Enterprise Solutions for Life Insurance
The system shall allow the technical departments to prepare and manage data, to track activities and produce the desired reports.
The underwriting tool analyses risk, determine policy terms-conditions and calculate premiums and Claims & Benefits with major responsibility for assessing or determining liability, negotiating payments and minimizing the number of fraudulent claims.
The Underwriting tool also handle the Reinsurance tasks and treaty management.
The technical requirements as well as data accuracy, underwriting guidelines, claims register and payments, other information and reports required for management control purposes, actuarial valuation or for compliance with regulations, for which the system is designed shall fulfil those requirements.
The system shall able to facilitate the production of these technical documents:
- - Simulation of premium,
- - Policy schedule,
- - Amendment to the policy,
- - Cover note,
- - Letter/correspondence to clients,
- - Financial position,
- - Management reports,
- - Instruction of payment,
- - Bid offers,
- - Others which be defined in due course;
Enterprise Solution – LIFE product offerings
INDIVIDUAL LINE BUSINESS
• Education Endowment
• Personal Pensions Plan
• Family Protection Insurance
CLAIMS AND BENEFITS MANAGEMENT
PROCEDURE FOR REINSURANCE TREATY
REPORTING OF CLAIMS AND INTERNAL CONTROL SYSTEMS
GROUP BUSINESS
• Loan Protection Assurance
• Group Life Assurance
• Underwriting Risk Analysis
• Coinsurance/Facultative process
• General Underwriting Principles that would guide system design – Individual Lines
• Management of the flows of proposal forms
• Procedures for Underwriting Group Business (Life & Pension)
• Procedure for Underwriting Bancassurance/Loan Protection
- Bancassurance
- Loan Protection
• Medical Underwriting Requirements
• Medical Underwriting Procedure
SYSTEM MODULES
RIS offering Enterprise Solution where captures and maintains different entities involved in Life Insurance Business. Below some parameters from our solution
- • Branch information
- • Sales agents
- • Customers / Policy Holder info
- • Life Insured/ product info
- • Beneficiary
- • Premium Payer
- • Reinsurers
- • Brokers
- • Co-insurance
The Enterprise Solution modules shall be interlinked together, that is underwriting, claims and finance interlinked for complete processing of data.
Reports and Business Intelligence
RIS enterprise application offering other modules for investment, Human resource management, stock and asset management modules either fully integrated or able to integrated/ able to integrate with third party systems that can perform those functions.
The minimum specifications for these modules are as below
Investment Module
Register,Placements,Purchases,Brokers,Registrar,Portfolio,Fund/Stock Information,Signatories,Parameter Setup,Transfers,Investment Journals Maintenance, Lease Setup, Reports
Human Resource Module
Personnel Administration,Payroll Processing, Admin, Reports & Enquiries
Fixed Assets
Register,Allocation,Maintenance,Certificates,Depreciation,Accumulated Depr.B/F, Disposal,Reports
Stock Control
Maintenance,Supplier,Orders,Delivery,Consumption,Reports
Regulatory report templates
Accounts Mapping,Bank Account Details,Branch Information,External Auditors,Financial Monthly,Fraud Transactions,General Insurance Claim, Investment Details, Life Insurance Claim, Management Information, Other Receivable Summary, Policy Holder Financials General, Policy Holder Financials Life, Policy Information, Policy Terms Information, Policy Holder Information, Reinsurer Details, Staff Information, Shareholder Details, Shareholder Details
System Capabilities
• Computing provisioning of the Policy
• Customer Relationship management with dash boards
• Integrating with other stakeholders through B2B technologies
• Migration of data