Effectively, for companies, organizations, agencies or groups using a Common Remitter Service for insurance related product payments, one check or wire transfer is sent from the company or organization to your account(s) and it's automatically allocated to each participant employee account at the various insurance companies.
It's quick, easy, fast, very effective, it eliminates much of the hassle associated with the employee benefits type administration and it opens up a limitless array of product choices for your organization and employee participants.
Through a web based common remitter platform, users have direct access instantly via a secured server to present and past remittance history online 24/7 making reconciliation simple, time saving and effortless.
A Common Remitter Service Program is available for single person entities, companies, organizations, and agencies, small and large.
If desired, presently offered plans and product choices for your employees can be maintained on this platform; additionally, you'll have the option and flexibility to significantly broaden your options and choices with the inclusion of virtually any other insurance product you wish to make available or offer your employees.
These multi-carrier products can be employer funded group products or voluntary salary reduction individual products and can include: life insurance, low cost term insurance, dental insurance, vision insurance, mortgage insurance, health insurance, long term care insurance, disability insurance, annuities, etc.
Plus, given the technology associated with the platform virtually any other product or service having periodic or systematic group or voluntary payments or contributions can be incorporated into the platform.
Program is tailored and structured to address and meet the criteria and interests of all types and kinds of platform participants and its inherently designed so that participants can pick and choose the most appropriate product(s) for their own self interests.
The organization or company totally controls the remittance process.
Both company and individual platform participants can now incorporate some features within their organization or individual accounts which are more than likely not presently available.
Certain selected insurance product choices might have minimum participation requirements; and not all products are necessarily available for residents of all states.
When, as and if outside and independent 3rd Party Administration is needed for your periodic or systematic contributions, you can use your own provider, or a low cost provider can be recommended.
All assets are held directly at your selected annuity company, insurance company, or your custodian of choice.
As an option, for organization program participants we can provide a private internet access website so participants can quickly, easily and readily access and manage their accounts online 24 hours a day, 7 days a week.
Cost of service, if any, varies dependent on a number of variables.