In an increasingly competitive industry, insurance companies must serve the needs of their beneficiaries and policyholders in the most mutually beneficial and profitable way possible.
By providing your beneficiaries with an alternative to lump-sum settlements, Open Asset Retention™ lets your beneficiaries take as much time as they need to make important investment decisions following a challenging life event.
In addition to serving your beneficiaries, this fully outsourced solution lets you retain investment income from monies that would otherwise be moved to external institutions.
Beneficiaries gain convenience, a return on their money, and total control while you reduce cash outflows, increase your bottom line, and enhance customer relationships – all through one, easy to use solution that benefits everyone.
Open Asset Retention™ enables insurance companies to provide their beneficiaries and policyholders with a bank-like product for the disbursement of death benefits, annuities, structured settlement proceeds, cash surrenders and property/casualty claims.
These retained asset accounts allow your beneficiaries to earn competitive rates of return on their settlements through interest-bearing, demand deposit-like accounts or more long-term investment vehicles similar to interest certificates or certificates of deposit.
Beneficiaries maintain total control over their payouts and have convenient access to funds via checkbooks and over the Internet.
With Open Asset Retention, you will retain assets for income that otherwise would have been taken out of your company while simultaneously providing valuable services to your beneficiaries.
Plus, as a fully outsourced solution, Open Asset Retention allows you to focus on what matters most to you while we do the heavy lifting. We take care of all the back-office operation and maintenance of your retained asset program for a true end-to-end solution.
The Open Asset Retention™ group is the nation’s largest full-service third-party administrator of asset retention accounts, servicing more than 52 major carriers with approximately 375,000 active accounts representing $9 billion in assets.
Our retained asset program provides the following benefits:
- Reduces cash outflows and retains investment income by encouraging RAA accountholders to keep money invested with your insurance company
- Presents customers with a valuable alternative to lump-sum and recurring payouts
- Provides a comprehensive and flexible solution with turnkey options that include checkbooks, corporate closeout, record-keeping services, research, fraud prevention, and more
- Saves you time and money by outsourcing program implementation, operation, and maintenance to Open Solutions so you can focus on building your business
More information about Open Asset Retention™ is available by contacting Open Solutions at 860-652-3155 or toll-free at 800-226-5674.