Policy Management Systems

This subsystem business logic is controlled by the parameters, which are defined in the product subsystem. The access to various screen forms is also controlled by the product – for example individual products allow registration of insured person, while group life products provides interface for insureds’ data loading from company staff. Apart from the product terms the policy management system does all necessary checks for data consistency – availability of all necessary data, references to other entities, e.g. clients, agents etc. From this subsystem the operator can access all other required and related modules – customer subsystem to enter or choose client, insurance accounts to see and modify the installment plan etc. INSIS supports the full life cycle of life insurance contracts

• Illustrations and simulations. The policy management system allows registration of quotations in which only minimum information is required to calculate provisional premium and to illustrate the cash value/investment account projections
• 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 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 assess 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 management software. INSIS provides special set of features that enables loading of files with data about individual insured persons or with data about locations.
• Non-forfeiture options, lapses, and reinstatements. INSIS supports different nonforfeiture options, such as standard automatic premium loan, conversion to paid-up policies with reduced sum assured, conversion to extended term assurance.
• Loan management. The system supports functionalities for granting loans against the policy cash value. The amount of the loan plus the interest towards the following policy anniversary is limited up to a predefined percentage of the policy cash value. The loan is provided for the policy duration with the option to be repaid at any time. The loan can be repaid at any time or can be kept for the whole policy duration.
• Profit distribution.INSIS offers different methods for calculating and processing profit distribution:
  • EIB
  • Reversionary bonus
  • Terminal bonus
  • Guaranteed profit bonus
• Renewals. For group policies, that are typically short term products, all contracts expiring within certain period ahead (parameter that can be defined for each product type) are automatically renewed and the list of policies to be renewed 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
  • Insured value indexation – manual or automatic
  • Policy cancellation
  • Duration extension
  • Convert endowment policy to ETA
  • Convert endowment policy to Paid-up
  • Fund structure change
  • Confirm FA above Free Cover Limit (Group life)
  • 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.