Ready for business

With Profit Life&Pension you can quickly create new individual and group products in several major business lines, while sales and distribution are supported through multiple channels.

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Unit Linked insurance

In unit linked insurance there are essentially two distinct groups of customers: those who want to start or expand a unit linked business, and those who simply want to streamline an existing unit linked offering. The latter scenario is particularly common among insurers who are locked into a policy runoff scenario with an ageing unit linked solution, or for those who have decided to focus on growing their business in ways other than through unit linked policies.

Profit Software's solution
Profit Software’s unit linked roadmap is continuously developed based on the best practices and processes we have seen and continue to learn through our cross-border operations. The extensive parameterization of our offering allows unit linked insurers to launch products more quickly than with competing solutions. Unit linked customers also enjoy ongoing product development and system upgrades in this area as part of their agreements with Profit Software.

Group Pensions

In certain markets, structural and demographic changes are driving interest in group pension products. However, managing group pension solutions can be a complex undertaking for insurers, potentially creating serious challenges in the IT environment. Insurers are also evaluating how to move from offering defined benefit or guaranteed interest group policies into providing defined contribution or unit linked offerings. This move from a defined benefit model requires the mastering of some complex mathematics, particularly when it comes to retroactive calculations.

Profit Software's solution
Profit Software is at the forefront of product development in the group pension area, with a fully scalable defined contribution solution built into our roadmap. Central to this are the capabilities of our mathematics engine, which can manage in detail many of the complexities of defined benefi t or defined contribution policies, including making retroactive changes. Our solution in this area has already been tested and proven with up to 70,000 members in a single group policy agreement.

Long Term Savings

In certain markets, amendments to legal frameworks governing the provision of long-term savings agreements have changed the way traditional insurers look at this business. Not only do some of the legal changes force insurers to make system modifications, they also open the tax-compensated long term savings market to new players, such as banks and fund management companies. This dynamic competitive environment forces down the service fees providers can charge the end customer, and thus personalized service often needs to be minimized if a long term savings business is to be run profitably.

Profit Software's solution
Our roadmap features a long term savings solution that stays a few steps ahead of requirements in this growing market segment. One of the major advantages of our solution is that policy or system changes required by the legal framework can be made very easily, simply by updating a few basic parameters with our Insurance Product Builder. And to keep service fees low, our solution features user interfaces for sales through agents as well as for a self service concept that allows end customers to manage investments and savings themselves.

Risk Life Insurance

The business issue we most often hear from insurers in the risk life domain is that they would like to sell their products through additional channels, such as banks. But adapting sales and distribution structures to the bancassurance model is not always a straightforward operation, particularly when an insurer’s risk life business is running on a legacy mainframe. In such cases integrating the legacy system with the modern web-based channel of a bank can be a complex undertaking.

Profit Software's solution
In addition to offering pure risk products, Profit Software also supports pension, savings and group pension products with risk riders. Our risk life solution covers both the front office and the back office, enabling insurers and banks to quickly create and launch white-label insurance products under a brand of their own choosing. A critical part of this solution is our fully automated underwriting process, which allows such tasks as the definition of monetary limits for automatic acceptance.