Annuity Payments (xen-IP range)

Xensis have partnered with leading Annuity Agencies for the electronic payment of renewals via interfaces between the Xensis products in the xen-IP range and agency systems. These interfaces allow intelligent recording of changes within the Xensis system and 'hands free' electronic transfers to the annuity agencies. It is intelligent in that the system knows which records have to be transferred due to changes in the data, and what action to tell the agency to undertake. When the system triggers record transfers, they are first held in a transfer queue and it is up to the user to empty the queue on a frequency to suit themselves, but this is normally monthly. This transfer can be via floppy diskette, CD or email.

Depending on the annuity agency selected there are various acknowledgement files returned which are loaded in the Xensis systems so that you have an up-to-date online integrated record of your past, current and planned annuity payments. Most agencies offer additional service whereby your annuity data can also be viewed on-line via the annuity agency systems.

The data is transferred to the agency and loaded into their internal systems. The data is then double or triple checked against their own law to ensure there are no discrepancies. You can therefore be assured of the quality and validity of the data.

Xensis can introduce you to an Annuity Agency for you to discuss your service requirements, or if you prefer we can assist with the overall process of making your payments electronically via an Agency. From experience it is likely that you will be able to reduce your service payments and improve the quality of the service provided. Since the Xensis interface is totally electronic it will significantly reduce formalities staff workload and improve the quality of the data send and received back from the agency.

Within the Xensis systems you are not limited to using a single Annuity Agency, so therefore this gives you the ability to either:

split your portfolio across multiple agencies
transfer your whole portfolio from one agency to other without any impact on your system or data

The bottom line is that it leaves you, the customer, in control and puts you in a strong negotiating position. You are no longer tied to an annuity agency just because you are using their software.

Facilities are provided within the system for clients to manually enter annuity information should they prefer to make annuity payments themselves without using an annuity agency. Clients can produce summary and detailed reports out of the systems for assistance.

Xensis would recommend clients seriously consider using an annuity agency even for small numbers of renewals.