Policy Administration

Policy Administration Overview

  • On-line Access of Policies
    - Alphabetically (Phonetic)
    * By Owners Name
    * By Insured's Name
    - By Client Number
    - By Group Number
    - By Policy Number
  • Policy Schedules and Non-Forfeiture Sheets for:
    - New Policy Issues
    - Re-issues
    - Reinstatements
    - Lost Policies
  • Automatic Premium Calculation
  • All significant transactions are maintained in the transaction tracking system to substantially reduce research functions:
    - Premium Billing
    - Premium Payments
    - Policy Changes
    - NFO Functions
    - Reinstatements
    - Cancellations
    - Correspondence

Policy Owner Service Capabilities

  • All policy Maintenance functions are processed immediately.
  • Non-forfeiture and automatic loan functions include:
    - User defined parameters
    - Value inquiry
    - Option for future and retroactive variable settlement dates
    - All required accounting entries
    - Performs APL, ETI, RPU and Surrenders
    - Complete transaction tracking
  • Comprehensive Dividend Functions
  • Premium Accounting:
    - On-line and batch premium payments and reversals
    - Temporary mode and form of billing available
    - Automatic premium income accounting to the benefit level
    - Agent Commissions/advances are automatically paid and reported
  • Policy Maintenance:
    - Fast reference inquiry and change screen
    - Comprehensive inquiry and change screen
    - Comprehensive automatic cancellation processing sub-system
    - Automatic rate increases and decreases

Premium Billing

  • All Major Forms of Premium Billing.
    - Direct Bill
    - Bank Draft/Electronic fund transfer
    - Premium Deposit Funds
    - Government Allotment
    - List/Bill
    - Credit Card
    - Others
  • Policy Billing:
    - Automatic system update from bank draft and EFT processing
    - Billing dates are automatically maintained
    - Status Codes available to prevent billing
    - L.P.O. worksheets available
  • Automatic system resolution for payment reversals
  • Comprehensive list/bill support system:
    - Trial billing
    - Off-mode premium amounts
    - Temporary suspensions
    - Multiple list sequences
    - Single group payment entry

Policy Fund and Value Functions

  • Policy fund tracking includes transaction information for the following types of funds:
    - Benefit Funds
    - Dividend accumulations
    - Policy Loans
    - Premium Deposit Funds
  • Balances for all funds are available to the user for inquiry at any time:
    - Separate display screens are provided for each fund.
    - "Variable-date" computations include:
    * Guaranteed rate periods
    * Compound periods
    * Multiple interest rate periods
    * Multiple rollover funds and rates
  • All standard letters are generated by the system automatically:
    - Letters may be added or modified on-line and printed on demand.
    - Out going letters are entered into the mail tracking report for response.
    - Data already existing in the data base such as name and address is automatically inserted by indicating policy, agent or vendor number

Future Transaction Processing

  • Policy maintenance transactions may be setup today and processed automatically on a future date determined by the user.
  • Future transactions may be based upon the policy paid to date or the actual date that the user wants the transaction processed.
  • Future transactions may be viewed on-line by policy or group.
  • Future transactions may be modified or deleted by policy or group.
  • Possible future transactions include:
    - Policy Cancellations
    - Policy NFO functions
    - Billing function changes
    - Owner/Insured name changes
    - Address information
    - Dependents may be added and/or terminated on a specific date
  • System automatically reports future transactions that failed processing
  • Future transactions are reported either automatically or by request