Comarch Life Insurance software

Product definition

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

• definition of new insurance products from scratch or with the reuse of existing definitions (product package definition or on the level of the insurance/cover definition)
• modification of existing products
• mixing different business lines in one product definition
• automated transfer of definitions from the test environment to production environment
• versioning of product life-cycle definitions – every element has its own status tracking and validity period parameters (from, to)
• all historical data is stored in the system and cannot be modified or deleted as they may be used by the portfolio of existing policies

Fund management

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

Individual & group policy management

• quotation and simulation for group policy
• offer presentation 
• policy issuance 
• after-sales service, wide range of policy endorsements bringing/not bringing financial results:
  • modification of insurance conditions
  • fund unit redemption
  • automatic and manual renewals
  • covers and contract suspension or termination

In case of group insurance policies, the system handles operations on group contract level as well as the individual policy level. 

Underwriting

• insured data collection
• engine for underwriting rules
• automatic risk assessment and requirement assignment
• management of loading, clauses, changing covers according to underwriter’s knowledge
• adjusted underwriting workflow to different roles and competency (including medical committee, doctors, decision maker).

Finance & accounting

The Finance & accounting module is an 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 non-payment 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
  • overpayment and unknown payment management
  • tolerance handling (minor underpayment/overpayment)

Technical provision

This module is used for calculating technical provision (reserves) values required by supervising insurance institutions. Besides automatic calculation, the module also allows for the manual modification of technical provision amounts according to the actuary knowledge. Comarch Life Insurance system calculates:

• unearned premium technical provision
• life insurance technical provision (mathematical reserve)

Moreover, after receiving claims data from the claim handling system, the module can calculate technical provisions for:

• claims:
  • provision for reported but not paid claims (RBNP)
  • provision for incurred but not enough reported claims (IBNeR)
  • provision for incurred but not reported claims (IBNR)
  • provision for outstanding claims
• claim adjustment costs:
  • provision for loss adjustment costs (RBNP)
  • provision for loss adjustment costs (IBNR)