First to offer paperless enrolment process
Waterloo, ON (Nov. 28, 2001) – Clarica has introduced a suite of technology enhancements to its service capabilities for Pension and Group Savings plan sponsors and their employees that includes the introduction of an electronic online enrolment process.
Kevin Strain, Vice President, Pension and Group Savings, said “enhanced functionality through the application of leading-edge technology is a cornerstone of Clarica’s service strategy. We’ve completed three years’ worth of systems enhancements in one year ensuring that plan sponsors and their employees have quick, easy and convenient access to the information they need in a less costly, more efficient, electronic environment.”
He said Clarica is the first Canadian insurance company to offer paperless enrolment forms for plan members. A key challenge in this process was working with regulators to develop a process that eliminates the need for a signed document, he noted. Upon enrolling, a member receives a confidential ID and password through the mail, at which time the entire process becomes electronic.
Other technological service enhancements include enhanced functionality that will address increased market demand for company-sponsored employee share plans; secure two-way e-mail ensuring confidential electronic communication over the web; transaction history, member statements, plan member withdrawals all available online and the capability to automatically re-balance a member’s account that goes offside of the 30 per cent foreign content limit in Registered Retirement Savings Plans (RRSP).
Strain said, “Clarica is committed to being a leader in the Canadian Pension and Group Savings plan business. We are currently ranked in the top three in Canada in terms of market share; assets under administration and total plan members. We’re having our best sales year ever and our customer service ranking is at an all-time high. We believe these latest technological service enhancements and the value-added services they deliver will maintain that momentum going forward.”
Clarica (CLI: TSE) has provided insurance and investment solutions to Canadians for more than 130 years. As well as individual and group insurance, Clarica also provides a full range of savings and retirement products. In Canada, Clarica serves more than 3.3 million customers through 8,000 staff, agents, financial planners and group representatives who operate out of 90 offices throughout the country. In the U. S, Clarica operates from three mid-western locations to serve 225,000 policyholders.
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