Overview
1.Single core system for all Lines of Life business (Traditional Life, Mortgage, Annuities, Unit Linked, Universal Life variations, Group Life, Group Saving, Group Pensions, Medical for retail and group ).
2.Comes with Product configuration and Product management options (Cloning, Copy products). Many variation products can be launched to suit consumer needs.
3. Covers entire value chain of the Policy lifecycle, New business, Underwriting, Servicing, Claims, Billing, Collections, fund management, Payments, Reconciliations.
4.Complete integrated Reinsurance support for Proportional treaties. Integrated across the Policy life (New business, Alterations, Claims)
5.It comes with Integrated Distribution management system and commissions. It has multi-channel support with multi-tier hierarchy. Automated KPI tracking, Persistency calculations, Bonuses, Recruitment benefits, Allowances, among many other.
6.Integrated Finance function, which supports configuration of multi-funds, and supporting inter-fund accounting. So, the whole of Collections, Payments, Accounting are automated.
7.Ready digital platform and services with straight through processing (Customers, Agents, Banks).
8.Ready integration with General ledger finance system on same platform (Optional)
9.Ready integration with a document management system (Optional)
10. Provision to implement for Takaful Model (Mudharabah, Wakala or Hybrids) with required fund management and accounting.
Key Features
1. Customer centric with per-life accumulation across different risks done in real time both for Underwriting and reinsurance cessions.
2. Straight Through Processing with auto-underwriting facility.
3. Good flexiblity in Underwriting with different types of Loading for each benefit, application of Lien, Exclusions. Facility for automated loading and discounts based on criteria.
4. Bundled products with multiple mix/mathces. Eg : Investment linked product with health rider taking morbidity charges from fund.
5. All non-forfieture options built in.
6. Flexible alterations, including change of product during the course of policy.
7. Automated fund management and inter-fund accounting
8. Integrated claims with complete support for both major and minor claims.
9. Multi currency, Multi fund, Multi lingual.
Key Benefits
1. One system to take care for Life, Group, Medical business.
2. Covers all products and covers the complete lifecycle of policy.
3. Integrated accounting for all cash and non-cash movements. Almost 100% automated.
4. Many business exception features are built-in with parameterized approaches to set tolerance. (eg: Short payment of premium approach. Automated suspense managment etc). This cuts down staff time
5. Integrated functions across process enables merging of departments (Eg: Member level underwriting for Individual and Group can be made as single department. Claims can be single department for Individual and Group as it is Client based claims assessment and processing etc)
6. Easy to learn and faster to implement.