Areas

Product definition

Owing to its flexibility and parametrization abilities, the product definition module allows for:

  • defining new insurance products from the scratch or with the use of existing definitions (whole product definition or one level of the product definition, e.g. a marketing package, insurance or cover scope)
  • modifying existing ones
  • automated transfer of definitions from the test environment to production one – product testing on real data supported:

            → versioning of product life-cycle definitions – every element has its own status tracking and time period parameters (from, to)

            → all historic data are stored in the system and cannot be modified or deleted as they may be used by the portfolio of existing policies

This approach significantly reduces the time needed to implement a new product in Comarch Life Insurance system by the insurer without the system provider support. 

 

Fund management

The Fund Management module is responsible for handling various fund type operations i.e. internal/external, open/closed, dedicated and structured. Most of the processes are automated e.g. generating orders and operations, handling corrections. The module's options are, among others:

  • individual investment account handling
  • definition and realization of individual investment orders and operations
  • handling corrections
  • fund valuation registry
  • management of aggregated orders
  • management of insurance company investment accounts

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Individual & group policy management

Comarch Life Insurance handles all processes related to new business and policy administration of life insurance products manually or automatically: 

  • application registration
  • risk assessment 
  • offer presentation 
  • policy issuance 
  • after-sales service, i.e. modification of insurance conditions, fund unit redemption, handling life insurance claims

Finance & accounting 

The finance & accounting module is a possible extension of the Comarch Life Insurance system, supporting: 

  • subsidiary ledger for insurance business accounting – all insurance business events are categorized, including taxable/non-taxable ones, in order to generate the accounting postings to be transferred to the general ledger
  • reminders in case of premium unpayment or underpayment over a defined tolerance limit
  • incoming cash flow both for individual and group insurance:

            → receivables generation based on the written premium

            → premium payment management

            → premium collection

            → overpayment management

            → unknown payment management

            → tolerance handling (minor underpayment/overpayment)

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