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Life Insurance Policy Administration Systems (PAS)

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Overview

Core System available for

PREMIA Individual Life Core System and

PREMIA Group Life Core System

Life insurance or life assurance is a contract between the policy owner and the insurer, where by the insurer agrees to pay a sum of money on maturity or on individuals' death (if occurs preceding maturity, the benefit is paid to the designated beneficiary).In return, the policy owner (or policy payer) agrees to pay a stipulated amount called premium at regular intervals or in lump-sum.

Some of the events that are covered under a policy include:

·Death

·Accidental death & disability

·Sickness

·Funeral

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events.

Key Features

·Ability to proactively analyze risks with the right kind of business rules

·An innovative product configurator with user friendly Tariff Set Up

·Developed on the latest JEE platform using JSF 1.2 framework and Oracle as database

·Can be deployed in an Intranet / Internet environment

·Covers all operations of an insurance company such as setting up of Masters, underwrite policies, affect endorsements, register claims, generate reports and so on.

Key Benefits

MODULARIZED SOLUTION: Makes it possible to provide the insurers with only the required modules as per their requirements.

FRIENDLY USER EXPERIENCE: The system would be user-friendly and would not require extensive guidance of training to work on the same.

GUIDED OPERATIONAL FLOW: The insurance products operations would include automatic navigation based on the system directions and this is configurable as per business needs.

MINIMAL CHANGES TO MAKE SYSTEM COMPATIBLE WITH REGULATORY REQUIREMENT: Flexible to adapt to regulatory requirements and practice with minimal changes

REDUCED TIME-TO-MARKET for new insurance products leveraging their premium revenue in the short run.

QUICK INTEGRATIONS through Standards based Integration Architecture

DATA MIGRATION utility to upgrade from previous versions of PREMIA™