During our technology upgrade we have worked closely with IFAMS to make sure your electronic valuations continue to work as usual.
We have also made improvements so you will now be able to access bulk valuations for all of your clients on a daily basis. These can be imported directly into IFAMS
Updating your software
Together with IFAMS we have ensured that all the required updates have been taken care of so you can relax without any interruptions.
Updating your username and password
We have supplied IFAMS directly with all the details they need to set up your valuations so there is no need for you to update your username and password.
Updating your account numbers
As part of our technology platform upgrade, we have issued new account numbers for all existing accounts. We have already communicated the new account numbers to IFAMS so they can make the updates on your behalf.
For clients that currently hold both crystallised and uncrystallised holdings in our Collective Retirement Account, we will be creating separate accounts to hold each of these components.
Normally, accounts will always match. Prior to the switch-over, IFAMS will update all the old policy numbers to the new numbers. When a crystallisation event occurs for the first time, it will trigger a new account number.
If this new account has not been defined to AMS, then it will be flagged as an error in the Online Valuation Monitor (OVM – see below).
You should check the OVM every day. A ‘mis-match’ like this will flag up and the process described below will be followed in order to resolve the issue. In the instance of a crystallisation, it will mean that a new account will need to be created with the new reference number. When the valuations are then picked up on the next run (the next day), the valuation for the crystallised account will be successfully included.
The process for how you can use our platform and the AMS systems for investigation are described below.
Please note: AMS is in the process of investigating the use of a tool to allow you to link a valuation error to the IFAMS work list (Kanban Board) to allow transparency of work in progress. Also, more work is being done to allow you to ‘link’ one policy to another. An update to this document will be issued as and when this occurs.
Changes to how you request valuations in IFAMS
All policy valuations will automatically download into AMS on a daily basis in the morning (usually by 9:00 am), so there is nothing that you will need to do in order to continue to receive up-to-date information.
When you access policy information for one of your clients the information will continue to look as it does now. See Fig 1.
Fig 1. Old Mutual Wealth Sample Client Policy
If you notice that the current valuation date is more than 1 working day old, please contact your Office Manager and supply them with:
- AMS client reference
- AMS policy number
- Client Name.
- Date of the last successful valuation (current valuation date – 12.07.2020 in the example above).
Office Manager Investigation Process
When your Office Manager receives a query about a policy valuation issue, they will access the Online Valuation Monitor (OVM) in AMS. They will then filter the From Date and To Date on the screen (See Fig 2.) and see if AMS was able to identify an issue.
Fig 2. Online Valuation Monitor (OVM or quarantine area)
The screen shot above shows all the valuations for Old Mutual Wealth received between 9 July 2020 and 12 July 2020. Valuations with a ‘Tick’ have been brought into AMS successfully. Valuations with an issue have an exclamation mark against them. The example above was done using an Old Mutual Wealth test file whereby only 2 policy numbers had been updated to the new numbers in AMS (Jackie Collins – the builder and Angela Duxbury – the Actuary).
Normally, this will not happen as valuations will usually run through and update as all existing policy numbers will be up to date.
For a new policy just taken out however, it might be that the information comes down in the daily file from Old Mutual Wealth before the new number is added to the system.
It should always be the case that if a policy valuation is more than 1 working day old in AMS, there will be an error that occurred with the answer to that error sitting in the OVM.
Your Office Manager will filter to the time frame required and can start to work through all the records showing with an exclamation mark. For each record they will:
- Double click on the record to get more information
- Examine the messages shown on this next screen as it will supply all the information sent by Old Mutual Wealth, and that AMS also generated in order to assist with the error.
Fig 3 – Collective Data
This screen shows all the information sent by Old Mutual Wealth and gathered by AMS when it processed it. Reference IF49487 (the second record from Fig 2. was ‘double clicked’).
The screen shots above tell your Office Manager that the policy was not matched to policy number AC2011005-002. The messages tab shows all the other information that was sent by Old Mutual Wealth and picked out by AMS. In this case, the messages show that a legacy policy number was supplied. ‘OLD100286324’.
Each investigation will never be exactly the same, and your Office Manager might need to refer back to you with information found in the OVM so that you can then login to the Old Mutual Wealth platform to gain more information before corrective action can occur.
Fig 4. Search for Legacy Policy number in AMS
In this particular case as the legacy policy number is supplied, a search for the number (with a partial match – leaving the ‘OLD’ part out) can be entered into AMS which brings up a match with James Bond (Human Resources officer from Dorset).
Your Office Manager can then access the policy and update the number to the new one. See Fig 5
Fig 5. Update legacy number to new number manually
History showing when update occurred:
Next Day - when the Valuation file gets picked up, the OVM will look as follows (see James Bond Collective is now matched):
The policy will now have the valuation information attached:
If your Office Manager is unable to rectify the issue through a combination of using AMS, yourself and the Old Mutual Wealth platform then they should contact AMS and they will carry out further checks to resolve the issue.
If you have any questions or need any help please contact IFAMS Support using the following details:
T: 07771 663442