Compass

Global Atlantic Company Update (2/7/18)

From Global Atlantic:

 

We are in the final stages of the Accordia Life and Annuity Company policy administration conversion project and our focus continues to be on a return to business as usual. The conversion project moved policies from multiple aged systems to a single administration system, which will allow us to better-serve our customers over the long-term.

We have made substantial progress since our last communication in October, 2017: 85% of policies are now considered in good order or IGO which means back premiums are applied to policies, annual statements delivered to policy owners, and applicable agent commissions are paid. We expect to see similar progress going forward and anticipate that this project will be essentially complete around mid-year.

As we work toward this goal, letters continue to be sent to policy owners and agents and we have instituted multiple ways of communicating to policy owners including telephone outreach. In addition, special payment arrangements are being made when necessary as we work with policy owners on back premium payments. When a special payment arrangement is created, IGO will occur once the arrangement is fulfilled.

Once policies are IGO, it will be business as usual and policy owners can receive immediate policy value quotes and transactions will be processed in a timely manner. Before a policy is IGO, please allow additional time for any requests to be processed.

We recognize the conversion project has created frustration for you and policy owners - for that we apologize. We appreciate your continued patience and understanding at this time. Please know we are working diligently to identify and address issues brought to our attention. We want to assure all stakeholders that it is still our top priority to complete this conversion project.

Look for another communication next quarter. Please visit our conversion website, globalatlanticlife.com/policy-conversion, for more information.

Thank you,

 

David Wilken
President, Traditional Life
david.wilken@gafg.com