INSIS provides functionality for individual, family, and group health insurance policies. All policy management is performed by the Life Policy Administration module. INSIS has a special interface module for handling large group health insurance policies. This module provides convenient functionality for loading of personal data assigning each person to a policy and attaching to this policy specific covers. Premium rates can be defined individually or per group cover when they are applicable to each insured in the group. The system also provides calculation of the group unit rate based on individual tariff rates. The health policy administration system follows the full life cycle of life insurance contracts
Applications.The application needs all attributes of a real policy but it is a provisional contract, which can be changed at any time
Medical Underwriting. The system provides full support for policy underwriting process. The underwriting conditions are defined during the system configuration for each specific product and cover. Those conditions include all types of medical underwriting documents as well as medical and financial questionnaires needed to asses the risk and to calculate
the relevant premium. The underwriting procedure is supported on policy and annex level. When all underwriting conditions are met the system allows the operator to convert the application to a policy or respectively to approve the annex.
Group life policy administration. INSIS provides special set of features that enables loading of files with data about individual insured persons or with data about locations.
Renewals.Group policies, which are typically short term products all contracts expiring within certain period of time (this period is defined through a parameter that can be defined for each product type), can be automatically renewed. A list of such policies is updated daily.
On operator’s request these offers can be converted into applications and underwritten, using the standard policy underwriting process. This allows also certain changes (such as changes in the sum insured, covers, etc) to be registered before the renewed application is covered to a policy.
Policy alterations - annexes with automatic calculation of additional or refundable
premium.
Add insured object/person
Remove insured object/person
Add cover
Remove cover
Change the insured value for a person/object
Change the insured value for a cover
Policy cancellation
Duration extension
Change salary of members (Group life)
Add/Remove group cover (Group life)
Change payment mode
Other changes that do not affect premium – changing of address, name, beneficiary, payment way, etc.
