08 July 2003
Zurich International Solutions today announced the launch of Zurich Online, an internet-based administration system for international group retirement benefits schemes.
Zurich Online allows scheme administrators, scheme members, trust companies and advisors to access relevant records about group retirement schemes anywhere in the world at any time.
The benefits are numerous - not only is scheme information instantly available, but transactions can be completed online, saving time and cost. In addition, the system has multi-lingual and multi-time zone capability.
Scheme administrators can confirm/change all scheme contributions; switch and redirect funds; update who has left employment; download relevant forms; grant access rights for members to view or perform transactions; add new members; check summaries of schemes at a glance; run reports on member and scheme valuations in multi-currencies.
Scheme members can see their current policy details and policy valuation; switch and redirect their own funds (subject to scheme rules); complete beneficiary details; download relevant forms.
By the end of July 2003, the system will become 'transactional', meaning that administrators can, for example, add and take off members wherever appropriate, upload premium payments from client payroll systems and make policy level transactions, including switching and redirection of funds.
By the end of 2003, the next phase of Zurich Online will be launched, including a 'reporting' functionality, which will create further efficiencies for the administrator, allowing him/her to make historic policy valuations, as well as current and historic scheme transaction reports, which can be downloaded in various formats, thus saving even more time.
Jeff Sissons, Head of Corporate Business at Zurich International Solutions comments,
"Zurich Online brings immediate benefits to all parties to the retirement benefit scheme - not only does it reduce time, and therefore costs, but it also provides up-to-date information and allows better customer service for everyone concerned.
This launch ties in with Zurich's strategy of being a leading provider in the UK and international group benefit schemes marketplace. In addition, Zurich Online has been developed specifically from the feedback from our customers - we don't just think this is what they need, we know it is what they need. Within two years, everyone will be using online administration systems - it will soon become a 'hygiene' factor for scheme administrators."
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The Zurich Financial Services Group is an insurance-based financial services provider that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs well over 70,000 people.
