LISA

Automation system of life insurance of LISA

Automation system of life insurance of LISA it:

• Individual and corporate insurance contract
• Technical, medical and financial underwriting
• Automatic control of payments
• Actuarial accounting
• Calculation of insurance reserves
• Reinsurance
• Integration with accounting

The conclusion and support of the insurance contract, including:

• changes of conditions of agreements
• a subsystem of introduction of mass changes in corporate the insurance contract
• storage of all agreement revisions
• registration of an insured event and calculation of payments
• subsystem of settlement of losses
• urgent and early termination of the agreement
• interfaces for loading of payments, changes
• monitoring of events and mailing of notifications

The automation system of life insurance of LISA automates maintaining individual and corporate life insurance contracts, calculation of reserves, distribution of an investment revenue, settlings with agents and overcautious persons, work with the arrived payment documents. Today in a system the full range of requirements of Gosfinuslug to the software of the personified accounting of agreements on life insurance is implemented.

Three-level system architecture allows to create a common information space in all branches and representative offices.

During creation of a system industrial Oracle DBMS which is the leader in the market of DBMS for corporate information systems is used. High reliability and performance of Oracle DBMS provide storage and processing of large volumes of information.

Maintaining insurance contracts

In a system automation of all lifecycle of the insurance agreement is implemented: from the request of the client before issue of the insurance policy and further, with fixing of all changes and supplements to agreement, analysis of the arrived payments imported from systems the client bank and tracking of events under the agreement.

Main Functions:

• Calculation of insurance rates for insurance programs and insurance risks;
• Maintaining individual and corporate insurance contracts: registration, carrying out underwriting, formation of the insurance policy, reduction, payment by installments of payments, change of terms of the contract;
• Formation of the diagram of the expected insurance premiums;
• Crediting of the insurer on the security of the redemption amounts. The automated calculation of the greatest possible credit and percent on it; creation of the repayment schedule of a body of the credit and percent;
• Calculation of mathematical reserves for date;
• Determination of agreements for which there is a debt of Insurers on contributions. Determination of the size of a penalty fee;
• Registration of an insured event. Determination of the amounts of insurance payments;
• Early termination of the agreement with payment of the guaranteed amounts or without payment;
• Indexation of the insurance contract for a covering (or minimization) inflation risks. There is a possibility of annual adjustment of value of contributions of the insurer and the amount of the insurance responsibility on the basis of the value of an investment revenue for last year. At the same time the insurer has the right to accept conditions of indexation or to refuse them;
• Accounting of an additional investment revenue / bonuses;
• Automation of process of information search at mass processing of various documents: correspondence connected with execution of policies when underwriting, at settlement and normal procedures of conducting business (reminders on the next payments, the statement of invoices for payment of insurance premiums, etc.) due to assignment by the system of barcodes to these documents;
• Storage of agreement revisions to which conditions changes were made;
• Setup of rules of insurance, insurance programs, rules of calculation of insurance rates.

Change of conditions of insurance

At making changes in conditions of insurance contracts a system automatically recalculates rates, taking into account the previous conditions and already effected payments on agreements, the saved-up reserves and the distributed bonuses. All previous agreement revisions are available to viewing and comparison of the made changes.

Besides, a system considers a possibility of existence of several versions of insurance programs, techniques of actuarial calculations, conditions of agency agreements. Information on such versions is saved in a system and automatically used when carrying out transactions.

Import of payment documents

In a system several interfaces to the different systems the client bank used in Ukraine that allows to load the payment documents posted on checking accounts of the insurer are implemented to browse these documents and to compare their amounts with the expected contributions for insurance contracts. In the presence of the agreement on settlement and cash services and payment acceptance from insurers conditions of this service (the commission of banks) and also a possibility of the structured purpose of payment for automatic comparison of payment to the expected contribution are considered.

A system allows to perform the following operations on payment processing:

• Loading of payment documents from external systems (a system the client bank);
• Maintaining protocol of loading;
• Work with payment documents in the manual mode (input, change, removal);
• Identification of insurance payment documents (determination of the payer, the insured person or policies according to which the payment is made);
• Distribution of a document amount according to the diagram of insurance premiums according to specific insurance contracts;
• Canceling of mistakenly made distribution transaction.

Automatic tracking of payments and mailing of letters

At large volumes of data it is impossible to trace manually all events according to insurance contracts. A system automatically fixes the term of the next payment under the agreement and constantly traces whether the relevant payment document arrived. According to settings, a system announces the user that under certain agreements there came the payment due date (or that the payment is overdue) and allows to create in the automatic mode the official letter under each such agreement. The operator needs only to send these letters to the addresses of insurers.

A system allows to create registers of mailings in electronic form for outsourcing of works on printing and mailing of letters and notifications.

Insurance programs and business partners

The database of a system stores all information on conditions of insurance programs in the company and business partners: insurers, agents, overcautious persons.

In a system an opportunity to specify the status of the client according to requirements of the Law of the USA "About the tax claims to foreign accounts" (FATCA) is implemented.

Actuarial accounting

Actuarial accounting in a system is made by the rules adopted in insurance company. The open interface allows to configure calculation procedures as necessary - rather simply to enter function name or procedures of calculation in settings of a system. We are ready to implement in the system of a technique of actuarial accounting, used in the specific company, observing at the same time complete confidentiality. Creation and change of functions and procedures of actuarial calculations can be also carried out by forces of qualified specialists of department of IT of insurance company.

Main Functions:

• Calculation net - rates for date according to all programs and risks;
• Calculation and storage of the calculated values of reserves of long-term obligations, reserves of proper insurance payments, reserves of bonuses, reserves of advance installments, reserves of the stated, but not settled losses;
• Distribution of an investment revenue, determination of the size of bonuses for each agreement and preserving of the calculated values;

Settlement according to agency agreements

• Accounting of the main tariff conditions of determination of an agency fee depending on different parameters (the insurance program, the duration of the agreement, etc.). Accounting of versions of the conditions operating during certain periods;
• Maintaining list of intermediaries (agents) and subagents;
• Maintaining agency agreements and their conditions (including versions on the action periods);
• Calculation of an agency fee on the basis of conditions of agency agreements, details of insurance contracts and the performed contributions. Formation of the act of the performed works.

CS interface:: iLife

CS:: iLife is the interface of information exchange between banks and insurance companies intended for exchange automation (between the automation system of bank and the automation system of life insurance of LISA) data on the signed life insurance contracts of creditozayemshchik and on the got insurance premiums. The interface is implemented in core banking system B2 and the LISA system. The interface provides ability to integrate with other automation systems of banks.

Distribution of an investment revenue

The investment revenue in a system is also distributed automatically, according to settings, and it can be distributed both on all agreements, and on groups of agreements. In group income then is distributed in proportion to the saved-up reserves.

Analysis of activity of insurance company

Creation of analytical reports on the basis of the aggregated indicators of activity of insurance company calculated by a system.

System interface of LISA

The workplace of the user is developed for the Windows environment and implemented in the form of the standard Win32-client that will allow to study easily and to work quickly with a system. Information is provided in a convenient and clear type. A system also gives opportunities of quick search, any grouping and sorting of data, formations of the necessary reporting in printed form.

Administration of a system

• Maintaining user accounts;
• Differentiation of the rights of the user to data access and to functions of a system;
• Setup of filters and reports;
• Setup of a subsystem of messages;
• Setup of monitoring of a system.

Data protection

The LISA system provides reliable data protection from unauthorized access, errors in use and malicious actions of the user:

• Information which is stored in the database of a system is protected from unauthorized access by means industrial DBMS Oracle.
• At connection to a system the user should undergo obligatory authorization. Each user is granted a certain set of access rights to data and functions, according to its role in a system.
• A system allows to set validity period and rules of use of the password for authorization. After several unsuccessful connection attempts the user account can be blocked, and only the administrator will be able to unblock it.
• A system controls a possibility of editing data of an entity depending on a status of this entity in a system.
• In a system the protocol of all changes happening to its main entities is automatically kept. In the protocol date, time and an essence of the made changes and also a user name which made these changes is surely fixed. Data of the protocol are unavailable to editing and removal.

Reliability in operation

The LISA system guarantees stability at technical failures and hardware failures (failure of equipment rooms or software tools, noises in communication channels):

• A system gives an opportunity of daily archiving of data and recovery of a DB from such archive.
• All critical transactions made with data of a system are registered with fixing of an essence and key parameters, date and time of their carrying out and also with identification of the operator who made transaction.
• All transactions of a system are performed in the mode of transactions - if at accomplishment of transaction in a system there is a failure, then data automatically return to those values and statuses in which they were before accomplishment of the interrupted transaction.

Accumulation of functionality and adaptation

At design we considered a possibility of changes in a regulatory framework therefore in case of need new features and even new functional modules can be added to a system. Also the LISA system is compatible to other information systems (import and export of data).