Abacus provides regular management reports to the fund detailing accurate and up to the minute information effectively managing the risks associated with the non assignment of policies and non payment of premiums.

Abacus can also the funds board meeting providing a verbal update combined with the management report focusing on the operational issues encountered by Funds holding TEPs as an asset class including:

• details of the current asset register,
  • no. of policies held (incl. % movement month on month),
  • book cost of policies held (incl. % movement month on month),
  • book cost of policies held (incl. % movement month on month);
• details of any assignment problems and actions taken to date;
• premium administration information
  • Identification of reconciliation issues and the actions taken to correct the problems identified i.e. premiums claimed from incorrect bank accounts, premiums claimed from the life assured, direct debit mandates not set up by the life office as part of the assignment process, bulk claim premium issues, changes in premium amount, changes in premium frequency, failure of the automated direct debit etc.
• detailed breakdown of premium histories
  • no. of policies held with complete premium histories
  • no. of policies held with incomplete premium histories

Aged analysis reports identifying inherent risk by life office and by policy where premiums remain unclaimed by the life office and the actions taken to correct the problems identified.

Related Services

Premium AdministrationPortfolio Administration Data Migration