The Two-Pot Retirement System is set to launch on 1 September 2024 and, in preparation for this momentous event, Old Mutual has introduced a new digital claims process for retirement-fund members.
This means that, instead of having to complete a paper claim form, your clients and their staff can claim online via a secure platform. This automated process makes it easier to file and process claims.
Going digital makes things easier
In the meantime, please create awareness of the benefits of going digital with your clients. In the months ahead, you’ll learn more about how to support your clients as they make the transition to submitting and transacting online.
The benefits:
- Members can see the value of their retirement savings, thanks to a dynamic, real-time process;
- Real-time validation;
- In-transaction messaging service to keep member informed of claims status;
- Secure submission of claim options.
Employers will also benefit from the new process as they will only have to complete the employer step in the process, which will cut down on manual-capturing tasks.
Digitisation will make life easier for employers, intermediaries and members, as it eliminates the possibility of errors encountered with the current paper-based process.
In effect, the new system liberates intermediaries from administrative tasks, allowing them to dedicate more time for client support, fostering relationships and freeing up time to focus on doing business.
Call to action
What you can do: It’s more important than ever that retirement funds have accurate member data. Make sure that the quality of information and data from your clients and their employees is accurate – that is:
- ID or passport number;
- Cell number;
- Tax number.
This will ensure that any updates on retirement information will be received by members timeously and that they have easy access to the digital processes.
Read everything about the Two-Pot Retirement System and how to answer FAQs from your clients here.