Product Configuration
With Life insurance gaining increasing recognition as an appropriate
tool for risk alleviation, savings and tax planning, the ability to
design and develop innovative life products becomes critical.
Different types of products require capturing different sets of
information. F-Ins Life has a unique product configurator which allows
creation of specialised rate, mortality and other related tables which are
product specific.
The users are also able to define and create product specific
questionnaires and rule tables.
__________
Underwriting
F-Ins Life is designed for large volume - quick turnaround transaction
environment.
From processing proposal forms, collection of first premium to issuing of receipts
and other related documents - F-Ins provides unparalled ease of use.
When used in conjunction with Rules defintion module,
F-Ins is designed to facilitate creation of a straight through
processing environment.
F-ins Life also enables Refund of premium, endorsements and illustrations to be
handled with maxmimum ease.
F-ins supports group policies, individual policies and policies of various
flavours such as endowment, term, single premium etc.
__________
Reinsurance
Using F-Ins Life, the users are able to maintain the details of their reinsurance
agreeements - facultative, treaty etc.
The agreement information includes the products affected, the Reinsurance
panel details, the premium sharing rules and commission arrangements.
Once the default information has been defined, F-ins Life is able to automatically create
periodic cession details and reserves .
__________
Claims
Claims function is tightly integrated with the rest of F-Ins Life.
Using F-Ins Life, the users are able to process various types of claims
including maturity claims and ad-hoc claims.
When used in conjuction with Rules defintion functionality of F-ins Life, the
approval and follow up process involved in Claims becomes extremely efficient
and tightly controlled. Rules can be defined in such a manner that claims of
different qualities are automatically segregated and appropriately handled - some
claime approved automatically and payment voucher released with minimum manual
intervention while others being put on hold and subject to greater scrutiny.
The reinsurance recovery is handled with a very high degree of automation.
__________
Financial Accounting
The accounting functions cover general ledger, inward and outward
remittances and agent management. It also includes computation and
preparation of periodic statements of various types - normal statement
of account, profit commission computation etc.
As with other functions of F-ins Life, the accounting functions can also
be automated and subjected to process control through the use of F-Ins
Rules defintion module. The accounting for premium, commission, reinsurance
premium and commission, claims payables and recoveries etc are fully automated
throught the use of Financial accounting rules.
__________
Investment
The investment module of F-Ins Life presents the users with a very
sophisticated facility for managing in-house investments.
F-Ins Life supports Equities, Fixed Interest bearing securities, Floating
rate notes and Fixed Deposits. The users are also able to define investment
rules and have F-Ins highlight breaches, if any.
Using F-Ins, the users are able to generate valuation reports,
placement and withdrawl letters, investment slips and other analytical reports.
__________
Management Summary
Anaysis of profitability of various products, the claims experience,
the performance of agents and brokers, anaylysis by region ..... F-Ins Life
presupposes nothing and gives the users complete flexibility over how
the business results are analysed.
The management summary module presents the users with a sophisticated
data mining facility. Using the function, the users may create final
reports or generate intermediate consolidated data which can be subject to
further processing.
__________
Rules and Process flows
F-Ins life is an extremely sophisticated system. It is designed for international
audience desiring differing levels of automation and control - ranging from companies
desiring high levels of Straight through processing to those operating in a mixed mode.
The rules defintion module allows users to set up recording, approval, integration and communication
rules covering all the functions of F-Ins Life. For instance, using the rules module, the users may
define how automatic reinsurance cessions should be created. The rules can be used to warn the users
of breach of retention rules. The rules can be used for handling, tracking and approving claims. Rules
can be defined for auto generation of reminder and other types of letters.
F-Ins Life can be deployed in a multitude of companies. And yet, through the use of the rules module,
each company can completely personalise F-Ins Life and create its own distinct operating
environment.
__________
