The Repetitive Payment System (RPS) provides a single system to administer a variety of annuity and life insurance products as they mature into the payout phase. Many insurance products take on similar characteristics once they begin to generate periodic payments.

For example, individual and group annuities, both fixed and variable, have similar payout processing requirements. Life insurance supplementary contracts, disability payment and lotteries have payout options similar to annuities. Structured settlements, which involve both periodic and lump sum payments over a number of years, can also be processed in like fashion.

RPS is designed to handle the administrative and reporting requirements of these varied products for repetitive payments. RPS provides the full range of features, which automate and simplify the sometimes cumbersome and complex task of repetitive payment administration.

As new products are continually being introduced that stretch or go beyond the capabilities of most payout systems, RPS has been able to satisfy these demands, both functionally and technically.

The features provided within the basic framework include:
Product Flexibility
In response to the increasing demand for equity based products (in the immediate annuity area, in particular), RPS supports both fixed and variable annuities. Innovative features have been included such as benefit leveling, guaranteed floors, full and partial liquidity, fund transfers and asset re-balancing. In addition, user-defined business rules enable a simplified method for new product introduction.

Robust Processing
All facets of the life of a payout annuity are administered by RPS: benefit calculation, repetitive and singular payment creation, policy administration including online review and processing, full tax compliance and reporting (both state and federal), processing audits, full administration reporting and reserve calculations.

Platform Flexibility
RPS has the ability to be used either on a mainframe or in a mid-tier environment. This flexibility can translate into processing efficiencies for all sized companies and provides room for growth as well as the ability to process high volumes of repetitive payments.