The DST Systems Inc. is a leading supplier of high end information processing solutions and services has announced the launch of the payout solution, InPayce. The firm offers service to firms in insurance, brokerage, healthcare and related segments. The imminent large scale retirement of employees in different industries in America is causing a dramatic shift from accumulation of assets to de-accumulation of wealth. It occurs as different assets such as annuities, mutual funds and other assets begin to pay out. The new payout solution is aimed at supporting life annuity and mutual fund service providers who require flexible, user-friendly systems to track, disburse and service the different income streams that are attached with the existing and new guaranteed retirement income products.
The introduction of a new Payout solution presents with a great chance for insurance and financial institutions to check their move towards product, technology and operational innovation. The factors managing repetitive income streams are carried out through web based transactions are supported by the insurance servicing platforms. The solutions is designed to services various payout models and has the capability to handle repetitive income streams, premiums, determine and pay commission, reconcile accounts and money transactions, comply with OFSC/CIP, assist in tax reporting and perform different other activities.
In order to incorporate the solution to the processes in the firms, they should be willing to adapt and bring about changes, being the first component of the InPayce platform, the Payout solution is designed to offer SaaS and BPO services in support of insurance policy management and customer communications and output to help. The company sources claim that they have extensive strengths in record keeping technology, process, innovation, business process management and customer communications and output. The payout solution is flexible and cost effective solution to support companies maintain their products and introduce them into the market at the right time. The company provides service through cloud and also on BPO basis. DST Insurance Solutions offer services which include policy administration and other allied services to insurance organizations which provide fixed and variable annuities. The company provides service through cloud and also in BPO basis. DST systems have entered into JV with State Street Corp to provide services via cloud and Business Process Outsourcing. DST system also offers printing and billing solutions to the organizations. They also offer technology infrastructure to insurance and asset management companies. The DST systems ha its origin in Kansan City and it us traded publicly in the New York Stock Exchange.
REFERENCE:
http://www.bpoindia.org/news/dst-insurance-launches-new-payout-solution-20111208.html
