December 8, 2011: DST Systems Inc, a leading supplier of high end information processing solutions and services has announced the launch of the Payout solution, InPayce. The firm offers services to firms in insurance, brokerage, healthcare and related segments.
The imminent large scale retirement of employees in various industries in America is causing a dramatic shift from accumulation of assets to de-accumulation of wealth. This occurs as different assets such as annuities, mutual funds and other assets begin to pay out. The new payout solution is aimed at supporting life annuity, and mutual fund service providers who require flexible, user-friendly systems to track, disburse and service the different income streams that are attached with existing and new guaranteed retirement income products.
According to Company sources, the introduction of new Payout solution presents with a great chance for insurance and financial institutions to check their move towards product, technology, and operational innovation. He added that factors managing repetitive income streams are carried out through web based transactions are supported by insurance servicing platforms.
The solutions is designed to service various payout models, and has the capability to handle repetitive income streams, premiums, determine and pay commission, reconcile accounts and money transactions, comply with OFSC/CIP, assist in tax reporting and perform various other activities.
Being the first component of the InPayce platform, the Payout solution is designed to offer SaaS and BPO services in support of insurance policy management and payout. In order to incorporate the solution to the processes in the firms, they should be willing to adapt and bring about changes.
The company sources claim that they have extensive strengths in record keeping technology, process innovation, business process management, and customer communications and output to help. The payout solution is flexible and cost effective solution to support companies maintain their products and introduce them into the market at the right time.
DST Insurance Solutions offer services which include policy administration and other allied services to insurance organizations which provide fixed and variable annuities. The company provides service through cloud and also on BPO basis. DST systems have entered into JV with State Street Corp to provide services via cloud and BPO. DST system also offers printing and billing solutions to organizations. They also offer technology infrastructure to insurance and asset management companies.
DST systems has its origin in Kansas City and is traded publicly in the New York Stock Exchange.