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SPIA Module

From the creation of the first purchase order through to the generation of payments, Unitrax®’s SPIA module includes all of the functionality necessary for the support and management of Single Premium Immediate Annuity (SPIA) products within your Unitrax® environment.

Using the table-driven structure that Unitrax® is built on, the SPIA module can be easily utilized in conjunction with other insurance investment products in your Unitrax® environment, such as Segregated funds, Guaranteed Lifetime Withdrawal Benefit (GLWBs), and Guaranteed Interest Annuity (GIAs). Completely customizable, the SPIA module offers maximum flexibility by allowing you to create sets of SPIA processing rules, which allows you to specify details, like annuity type, maximum purchase amounts, payment frequency, guaranteed period minimum, and indexing rates.

Unitrax®’s SPIA module includes several key features that come standard, including the ability to:

  • Set up processing rules and parameters at the environment level within Unitrax
  • Systematically rollover segregated fund maturity proceeds into a SPIA product
  • Support delayed multiple deposits into a SPIA to make up the single premium amount (e.g. RRSP rollover from multiple institutions)
  • Identify errors in purchase orders during processing
  • Setup and index periodic payments
  • Identify all newly created SPIAs on the system to support client communication
  • Automatically calculate taxable and non-taxable portions of payments
  • Utilize automated and adhoc data reconciliation reports and extracts to use with some of the most commonly used industry applications (JDE, FASAT, etc)

By adding the SPIA Module to your Unitrax®​ environment, you will be able to flexibly offer long-term insurance investment options to your customers; and because it easily integrates with your environment and blends with your existing offerings, you can also expect to be supporting SPIA products both quickly and efficiently.

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