Withdrawal

Overview

Withdrawal interface supports one time Withdrawal event on a contract. There are two methods of withdrawal allowed. Only Specified Dollar Amount method is supported.

Check

EFT

The effective date of the transaction will default to the current system date.

The below list of products are in scope for this operation.

Deferred Annuity

Immediate Annuity

Term Life Insurance

Universal Life

Whole Life Insurance

Technical Requirements

Business Requirements

Process Flow

The external system would fire the REST URL with the JSON message containing the transaction information to be created or retrieved on the request queue.

ALIP webadapters would pick up, process the message, convert it into XML format, and posts it onto the ALIP request queue.

ALIP process server will pick up the message, convert from ACORD to the canonical format, perform the necessary XSD validations, and other basic validations on the completeness of the transaction information, existence of the contract id in ALIP etc.

Post the necessary validations, it would invoke the necessary ALIP APIs/workflows to create or retrieve the necessary transaction information from the database.

The transaction information in case of a “GET” request, or the status information in case of a create, would be generated in XML format, converted to ACORD format, and sent back to the REST layer.

Here, it would be further converted back into the final JSON output format and returned back to the external system.

Impact on ALIP system

This interface provides the ability for one time Withdrawal, where funds are requested from a single subaccount or a combination of subaccounts.

For the funds where date tracking is enabled at product level, Fund Name is expected to be accompained with tracking date. Refer to Rest and soap request section for Sample Request .

Upon receiving the request, ALIP system checks if any pending requirements for the transaction needs to be generated based on the rules specified in Business Configuration.

If there are Pending requirements, they will have to be satisfied or waived before the next steps in the workflow are executed.

If there are no pending requirements or when the requirements have been satisfied or waived off the transaction is placed in the “Pending” status.

During the next nightly batch cycle next steps in workflow are executed to validate and perform the required actions on the contract.

If the validations are successful money will be be withdrawn from specified accounts and the net face value of the contract will be reduced by amount specified in the request. ALIP system will show a status of “Completed” for the transaction. The value of subaccounts will go down to reflect the amount withdrawn.

Based on the method of Disbursement the request is forwarded to appropriate workflow and a request is created to transfer the money.

If the validations fail the appropriate error messages will be displayed on ALIP system next to the transaction request. The status of transaction will reflect the same as in “Error”.

Assumptions

N/A

Dependencies

N/A

Request Data Elements

Response Data Elements

NA

Success/ Error Handling