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Insurance Wealth Products Supported

Unitrax® offers in-built support for segregated funds, Guaranteed Withdrawal Benefit(GWB) rider, Guaranteed Investment Accounts (GIAs), Daily Investment Accounts (DIAs), payout annuities and group insurance.

It caters to various annuity types – single life, joint life, life with guaranteed period, term-certain, bridge and impaired. Other key capabilities include maturity and death claim processing, final age-based resets, maintenance of rates for daily interest investment and comprehensive tax reporting.

Details

Segregated Funds

Unitrax® has robust deposit, contract and policy-based maturity processing capabilities, which help catalyze the tracking, maintenance and reporting of Death Benefit Guarantees (DBGs) and Deposit Maturity Guarantees (DMGs). The platform simplifies and accelerates notional distribution processing, and is equipped with a table-driven functionality to exclude selected transactions, such as, fees from guarantees.

Unitrax also monitors death and maturity-linked guarantee percentages separately, and adjusts guarantees based on years remaining until maturity and deposit age. Unitrax® can also differentiate between commissionable and servicing agents on a policy, to help calculate commissions effectively.

Annuities

The platform enables multiple deposits at the time of issue and automatically sets up periodic payment instructions. Unitrax® allows different annuity streams to be configured in the same policy as segregated funds to simplify operational transferability and boost asset retention. Users can also set up environment-level processing rules and parameters, and maintain purchase information with a reference number to link Unitrax® with an external illustration tool.

Based on the source of the funds – pension, registered or non-registered (prescribed taxation) – Unitrax® streamlines the taxation process and bolsters reporting, covering T5, RL3, T4A, T4RSP, and RL2. Users can upload accrual taxation details in bulk to the system, issue existence letters, and process death claims based on actuarial calculated death benefit payout amounts.

Guaranteed Investment Accounts (GIAs)

Unitrax® helps users administer GIAs with features such as validation of the annuitant’s age on Guaranteed Investment Certificate (GIC) deposits, synchronization of GIC end dates with maturity dates, and efficient policy level death claim processing. Our solution allows for maintenance of GIAs and segregated funds under a single policy with ability to rebalance the combined assets. The platform maintains rates by interest frequency and term length, and allows you to offer promotional rates for staff and specific plan types and dollar thresholds.

Group Insurance

Unitrax® supports Group Registered Retirement Savings Plans and Registered Pension Plans (RPPs), letting users set up group contributions for employers, employees, and other voluntary contributions, with fund split details for each type. The platform enables users to link policies of specific policy owners to multiple groups, while ensuring that every policy is only linked to a single group. In cases where purchase instructions are pre-defined, group purchase transactions can be generated for all the policies in a group. Further, users can define a master policy, for instance, a plan sponsor pension, and link participant policies with the master policy.