ystem LifeSystem - eBaoTech

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4 Functionality Overview eBaoTech LifeSystem supports most major products for life insurance: • • • LifeSystem Traditional Life: Term, Endowment, Whole Life, Mortgage Life, Waiver of Premium, and Fixed Annuity Investment Life: Investment Linked, Universal Life, Variable Universal Life, and Variable Annuity Accident and Health: Accident, Critical Illness / Dread Disease, Hospitalization, Long Term Care, and Major Medical SalesPlatform Point-of-Sale Sales Automation 1 2 3 4 eBaoTech End-to-End Suite for Life Insurance 1 Recommended Components for Stand-alone Adoption Role-based Multi-channel Access (Intranet & Internet) New Business Fulfillment Policy Issuance Policy Printing Configuration (RMS, FMS, UIC, Workflow, etc.) Collaboration (Portal, Mobile, Input/Output, etc.) Service Customer Service Dividend & Fund Survial Reporting & Analytics Sales Channel Management Underwriting Billing/Collection/Payment Product Definition Party Management Insurance Common Platform (iCP) Claims Claims Foundation (Datasource, Utility, Security, I18n, etc.) Integration (Service Bus, BPM, Batch Scheduler, etc.) 3 rd Party Systems 2 3 Reinsurance Reinsurance (General Ledger, Data Warehouse, Bancassurance, Website and etc.) 4
LifeSystem LifeSystem can be grouped into the following major components based on different functionalities: Product Definition The high flexibility and configurability provided by the product definition component accelerates the launch of new products through easy to use screens and tools. Insurance product lines are employed to allow variations of each product to be defined from initially launched products. Formula-driven and table-driven calculations support complex actuarial methods, including the most demanding advanced markets calculations, supported by highly intuitive Formula Management and Rule Management tools. New Business Fulfillment Integrated with image technology, this component adopts a comprehensive workflow for steps required to process new business applications. All required steps from quotation through data entry, automatic and manual underwriting to policy issuance are handled, and processes can be adapted with workflow configuration tools. The screen contents and the workflow steps can vary depending on the type of product selected and the type of channel submitted, and can be configured further using dynamic tables. Customer Service This component provides the types of mainstream alterations that are required throughout a policy’s lifecycle. It also includes complete claw-back functionalities for transactions that require reversals, auto non-forfeiture option disposals and client queries for surrender values and premiums due. Over 60 policy alteration types are supported. Claims This component provides functionalities such as claims registration, acceptance, evaluation and approval. During the evaluation process, claims officers are guided by the automatic calculation of claim payout amounts based on the life contract, the customer’s claims experience and any required deductions. Risk accumulators are used to support claims calculations for complex Accident & Health products, for example, a configurable risk accumulator stores claims limits defined in the product definition and accumulates historical claims information to help the operator to make accurate and fair decisions for each claim case. Survival Payment The Survival Payment component supports full processing of scheduled maturity, survival payment and annuity installments and payments. The system automatically calculates the maturity amount, survival payment amount and annuity installment amount and passes it on to our payment system or to a third party component. Dividend and Fund This component supports the declaration and allocation of bonuses for various dividend products. Bonus types include cash bonus, reversionary bonus and terminal bonus. The fund component supports the automatic fund transactions for investment products and can be seamlessly integrated to an external fund pricing system for greater capabilities in automated fund transactions and pricing. Reinsurance The Reinsurance component supports reinsurance outwards business. It collects the data from other components such as new business, customer service and claims, calculates the cessions automatically and generates facultative disposal cases. Underwriting The Underwriting component supports all underwriting requirements from other components like new business, customer service and claims, with a range of underwriting decisions, extra premium loadings, automatic letter generation for non-standard cases, and many more. This component includes manual and automatic underwriting capabilities, which can be configured using our Rule Management System. In addition, integration with an expert underwriting system is supported. Party Management This component allows the set-up and management of entities including individual customers, organizational entities, hospitals, medical networks, individual agents, agent organizations and brokers, insurance and reinsurance companies. This component centralizes roles and relationships, and enables comprehensive searches within each user’s authority. It is possible to break down the entities from party level to policy level, product level and transaction level, providing full transparency of a client’s portfolio. Billing Collection & Payment This component manages real-time financial records. It provides functionalities and auditing support for all receivables and payables-related work, which includes various premium collection and disbursements methods, as well as accounts receivable and payable records for premiums and claims. It also provides interfaces to handle transactions through direct debit, credit cards and other payment modes. In addition, this component provides flexible posting rules and interfaces with various third party general ledger systems such as SAP or Oracle Finance. Channel Management The Channel Management component provides a standardized approach for the insurer to efficiently manage different sales channels, including agents, brokers, bank branches and direct channels. New distribution channels can be easily set up with their respective commission ratios. Complex agency structures can be mapped and managed, including the transfer of agents and their policy portfolios. 35 5
Page 1 and 2: LifeSystem The LifeSystem Suite has
Page 3: Benefits of LifeSystem at a Glance
Page 7 and 8: Example Case Studies Implementing a

ystem LifeSystem - eBaoTech

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