CXone Agent Guide for finalising Retirement Policy Beneficiaries
This guide outlines the essential steps to accurately update and close a beneficiary addition request. Ensuring these details are correct protects the policyholder’s intent and streamlines future claims.
Regulatory Compliance: Agents working under Working Under should use the following script during the call:
The Disclosure: "For your records, I must disclose that I am a representative acting under supervision."
1. Data Verification process
- Confirm Full Details: Ensure you have the full name, date of birth, and ID number for each new beneficiary.
- Validate Relationship: Record the exact relationship to the policyholder (e.g., Spouse, Child, or other).
- Check Allocation: Verify that the total benefit percentage across all primary beneficiaries equals exactly 100%.
- Identity checks: Confirm we have a recent Proof of Residence (not older than 3-months) and Identity document, on record.
2. Regulatory & Compliance Checks
- Minor Beneficiaries: If a beneficiary is a minor, ensure guardian details are captured or note if a trust is designated to receive the funds.
- FICA/KYC Compliance: Ensure all required identification documents have been uploaded and verified according to the current checklist. (KYC – Know Your Customer)
- Signature Audit: Confirm the "Beneficiary Nomination Form" is signed and dated by the policyowner. Digital signatures must meet company security standards.
3. Summarise and Confirm verbal summary:
Before ending the call, recap with at least two of these statements:
- "We have successfully added [Name] and [Name] to your policy. You will receive a confirmation email within 24 hours."
- “You will also be able to review your changes by either accessing your Member Portal or the Portfolio Mobile app.”
- “We do recommend you keep a copy of the updated policy with your personal will”