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Prescience Life Insurance Administration Solution is a web-based system
built on the newest technology platform. The system is capable of
processing the traditional fixed-premium life insurance products and the
more complicated flexible premium products such as universal life and
flexible premium deferred annuity.
System
Functions
The
system provides all essential administrative capabilities needed in the
day-to-day operation of life insurance business.
Client
Management
The
system provides an easy client search facility and a centralized access
point at which a user can easily create/maintain client profiles and
retrieve applications or policies associated with a client.
Policy
Administration
The
system provides functions for application processing, underwriting,
scheduled and nonscheduled policy accounting transactions, scheduled and
nonscheduled policy changes, claim administration, agent compensation
processing, etc.
Reinsurance Administration
The
system is ready for all the common types of reinsurance treaties. It
provides automatic mechanism of determination of retention/cession,
calculation of reinsurance premiums and allowances and preparation of
billing and reporting information.
Document
Generation
Customized documents are generated by online requests or batch
processes. Commonly generated documents include policy schedules,
contracts, receipts, account statements, notices and letters to
policyholders, etc.
Management Reporting
The
system generates reports according to the individual companies’ needs to
provide useful information to the management.
Electronic Data Interchange
The
system provides capabilities to exchange information with other systems
such as accounting system, payroll system, valuation system, reinsurance
companies, etc. To ensure seamless data integration, all electronic
data files are prepared in accordance with the format required by the
other system.
On-Demand Application Service (ODAS)
On-Demand
Application Service is the way that we deliver our administration system
solution. It enables us to provide our system as a total solution for
the insurance companies to address the administration, IT and technology
cost issues at the same time.
Under
ODAS framework, significant synergy, both operationally and
financially, can be created by joining the expertise of our actuarial
and IT teams and the local knowledge of the insurance company’s staff.
The major
benefits include:
·
no need
to purchase the administration system and additional hardware
·
no
client-side installation and implementation
·
no
client-side maintenance and system update
·
lower and
more predictable IT costs
·
constant
access to new technology
·
on-going
support from our actuarial and IT professionals
See the details to
know how ODAS works.
More
Information…
If you
would like us to provide more information or arrange a demo, please:
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