lifePAC Life Assurance Administration System
overviewdesign features
business functionality
case study
implementations
lifePAC BUSINESS FUNCTIONALITY
General system and policy record keepingNew business processing
Underwriting
Premium processing
Commission processing
Reassurance
Accounts
Unit processing
Deposit administration
Bonus processing
Loans processing
Claims processing
Maturity/expiry processing
System maintenance
Service agreements
Purchase of lifePAC
General system and policy record keeping:
- Multiple policies are held under a common “client” record
- Full audit trail of policy changes
- Reminders and office procedures
- All client correspondence generated via word processor mail merge
- User parameters to define products and processing
- Links to Spreadsheets [Top]
New business processing:
- Entry of proposal details
- Import proposal details from a spreadsheet
- Premium or benefit amount calculation
- Refused proposal check
- Bank sort code validation
- Policy activation
- Reinstatements
- Multi-currency [Top]
Underwriting:
- Reassurance treaty limits validation
- Medical underwriting requirements
- Entry of medical fees
- Required document processing
- Endorsements
- Premium loading [Top]
Premium processing:
- Full premiums due/paid history
- Automatic premium crediting via direct debit or employer deductions
- Electronic direct debit instructions
- Batch entry of cash/cheque payments with option to print a receipt
- Suspense account to hold unmatched payments
- Printing of employer deduction schedules
- Printing of renewal notices (premium due reminder notices)
- Adjustments, failed payments processing
- Anniversary Increases of Premium/Benefit
- Arrears processing including letter generation, automatic premium loans and lapses [Top]
Commission processing:
- Full history of commissions by policy and agent
- Commission rates by agent type and product
- Up to 3 agents for each policy
- Agent deductions
- Commission calculations and agent statement production
- Agent (or agency) payments processing via cheque, or electronic transfer
- Persistency reports [Top]
Reassurance:
- Full history of reassurance premiums and retentions
- User-defined treaty definition
- Reassurance calculation
- Statement production [Top]
Accounts:
- Interface to post transactions to accounts system [Top]
Unit processing:
- Full history of allocation by policy
- User defined allocation rates and charges
- Interface to dealer system
- Entry of bid and offer prices for initial and capital units
- Fund selection by month
- Production of policyholder unit statement
- Fund switching [Top]
Deposit administration:
- Full history of deposits
- Regular Income option
- One-off Investments and Withdrawals
- Interest calculation
- Annual Statement [Top]
Bonus processing:
- Full history of bonus allocations
- Reversionary, cash, interim and terminal bonus
- Production of bonus statements [Top]
Loans processing:
- Policy holder or Agent requested loans
- Automatic premium loans
- Fixed or variable interest rates
- Interest calculation
- Loan statement [Top]
Claim processing:
- Registration of claims for death, surrender, paid-up policy, critical illness, income protection(PHI), cancellation, waiver of premium, permanent disability/dismemberment
- Required document processing
- Claim finalisation & full settlement or income
- Payment processing via cheque, or electronic transfer [Top]
Maturity/expiry processing:
- Maturity value calculation
- Production of maturity notices
- Renewable policies
- Partial maturity payments with re-investment option
- Forthcoming maturity/expiry report [Top]
System maintenance:
- Security menu
- Actuarial valuation extract [Top]
Service agreements:
- Software maintenance and technical support
- Support desk, User Manual
- On site training/support (at extra cost)
- Bespoke software and conversion assistance (at extra cost) [Top]
Purchase of lifePAC:
- Licence fee – covers support and upgrades to core system
- Conversion and further bespoke work – charged on time and material basis [Top]
