American Fidelity (AFA) employed McCamish, a business process outsourcing (BPO) provider, to help consolidate the administration of its annuity products, previously supported on multiple application platforms, onto one administration system.
McCamish Systems also collaborated with the life insurance company to automate new group billing and collection capabilities through enhancements of the VPAS Life system to support qualified retirement plans, such as 403(b) and 457(b).
The companies claim that VPAS Life now supports unlimited divisions of a policy’s cash value, which fully integrates support for employee/employer contributions, QDRO divisions and multiple beneficiaries within a single policy.
Additionally, VPAS Life was enhanced to automate minimum required distribution processing.
Nancy Steeber, AFA’s vice president of annuity services, believes that the consolidated administration of all annuity policies on a single system will improve customer service.
