IES Life Main Functionalities
The life or long term business module works on the basis of contracts. Contracts can be defined and plugged into the system within 24Hrs. This means new products can be introduced quickly. The system provides for individual and group life processing.
The various functionalities are as follows:
- Life Quotations:
1. This provides for the determination of premiums based on the details entered for a client. The rates are maintained and applied accordingly.
2. The quote functionalities can be accessed by the on-line quote module, marketers, agencies, etc. on-line and in real time.
- Life Proposals:
1. Proposal formats can be designed and uploaded. They may be filled on-line or manually.
2. The proposal forms can then be tracked as they go through processing, up to the acceptance or rejection stage. The system tracks the level of compliance in relation to medical tests and other documentations required.
- Life Policy Administration:
1. Each contract detail is defined in relation to the underwriting and claims requirements. The contract may be Term Life, Permanent Life, Universal Life, Personal Accident, annuity, etc.
2. The tables and rules to be used by the contract processing functions can be maintained.
3. Policy details can be maintained from accepted proposal records or entered directly. The contract associated with the policy determines the premium and claims characteristics.
4. Policy documents may be designed and set-up against each contract type, such that once a policy is maintained, the policy document can be generated instantly.
5. Payment type of Monthly, Quarterly, Half Year and Yearly is supported and an appropriate factor can be applied on the premium.
6. Riders/Waivers may be maintained on policies. So also may duties and policy fees defined and applied.
7. Periodic premium demand notes generation, or direct debit instruction may be applied to a given policy.
- Life Re-Insurance:
1. The system provides for quota share, facultative, and excess of loss arrangements to be setup and applied as policies are maintained.
2. The risk management interface will highlight policies in need of facultative.
- Life Claims:
1. Claims can be reported on-line and in real time. The work process manager will direct such claims to the appropriate process owner.
2. Based on the underwriting rule for each contract, and in relation to the appropriate tables the claim register can be generated on instruction.
3. The claim process can be monitored, as each stage is processed (notification, documentation, investigation, reserving, litigation, resolution, etc.) until eventual payment.
4. Details of claims expenses, and other charges can be separately captured as part of the total claims reserve.