While working with Accordia Life on new cases is very much business as usual, there is still a significant amount of work being done behind the scenes to complete the transition of in force policies from Aviva/Athene to Accordia Life. The next step in this process begins August 1st, and will impact processing of commissions on both the in force block as well as any current Accordia Life policies. There are a number of other forward-looking elements to the transition process that will need to be understood and communicated to producers. Read on for the details.
Athene to Accordia Life Policy Transition Update
As referenced above, the policy transition process that is one of the final steps in the process of transitioning from Aviva to Accordia Life is about to begin. That transition process brings with it a number of important operational changes, including:
- The introduction of Alliance-One as the Third Party Administrator managing both policy service and commissions on a going forward basis.
- New Agent Services contact information and web portals for producers to use when managing in force contracts. BGA’s and producers who have not already done so will need to register for either Athene Link (Site launches 08/10) or Accordia Link (Site is live now), or both, depending upon the final branding of the in force policy. Please consult the Agent FAQ for additional details.
- Commission payments from Aviva/Athene will be discontinued, with future commission payments coming from Accordia Life.
- Policies transitioning at this time will be those that were issued and/or administered on the Ingenium system.
Accordia Life’s Communication Strategy and Commission Blackout Details
- Athene will mail agent letters on July 17th, discussing the administration changes that will occur as a result of the conversion, as well as how agent commissions will be affected. Athene will also mail policyholder letters the week of July 20th, with a cc to the agent, addressing questions on administration changes as well as confirming there will be no change to contractual provisions within your client’s policy. Examples of these letters will be accessible on Athene Connect.
- Athene will process final commission payments on the to-be-converted policies on July 31st, with payments generating on August 4th. After this date, all future commissions earned on these policies will be processed by a third party administrator (TPA), Alliance-One Services, Inc.
- As noted in the above referenced letters, there will be a blackout period, Monday, August 3rd through Friday, August 7th. During the blackout period commissions on both transitioned Athene policies and Accordia Life policies will not be processed. Accordia Life will resume processing commissions the week of August 10th, with payments occurring the week of August 17th.
Accordia Life Policy Transition Resources
In addition to the description above, Accordia Life had authored the following resources for producers and clients: