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Insurance solutions

Life insurance

Life insurance management

All our efforts are directed toward understanding our customer’s goals and problems. We analyze the accumulated knowledge, combine the best examples with our long-term expertise, and develop or adapt market-proven insurance business management solutions.

Life insurance solutions:

GDIS description

GDIS is extremely flexible and powerful solution created specifically for life insurance business management. It covers all key business processes enabling the company to create any insurance product (both classical as well as unit-linked) or modify existing ones by using internal company’s resources, manage customer information, administer insurance contracts and claims, manage broker commissions and debts, reinsure, make statistics and reporting. GDIS has a special module for integration with the external financial systems in on-line mode.

Oracle based GDIS solution is a proven and effective insurance business management tool, easily adaptable to the needs of each individual life insurance company.

Functionality of GDIS:

Information system for life insurance companies

  • Product development. Business rules. Graphic Design. Tariff tool.
  • Customer information management.
  • Administration of sales channels data. Intermediaries. Commission.
  • Insurance contracts management, including:

    • classical life insurance contracts;
    • unit -linked insurance contracts;
    • health insurance contracts;
    • individual and group insurance contracts.

  • Debt Management.
  • Claims Handling.
  • Reinsurance.
  • Integration with the external financial system.
  • Strict accountancy forms management.
  • Technical provisions. Statistical information. Reports.
  • System administration (including user rights management).

References

The product has been implemented in some Lithuanian, Latvian and Kazakhstan insurance companies.

LIB-MS description

LIB-MS is a customer-oriented, reliable life insurance management system that flexibly responds to the client needs and supports smooth run of all your business operations. This is a unique IT solution which includes all the main aspects of life insurance business starting from definition of insurance products to management of clients’, intermediaries’ data, management of contracts, commission, premium payments, reinsurance, claims, financial information, including reports and actuarial calculations.

LIB-MS is a highly flexible and customizable system that allows the user to set or change most of the system parameters, define new products or modify the existing ones without the assistance of a professional programmer and grants a quick response to the new market opportunities.

LIB-MS is built on the progressive Microsoft Dynamics NAV platform and leverages all its advantages including a user friendly interface and a work environment that looks and feels like the familiar Microsoft products. LIB-MS is integrated with E-Life internet customer self-service solution.

More than 15 years of experience, continuous improvements, strong relationship with the clients, biggest life insurance companies in the Baltics, all the advantages of MS Dynamics NAV including, but not limited to its built-in accounting functions - all this makes LIB-MS a truly effective and easy-to-use tool for life insurance business management.

 LIB-MS brochure


Key functions of LIB-MS:

Life insurance management system

  • Definition of insurance products.
  • Accumulation and management of data about Customers.
  • Management of individual and group insurance contracts:

    • Unit-linked insurance contracts;
    • Universal contracts;
    • Classical insurance contracts;
    • Health insurance contracts.

  • Management of insurance premiums and debtors control.
  • Suspension/renewal of insurance coverage.
  • Daily calculation of demand for investment funds units.
  • Amendments to the insurance contract.
  • Management of claims, maturities and surrenders.
  • Calculation of reserves, IBNR calculations.
  • Reinsurance data management.
  • Calculation of intermediaries’ commission.
  • Reporting.
  • Accounting data management.
  • Management of periodic activities, scheduled jobs.
  • Import/export of data to/from LIB-MS.

Other features of LIB-MS:

  • LIB-MS is integrated with E-Life internet customer self-service solution.
  • LIB-MS can be integrated with a Pension Funds Management System - a solution for pension accumulation companies.
  • User can independently set and change links between accounting and insurance activity operations.
  • Insurance company can without a help of supplier enter new products – insurance types, indicating special solution possibilities.
  • Unlimited possibilities of system development.

References

For more than 15 years LIB-MS has been used in these life insurance companies: 

  • SEB Life Insurance
  • Mandatum Life Insurance Baltic
  • Bonum Publicum

Pension Funds solution description

Pension Funds is a solution for pension accumulation companies. Pension Funds Management System helps to manage pension accumulation agreements, which are concluded by private persons, who decide to accumulate a part of their social insurance contributions in a private pension funds. The solution has been developed as an extension of the popular Microsoft Dynamics NAV finance and business management software package.  

Functionality

Accumulation and renewal of information about participants of a pension fund:

  • Entering all required data about a person: name, surname, social insurance certificate number, address, date of birth and etc.;
  • Review of a complete history of participation in a pension fund: receipt of contributions, change of a fund, deducted taxes, paid benefits.

Management of pension accumulation agreement conclusion: 

  • Presentation of a special pattern to enter pension accumulation agreement data (personal data, chosen fund, date and place of agreement, intermediary-agent);
  • Developing information package about the concluded agreements in order to present them to State Social Insurance Fund Board;
  • Acceptance of replies from State Social Insurance Fund Board about a registration or rejection of the concluded agreements indicating rejection reasons (incorrect personal data, a person has reached his/her old-age pension age, a person has concluded a pension accumulation agreement in another company and etc.);
  • Automatic providing of a required pension accumulation agreement status depending on the accepted reply: registration of agreement or initiation of a repeated registration process after the mistakes are corrected, or permission to reject agreement – refusing to conclude it.

Allocation of contributions to the accounts of participants: 

  • Periodic acceptance of data package from State Social Insurance Fund Board about distribution of transferred contributions to pension fund participants’ accounts;
  • Assignation of contributions to the agreements of participants; initiation of payment refund process when agreement identification fails;
  • Deduction of taxes from contributions;
  • Conversion of the rest part of contribution (after deduction of taxes) into account units (conditional measure of an asset value). 

Performing deductions from pension asset according to each pension accumulation agreement. 

Entering account unit price or calculation of the price according to the entered net asset value. 

Management of changing participant’s data and accumulation history of these changes. 

Management of changing the fund: 

  • Pension funds management systemChanging the fund into another fund managed by the same company: suspension of agreement with the former fund and conclusion of agreement with a new fund; deducting taxes for changing fund, if necessary; conversion of the suspended agreement account units into monetary units; initiation of money transfer to a new fund; conversion of the transferred contributions into account units of a new fund;
  • Management of changing pension accumulation company: suspension of agreement; deduction of withdrawal taxes; conversion of the suspended agreement account units into monetary units; initiation of money transfer to a new company;
  • Management of new participants, who change the company: conclusion of agreement; registration of the transferred from another company contributions into an account of participant; conversion of the registered contributions into account units.

Management of agreement suspension and returning to State social insurance system. 

Management of contributions in the following cases: 

  • Reaching pension age (periodic benefit payments or lump sum or both payment methods in one agreement).
  • Death of pension fund participant. 

Pension Funds system helps at any time to get various useful information about the concluded, suspended and terminated agreements, a history of contributions and paid benefits, accumulated account units and calculate the accumulated amount. 

Other features of Pension Funds system: 

  • All operations related to activity of pension funds are integrated with accounting operations. This enables to see at any time financial status of a company.
  • User can independently set and change links between accounting and pension funds activity operations.
  • Unlimited possibilities of system development. 

References

The solution has been implemented in:

  • Danske Capital Investment Management
  • Aviva Lithuania
  • SEB Investment Management

Internet solutions description

  • Online sale solutions
  • Customer self-service websites
  • Other individual solutions

All solutions are customized according to the needs of specific life insurance company (insurance conditions, calculation algorithms, visual elements).

Functionality

Online sales solutions

Online sales solutions are suited for the consultants of insurance companies. The main functions:

  • entering customer information;
  • creation of proposals (calculations);
  • entering applications for making insurance contract;
  • issuing insurance contract;
  • review the list of the concluded insurance contracts;
  • integration with the central information system of insurance company.

Customer self-service websites

Internet solutions for life insurance companiesUsing customer self-service websites, the clients of life insurance company (registered users) can:

  • see their existing insurance contracts;
  • obtain information about payments, premiums, debts, overpayments of each contract;
  • get a status of the accumulated savings of Unit-linked insurance contract for any selected date;
  • change investment directions of the accumulated capital of Unit-linked insurance contract, change the investment plan of the new premium and see the history of all changes;
  • receive annual reports;
  • apply for making insurance contract;
  • change contact information;
  • see personal messages from the insurance company.

Other online solutions for life insurance business

Individual solutions depend on the individual needs of insurance company. These may include:

  • various life insurance calculations;
  • online applying for issuing insurance contract and transferring to the insurance company;
  • calculations of insurance needs, etc.