Life Insurance System Automated (LISA) automates the management of both individual and corporate life insurance contracts; the computations of reserves, provisions and allowances; investment income distribution; settlements with agents and reinsurers; and processing payment documents received. Currently, implemented in this system is the whole complex of requirements of the State Commission for the Regulation of the Financial Service Markets for software for a personified record of life insurance contracts.
A three-level architecture of LISA enables a common information space to be created in all of the company's branches and representative offices.
In creating the system, use was made of a commercial Oracle DBMS which is the leader in the market of DBMS for corporate information systems. A high reliability and performance of Oracle DBMS ensure the storage of and processing large volumes of information.
Implemented in this system is the automation of the entire life cycle of an insurance contract: from the application of a customer through the issuance of an insurance policy and on, with recording all the alterations, modifications and amendments to the contract, with the analysis of premiums paid which are imported from Customer-Bank systems, and tracking events under the contract.
Upon making any alterations or modifications of the terms and conditions of insurance contracts, LISA recalculates automatically the rates taking account of the previous terms and conditions and premiums already paid under these contracts, reserves accumulated, and bonuses distributed. All the previous versions of contracts are available for looking through and comparing the alterations made.
Furthermore, LISA takes account of the possibility of the existence of multiple versions of insurance programs, of the methods of actuarial calculations, of the terms provided for agency agreements. Information about such versions is stored in the system and is used automatically during the performance of transactions.
Implemented in the system are multiple interfaces to various Customer-Bank systems employed in Ukraine this enabling LISA to download payment documents posted to insurer's settlement accounts, to look through these documents and compare their amounts with premiums expected under insurance contracts. Where a contract for settlement and cash services and the receipt of premiums from insureds exists, the terms and conditions of these services (fees and commissions of banks), as well as the possibility of a structured purpose of payment for automatic comparison of payment with an expected premium are taken into account.
In the case of very large volumes of data, it is impossible to track manually all the events under insurance contracts. LISA fixes automatically the time of a regular payment under an insurance contract and tracks permanently whether or not the respective payment document was received. In accordance with settings, LISA notifies the user of that, under certain insurance contracts, premium has become due and payable (or premium is overdue) and enables an official letter to be produced automatically with respect to each such insurance contract. There only remains for the operator to send these letters to the insureds' addresses.
LISA enables the records of sending letters to be produced in an electronic form for the purpose of outsourcing activities in printing and sending letters and notices.
LISA's database stores all information about the terms of insurance programs within the company and about business partners: insureds, agents, and reinsurers. A flexible, open structure enables the insurance programs and rules to be tuned in any desired way.
Actuarial records in LISA are kept following the rules accepted in an insurance company. The open interface makes it possible to tune calculation methods as desired - it is enough to simply specify the name of calculation function or procedure in the system settings. We are ready to implement, in LISA, the methods of actuarial record-keeping employed within a particular company while keeping this confidential. The creation of and changing the functions and procedures of actuarial calculations may also be done by skilled experts of IT Department of the insurance company.
CS::iLife is an interface of data exchange between banks and insurance companies; it is intended to automate the exchange (between the band's automation systems and LISA) of data about life insurance contracts entered into by loan borrowers and about insurance premium received. CS::iLife is implemented in ABS B2 and LISA. CS::iLife provides for the possibility of integration with other automation systems of banks.
In this system, investment income is also distributed automatically, in accordance with settings. Investment income may be distributed both among all of the contracts and among contract groups. Within a group, investment income may be distributed in proportion to allowances accumulated.
Building analytical reports based on aggregated figures of the activities of an insurance company computed by LISA.
The user's workstation has been developed for the Windows environment and has been implemented in the form of a standard Win32 Client this making it possible to learn easily and quickly to operate the system. Information in provided in a convenient and understandable form. In addition, the system offers the opportunity of fast-access retrieval, an arbitrary grouping and sorting of data, and producing reports required in a printed form.
LISA provides a reliable data protection against unauthorized access, errors during operation, and malicious actions of the user:
LISA ensures the stability in the event of technical problems and equipment failures (hardware or software failure, noise in communications links):
In designing LISA, we took account of the possibility of changes in the normative and legal base; therefore, new functions and even new functional modules may added to the system where required. LISA is also compatible with other information systems (data import and export).
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