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Utilizing a comprehensive approach in the review and ongoing
management of life insurance policies, InsuranceIQ™
offers a complete workflow management and trust administration
system.
The professionals of InsuranceIQ™ bring over 100 years
of trust and insurance experience to provide a unique vision
and purpose:
- Focus on the trustee and deliver unbiased and objective
evaluations of Trust Owned Life Insurance (TOLI) policies;
- Provide an easy to use technology based platform that
creates trust administrative efficiencies;
- Provide a risk management system to fulfill fiduciary,
regulatory and compliance needs
Information on each TOLI policy is gathered directly from
the insurance company. Each trustee has secure 24/7 access
to their insurance policy information as the data is collected
and analyzed. All policies, regardless of size or type, are
reviewed and assigned a risk rating based on hundreds of quantitative
and qualitative attributes. Policy management notes and action
items are provided for each policy, regardless of the risk
rating, permitting the trustee to know exactly what adjustments
are needed to best manage the policy and mitigate the risk.
Ongoing policy reviews occur after the initial evaluations
have been completed. Typically this takes place on the policy
anniversary date and compares the actual policy performance
against the projected performance at the time the baseline
was established. Adjustments to the risk rating and overall
performance may occur during the ongoing review process as
a result of actions taken during the previous policy year.
All information is documented in the InsuranceIQ™ database
for trustee review.
In addition to these reports, enhanced customer reports
are also provided. These easy to read reports highlight carrier
information, ratings, policy details and actual vs. projected
performance.
InsuranceIQ™ stores all insurance and trust information
in a relational database so information can be reviewed at the
portfolio, branch, trust or policy level. The trust administration
module within InsuranceIQ™ expands the recordkeeping capabilities
for this unique asset class.
The module is a complete work flow management console that
gives trustees a platform to manage the daily administrative
functions from one central, secure system. The console allows
trustees to monitor the key to do functions related to TOLI
policies such as:
- Sending premium gift requests to the Grantors
- Tracking the receipt of the gifts to the trust
- Tracking and Sending "Crummey" letters to the
Beneficiaries
- Tracking the payment of premiums to the insurance carriers
The module’s automatic letter generating capabilities
along with document storage and retrieval features ensure
streamlined processes and procedures for trustees’
administration of their TOLI.
InsuranceIQ™ is a formal risk management program used
to identify and control the risks related to TOLI. Using InsuranceIQ™
can effectively guard against liability resulting from poor
management and administrative practices, as well as identify
those areas (within the portfolio of life insurance trusts)
where there is possible exposure.
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