ACUMEN-EB streamlines the fund administration process
The ACUMEN-EB Retirement Fund Administration Solution is positioned as an ideal way for retirement fund administrators to streamline their business processes and enhance service levels to the benefit of their members.
This solution - developed, sold and implemented in South Africa by Business Edge - allows fund administrators to replace inflexible legacy systems with a solution that eases regulatory compliance, provides access to timely and comprehensive information, and enhances management of their funds.
Says Karen Malkin, Insurance Director at Business Edge: "In the fast-changing fund industry, administrators need to be able to respond quickly and accurately to the needs of regulators and their members. They need systems that are flexible enough to adapt to the organisation's changing requirements.
"In addition, they need to be able to enhance their level of service to their members. ACUMEN-EB, the Retirement Fund Administration Solution from Business Edge, addresses all these needs with a rules-based system that adapts to the needs of the business rather than dictating how the business should operate."
The solution streamlines the administration process by automating key steps in the process. The entire administration process is supported by ACUMEN-EB, including fund rules and benefit profile configuration, membership and claim processing and reporting. ACUMEN-EB includes a standard set of enquiries, extracts and reports - both at fund and member level - giving administrators access to rich information that helps them manage their funds and members better.
ACUMEN-EB is rules-based, allowing the business to configure modifications and enhancements without needing to make extensive systems changes. The fund can easily configure the business rules without time-consuming and costly involvement from IT service providers, providing administrators with the flexibility to quickly adapt the system to changing business and legislative requirements. Fund rules are stored in the rules-based database, simplifying changes and additions. Interest rates, tax rates and risk benefit allocation rules are some of the configurable options.
The software features an intuitive interface that provides administrators with access to members' information and key functionality. High service levels are maintained for members because system facilities are readily available and easy to operate.
Fund administrators can automate the distribution of the various statements, letters, reports and notices.
The platform is based on industry standards and is built on Microsoft technology. The ACUMEN-EB solution is more cost-effective to support and maintain than the legacy systems still used by many administrators since technical skills are readily available on the Microsoft platform. The mainstream technology base also means that ACUMEN-EB can scale and extend as the fund's needs grow and evolve.
Says Malkin: "Many retirement fund administrators are still using heritage systems to support their administration function. But faced with ever-increasing pressures from regulation, the continuous challenge to reduce costs and the consistent requirement to offer great service to members, they need to look at investing in new technology to support their needs.”
