The Individual Life System is a Web based as well as SAAS system for the administration of the Individual Life functions of an insurance company. The system is all embracing starting from proposal stage of a new policy through the acceptance and administration of existing claims resulting from such policies and withdrawals/surrenders. The system also provides data for other aspect of insurance such as Accounts, Claims, Re-insurance and Actuarial departments.
Individual Life policies are initiated by agents and canvassers or even by the prospective client. This comes in form of a proposal in which the relevant information on the insured will be stated. The underwriting section treats this proposal. After necessary processing the proposal is established and it becomes a policy to be accepted into the existing Life Portfolio. At the acceptance of a policy, relevant information for the servicing of the policy such as payment terms as well as the beneficiary and mode are provided. Establishment dates and expiry dates are also computed.
Data expected in the system are:
– Personal Information of the Policy holder as well as the life assured;
* Policy details such as type, sum assured, premium amount, frequency of payment and mode of payment;
* Policy term as well as beneficiary;
* Payment and claims details regarding the servicing of the policy;
* Policy profile and Life rates.
The system is made up of the following modules: