The Policy Administration System is a comprehensive platform that serves as the back-end policy data storage center. It includes the following functions:

The Product Factory for group life insurance accelerates the launch of new products through easy to use screens and tools. Insurance product templates are included to facilitate the development of product variations from existing products.

The Underwriting module includes embedded rules and calculations to reduce manual processes in policy issuance, and also contains embedded processes to enable manual overrides for special cases requiring further assessment.

The Claim System handles all claims processing, and allows both batch and individual claim processing. It provides functionalities such as claim registration, acceptance, evaluation and approval.

Entity or Party Management provides management of all entities, including the policy holder, subsidiaries, hospitals, reinsurers, coinsurers, brokers, agents and insured individuals. This allows system users to develop and maintain the entity organization and hierarchy set-up.

The Finance module manages real-time financial records. It provides functionalities and auditing support for all receivables and payables-related work, including 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 methods. Also built-in are flexible posting rules and interfaces with various third party general ledger systems such as SAP or Oracle Finance.

Channel Management provides management of multiple sales channels, including tied agency, broker and independent agency. This allows channel supervisors to manage and supervise their teams with a robust set of tools, including: Channel organization, hierarchy set-up and commissions.

The Reinsurance module supports reinsurance outwards business. Through analysis of data from other components such as new business, customer service and claims, the system calculates cession and generates facultative disposal cases automatically.

GroupLife’s Coinsurance module allows for the definition of primary and secondary insurers, and records key information such as each company’s share, administration fees, etc.