INSIGHT™ for Life & Pension: The Business Layer
The core processing module of Sapiens INSIGHT™ for Life & Pensions manages the various policies in the system based on the infrastructure provided by the Product Management System.
This layer includes distinct components that can be deployed independently for Parties, Products, Policy administration, Funds accumulation, Surrender & Redemption, and Billing & Collections.
The basic types of policies supported are:- Individual Life insurance Policies
- Individual Health Insurance Policies
- Collective Life insurance Policies
- Pension Fund
- Savings Plan Fund
- Health Group Policies
- Risk Group Policies
- Disability Group Policies
Policy administration is customer driven and supports the following types of Insurance:
- Universal Life
- Pension
- Permanent: Whole Life, Whole Life with limited premium, Endowment
- Term, Sickness, Sickness waiver, Disability, Double Indemnity & Unemployment waiver
- Health Insurance - different coverage policies
- Geriatric
Parties
The Parties module sets up and manages entities such as individual customers, organizational entities, agents, owners, payers, etc. It provides centralized management, helping to view roles and relationships, as well as comprehensive searches.
The party module manages demographic data (e.g. - name, address, bank account, occupation ...), with data verification mechanisms.
Products
Product Management is a set of tools to efficiently create and maintain new products:
- Actuarial Package - calculation of the actuarial values
- Plan Definition and Marketing Packages – the set of rules and tables needed to administer a plan.
- Products Catalog- the presentation of the insurance products
- Business-rule language – to follow the regulations attached, organizational rules, etc.
Policy Administration
Policy Administration covers the entire lifecycle of life insurance operations, including new business submission, underwriting, policy issuance, alteration and service, renewal, surrenders, billing, collection & payment, sales & marketing management, party management, as well as a host of supporting functions.
Policy Administration organizes the data according to higher level dossiers, rather just the individual component policies. This trans-policy approach manages all the insured party's policies and any relationships between them.
Budgeting - A policy holder may have different types of coverage via numerous types of policies for himself, his family members, etc. This coverage can be updated by applying a specific budget across one or more policies in the dossier, according to regulatory issues, organizational rules, and other relevant criteria.
End-to-end efficiency - The entire policy administration process is managed, streamlining the workflow, and ensuring that all relevant processes, issues and staff involvement are fit in properly and efficiently. This even includes preparing policy forecasts, and goes all the way through to final printing.
History intact - The dossier is managed on a time scale, saving and time-stamping each step in the process of a policy, with synchronization between the individual policy and its parent dossier. This enables the insurance carrier to make corrections and relevant changes retroactively, including managing out of sequence items. No step is lost or overwritten, and historical proof exists for subsequent reference.
Employer global input – Employers often have general agreement terms and policy criteria for employees. These various terms, discounts, benefits, overrides, etc. are fed into the agreement module. Changes in employer agreements on any scale can be entered and applied to all relevant dossiers automatically.
Flexible – Policy Administration supports a broad spectrum of products with even a large number of processes. And the dossiers are readily configurable, able to accept new business data or missing information from conversion processes.
Accumulation & Investments Revaluation
This module manages the accumulation and revaluation calculation of the funds, for example:
- Guaranteed Return Funds
- Unit linked Funds
- With-Profits Pension Funds
- Bonuses (with-profit Life insurance policies)
This module manages all contributions to the funds, and processes them according to relevant parameters (e.g.- investments, taxation, plans, period, employer, …)
Redemptions & Surrenders
The Redemptions & Surrenders module automates and streamlines the processing of funds to be paid out to policy holders.
- Withdrawal Sums: when an insured party wishes to withdraw sums from his plans, the module calculates and deducts tax, accumulation fees and risk sums (in Pension), and penalty fees if needed. All standard payment/transfer methods are supported.
- Funds Transfer between companies: when an insured party wants to move his Insurance or Pension plan to a new insurer, the module is able to supply the full history for each deposit, withdrawal, and current balance.
- Investment Fund Changes: manages mobility of funds between various investment channels.
- Clearance: an option to halt the payments to the Insurance plan with no withdrawal of sums.
- Work Termination: manages employee termination processes, including control of severance pay (partial, complete, extra) as well as Employer-invested funds. The insured party is able to decide to withdrawn Severance sums or to move these amounts to tax shelters or annuity, or to new policies with subsequent employers, or self-employment and personal policy options.
Billing and Collection
The Billing module manages bill production, processing client group categories according to selectable criteria, on selectable days of the month.
The billing process can be handled through different channels:
- Bill notification to be paid to a bank or company
- Bill collection through agents or brokers
- Group bill collection through the employer
- Automatic bank withdrawals
- Credit card authorization
The bill notice can be printed, faxed or e-mailed, with an optional file extraction process for use by agents and brokers. Bill notice formats are easily customized, including marketing input, such as printing of images, logos, selectable messages according to parameters (such as agency, agent or broker, CRM parameters, Geographic area,…).
The Collection function manages the entry of payments into the system. Data entry includes digital collection and interfaces to bank collection. The system can also calculate the sum insured and the savings portions.
