Comarch Life Insurance

Problem

Life insurance is the fastest growing part of the financial sector in Poland. Since 2006, it is the dominant on the insurance market. The distinctive feature of life insurance companies is a very wide diversity of offers and high specialization. Market participants manage market segments focusing on selected channels of distribution (eg. bancassurance) and types of products (investment, structured and strict protection ones).

Challenge

Gaining competitive edge means fast and effective response to the needs of the customer. Life insurance companies implement new products, optimize distribution channels, and automate business processes to stay attractive on the market with the support of IT solutions.

Solution

Comarch Life Insurance is a solution that supports processes in the life insurance company. The system takes into account the needs of companies in terms of modern distribution channels, namely:

bancassurance
Internet and phone
internal and external sales network
financial intermediaries

Comarch Life Insurance supports key areas of life insurance processing:

defines insurance products to rapidly and independently expand an offer with new products created from scratch or using existing ones
offers and sales supports multi-channel registration
risk evaluation of the insured (underwriting) may be carried out automatically or manually at different stages of the policy life cycle; required documents and test results are recorded in the system
administers the whole life cycle of insurance policy
investment funds management enables the definition of fund and sub-accounts as well as the management of individual funds’ accounts, using dynamically changing fund order parameters
settlement includes handling the financial arrangements of premiums, records and import of premiums, including the massive reconciliation of payments
defining of sales network to manage the sale, registration and units location in the hierarchy. Moreover; it can define commission tariffs and incentive programs as well as charge due commissions
active claims handling allows for claims registration and their complex comprehensive service
defined workflows which create and modify business processes as well as allow for efficient group work including users’ rights to perform various operations
insurance provisions calculation enables counting the insurance-technical provisions for balance sheet valuation as well as meeting reporting requirements
information exchange with the insurance market institutions provides information flows to all the insurance entities required by law. This is possible thanks to specifically built-in mechanisms for data exchange
reinsurance programs handling includes all elements of reinsurance and its related processes

The scope of implementation may include all modules and product lines, or only the functional areas and products selected by the company.

Business and Operational Benefits
The implementation of Comarch Life Insurance enables comprehensive and consistent management of insurance business. In addition, the system allows unprecedented flexibility to optimize the company’s activities and quick response to changing market needs.

Short launch time of new products on the market
The flexibility of Comarch solutions and open interfaces to other systems allow you to shorten the time of defining and introducing new insurance products to the market to a minimum.
Competitive Growth
Reducing costs is possible through a better organizational flow of information, automation of processes and the ability to exploit new sales channels (bancassurance, the Internet).
Reducing operating costs
One repository of data provides information to eligible departments. Increasing the scope of the data exchanged and the ability to obtain additional feedback without the involvement of employees, increases job satisfaction, which as a result leads to improved efficiency and better customer service.
Improved reporting
Reporting the overall portfolio of insurance with regard to insurance, financial and statistical data is a key factor in the management of an insurance company. The system provides reports for internal and compulsory reporting, shareholders and stock exchanges.
Higher quality of customer service
Support for the sales process through merging with solutions existing in the company such as IVR, SMS, CRM and the automation of manual processes and applications have a significant impact on increasing the level of satisfaction of customers and insurance partners.

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See also

Comarch Life Insurance – software for life insurance companies