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iLife is a comprehensive individual life insurance
policy back office administration system |
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100% browser-based, fully J2EE-compliant, with
multi-language (including double-byte capability) and multi-currency
support |
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Supports traditional life, term, universal life,
variable & health insurance (group is supported by the
iGroup module) |
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Tools-based system allows insurers to introduce new products
quickly and easily on their own, and reduces implementation
times and maintenance & support costs
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Clients |
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iLife
A Modern Policy Administration
System |
Product Overview  |
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iLife is a comprehensive,
multi-currency, global, enterprise solution for the
day-to-day management of life insurance operations.
Using an advanced, rules-based, and scalable J2EE architecture,
iLife offers flexible business functionality and a
browser interface within a comprehensive, mature solution.
iLife provides support for virtually
all life insurance products including individual
life, annuities, retirement products, accident & health,
and more.
iLife also
supports annuities, accident and health, and retirement
products as well. The
available iWealth module extends the system even
further to include a fund management accounting
system for mutual fund management needs. |
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| Features |
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iLife utilizes exclusively
modern technologies and platform independence to facilitate
fast and easy deployment, speed and scalability, and
extensive management reporting. It is designed to support
all key functional areas of policy administration,
including:
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Product Definition /Configuration |
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Fund Management and Administration
(available for unit-linked/universal life
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Application Processing
(including electronic applications), Underwriting
(including auto-underwriting), and Policy
Issue |
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Billing and Collection |
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Policy Owner Services |
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Claims Processing |
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Agency Management (hierarchies,
licensing /contracting, commissions, etc.) |
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Reinsurance |
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Interfaces to third party
systems (e.g., accounting, imaging and workflow,
actuarial systems, etc.) |
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Telemarketing |
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| System Highlights |
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Product Definition/Configuration |
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iLife provides tools for rapid product development. This dramatically
reduces the effort and cost required
to build and maintain products, allowing a carrier
to introduce new products quickly. This in turn can help differentiate a carrier
in a competitive market or allow for a quick response to market changes.
Products with similar features can be
introduced very quickly using product cloning, and
code changes
are not required for developing new products or modifying
existing products. Product features that can be changed
without touching code include (but are not limited
to): premium calculation, modal premium calculation
(monthly, quarterly, semi-annually, yearly or single
premium), setup fee, policy fee, handling fee, cash
value, dividend value, dividend interest, and much
more.
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Policy Inquiry |
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iLife uses an easy-to-use interface to support ad hoc inquiries
for client/policy status
and information. Producers and/or customers
can retrieve client/policy information
by policy number, customer ID, agent code,
etc. Comprehensive search functions are
provided for easy information retrieval.
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Policy Owner Services |
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iLife has a complete policy owner services
module for policy changes including both non-financial
and financial information changes to the
policy. Changes include servicing agents, customer relationship, customer
information, beneficiaries, banking details, policy loans, payment mode,
payment method, riders, discounts, fund allocation, reinstatement, and
much more. Endorsement changes and outstanding premium notices are handled
automatically.
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Fund Management Functions for Unit-Linked/Universal Life Products |
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In
iLife, the policy account is linked to the investment
account, which processes and tracks the investment
funds of the policy. Different funds can be linked
to the basic investment plan, and investment
return will be processed based on the performance
of the funds selected. iLife does not limit the
number of funds to be linked.
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Claims Processing |
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iLife has a claims processing module. Key functions include
claims application, claims allocation,
investigation, disbursement, etc
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Standard External System Interfaces |
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Interfaces to third
party systems are provided (e.g., accounting, imaging
and workflow, actuarial systems,
etc.).
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Security, Audit & Compliance Features |
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iLife provides a
comprehensive set of features and functions for security
and control, as well as audit
and compliance requirements in order to meet the
latest statutory and regulatory requirements for
insurance and financial institutions.
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