Thank you for visiting this online resource for information about the life insurance policy conversion to a new administrative system at Accordia Life Insurance Company. While conversions are common in the industry, they can be complicated events that create confusion, uncertainty and unintended disruption for policy owners. We sincerely apologize for any inconvenience that our conversion may have caused; we are working tirelessly to address and resolve issues as they arise. We want to address concerns and provide information that will hopefully reduce confusion and answer questions you may have regarding the status and timing of this conversion. Please read on for specific information on commonly asked questions:
What is a conversion?
In simple terms, a "conversion" is the transfer of a group of life insurance policies from one administrative system to another. Previously, we used multiple systems to administer and service policies. Operating on multiple systems increased operational complexity and left us unable to service policies at a level we felt was acceptable. Converting to a single new system allows us to upgrade capabilities and service efficiencies.
What is happening with my policy during this conversion?
The number one priority during a conversion is making sure all policy calculations and values are functioning properly. This ensures the new system processes your policy in the same manner as the old. In the event a discrepancy is found; it takes time and effort to identify the issue and program a fix that doesn’t impact other calculations within the system. In the meantime, some policy owners may experience delays in processing transactions and/or obtaining some information such as illustrations or annual statements. Rest assured that your policy will remain in force, including all guarantees provided by the policy and all valid claims will be paid in a timely manner.
When will this conversion be complete?
The majority of policies are converted and we are now focusing on putting policies in good order. This means we work with each policy owner to get premiums caught up, when necessary, and deliver annual statement(s). We anticipate a great deal of progress through the remainder of this year and completing the project in early 2018.
What about the letter you sent me asking me to pay premiums?
During the conversion process, we have been unable to systemically process transactions on your policy. If you received this letter your policy has gone through our validation process and has been converted to our new system. We now need to work to bring your policy’s billing current by collecting back premium.
We are allowing 60 days to pay back-premium and bring a policy current.
If you need more time, please contact us to discuss special payment arrangements at (877) 462-8992.
After this conversion, how will my policy function?
After going through our validation process and catching up any back premium payments, it will function normally. You may expect prompt policy value quotes and transactions.
We appreciate your patience during this transition period as we upgrade our system to provide you better service going forward.