modern systems which encourage
accuracy and low risk
n Staff are enthusiastic experts who are passionate about service excellence
n Offering pensions payroll expertise making payments to 2.3 million pensioners and annuitants
to a value of 13 billion per annum in over 180 countries
Why Equiniti Paymaster?
This is a fantastic result given the constraints of timeframes and the move of a regulated product