Web-Based ILIT Management Software and Third Party Administration (TPA) Services
Simplify your life by streamlining and automating tedious ILIT duties. Reminders are posted, letters are printed, and forms are completed, all with the simple push of a button. Keep up to date and organized without devoting hours of valuable work time to the process. DATATRACKTM also provides links to beneficiary updates and policy risk management reviews. Efficiently perform and manage ILIT/Crummey administrative functions using an automated point-and-click interface.
CUSTOMER SERVICE
ADMINISTRATION
REPORTS
PROCESSING
CALENDAR TASKS
TPA SERVICES
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Customer Service: Quickly add, remove and edit ILIT accounts
- Policies
- Grantors
- Beneficiaries
- Trustee(s)
- Notes and Diary section
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Administration: Customize the ILIT administration system
- Add, remove, edit and set schedules
- Trust administration officer(s)
- Investment officer(s)
- Relationship manager(s)
- Schedule automated tasks and reminders
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Reports: Detailed information to keep you current
- Late contribution letters
- Late Crummey Letters
- Outstanding Contributions (Not Received)
- Overdue Trustee Fees
- Surrendered Policy Report
- Activity Reporting
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Processing: Automated document production and activity tracking
- Individual or batch processing
- Record gift receipts
- Pre-contribution (request) letters
- Contribution (request) letters
- Crummey letters
- Acknowledge Crummey receipts
- Print mailing labels
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Calendar Tasks: Monthly calendar view of all trust administration duties
- View all current and past due scheduled activities
- Manages: Crummey letters, Grantor calls, scheduled or pending follow-up
- View the list of daily scheduled activities in either traditional calendar format (seen below) or in a detailed list.
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TPA Services: Outsourced ILIT Administration
RIC serves as a third party administrator of ILITS in an effort to maximize efficiencies and to minimize administrative costs. Labor intensive tasks such as collecting gifts/premiums, paying premiums, notifying beneficiaries, follow up calls, writing letters, printing envelopes, mailing, keeping detailed audit trails and scheduling activities can be handled by RIC through a third party administration agreement.
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