Notice of death workflow

  • Release version: Xanadu
  • Updated August 1, 2024
  • 2 minutes to read
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    Summary of Notice of Death Workflow

    The Notice of Death Workflow enables agents to efficiently manage the financial accounts of deceased clients through a structured playbook-guided process. This workflow is crucial for handling Client Lifecycle service requests related to a customer's death, ensuring that all necessary steps are followed for proper account management.

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    Key Features

    • Guided workflow for agents to manage tasks related to a deceased client's financial accounts.
    • Dedicated flows for releasing funeral expenses, freezing deposits, and closing accounts.
    • Customizable predefined flows that CLO admins can adjust based on organizational needs.
    • Integration with APIs to trigger service cases upon notification of a customer's demise.

    Key Outcomes

    By utilizing this workflow, agents can expect to:

    • Efficiently process notifications of death and manage associated tasks in a timely manner.
    • Ensure proper documentation is collected, reviewed, and verified throughout the process.
    • Release funds for funeral expenses and tax payments as needed, while adhering to the necessary compliance requirements.
    • Update all relevant accounts in the core banking system, culminating in a completed case marked as Closed Complete.

    Learn how agents, using the Notice of death workflow, manage a deceased client's financial accounts. The workflow applies to Client Lifecycle service requests.

    The following diagram shows how the application helps bank agents resolve a case for notification of a customer's death. Agents can manage the accounts of a deceased client using dedicated flows for releasing funeral expense funds, freezing deposits, and closing other related accounts, all using one efficient, playbook-guided workflow.
    Figure 1. Notice of death workflow example
    Workflow that shows how notification of death is handled using the CLO application. For the text description, refer to the workflow steps that follow.
    The CLO admin can review and customize this predefined flow based on your organization's business needs.

    The following workflow routes the case and tasks for a customer's demise to agents in different departments. The agents log in to the Workspace to work on the tasks in their queue. The case playbook guides agents through the steps that are needed to fulfill the request.

    As a CLO contributor or via an API
    A CLO contributor, such as a relationship manager, is notified about a customer's demise and submits a service request for notification of death and handling the customer's financial accounts.

    A case is created based on the request type.

    An API in the backend can also trigger a Notice of death CLO service case when a customer's demise is notified.

    As a CLO contributor
    1. In the Notice of death stage of the case playbook, the contributor enters the death notification details as received.
    2. The contributor collects the necessary documentation and submits the application for fulfillment.

    A workflow generates further tasks and the assignment rules route the associated tasks to the appropriate back-office teams.

    As back-office agents
    1. The document agent works on the document task to review and verify the collected documentation. If the documents are legitimate, the agent marks the task as complete.
    2. A CLO agent releases the requested funds for customer's funeral expenses and tax payment and closes the release funds CLO task.
      Note:
      The release funds task appears only when the Release funds for funeral or Release funds for tax options are selected in the death notification details stage.
    3. A CLO agent freezes all deposit accounts associated with the deceased customer and closes the freeze deposit accounts CLO task.
    4. If the asset value for the deceased customer exceeds the threshold for the probate amount set by the bank, the bank is required to collect the probate documents. In this case, additional tasks to collect and verify these documents appear in the playbook.
      1. The CLO contributor collects the probate documentation and closes the task.
      2. The document agent reviews the collected documentation and marks the document task as complete.
    5. A CLO agent updates the customer's deposit account for any required updates in the core banking system, and closes the Update deposit account fulfillment CLO task.
    6. The CLO agent updates all lending accounts (such as loan or credit card) that the deceased customer has with the bank. The agent then marks the Update lending account fulfillment CLO task as complete.
    7. When all prior tasks are complete, the CLO agent updates the customer information in the core banking system and closes the fulfillment CLO task.

    The case is complete and the state and stage of the case are set to Closed Complete.