Profit Life&Pension supports insurers’ key processes.
Policy Manager is a scalable solution for all life and pension insurance product lines. It supports a policy’s entire life cycle – from new sales to underwriting and daily management.
Money Manager module controls cash flows related to the insurance policies. Fully integrated with banking systems, it automatically receives incoming premiums and pays outgoing payments.
Its automatic batch process allocates incoming premiums to insurance policies by reference number. Additionally, the module provides dedicated user interfaces for managing manual payment clearing. In cases where the policy status or other parameterized rules prevent premiums from being allocated, users may match payments manually or refund them. The solution follows SEPA standards.
Payment clearing search results can be used as a report for reconciling incoming payments with bookkeeping entries. Users may print the report online or save it in XML format for further processing.
Group policy payments paid with group reference numbers are allocated to member policies automatically – the rules are defined in the payment allocation files. A group payment can also be refunded as a single payment, in which case Money Manager automatically deducts payments from the respective member policies.
Claims Manager is a scalable software module for managing savings, pension and risk claims. The module steers processing by initializing the correct tax bases and percentages, depending on the claim type. The module includes rules and an automatic process for paying out claims, tax withholding and tax reporting.
Claims Manager provides support for multiple tax bases in a single pension policy. One pension policy can have several reserve types, each with its own tax rules. Since the tax bases and rules are fully parameterized, the solution enables quick reaction to legal regulation changes.
Claims Manager provides services for the following claim types:
Client Manager is a solution designed to manage both private and corporate client data. Client Manager can be used as the centralized register or it can be integrated with a third-party master-client register. The module provides support for multi-channel operations, as the visibility rights can be defined in the distribution channel and organizational structures.
Client Manager includes many excellent features:
Investment Manager is designed to manage the investment targets connected to insurance policies. One insurance product may include funds and interest-rate instruments. The solution has no investment portfolio restrictions as long as the investment target uses one price per day.
Investment Manager enables dedicated investment selections for VIP clients, since the investment targets can be connected to both insurance products and policies.
Investment Manager has functionalities for creating and managing investment portfolios. Allocation change in the portfolio triggers automatic savings reallocations and investment plan changes in policies which contain the portfolio.
The primary task of Investment Manager is the management of investment values. The module is integrated with a third-party asset-management solution, from which the investment values are automatically exported. Correspondingly, Investment Manager reports the units tied to insurance policies to a third-party trading system.
Investment Manager processes are controlled by parameterized rules – the system writes a workflow task if manual handling is needed.
Automatic batch processes include e.g.:
Commission Manager provides services for managing sales, care and kick-off commissions. Trust relationships are defined in the organizational structure, guiding which units are allowed to co-sell or receive sales commissions. The module initializes the offer creator as the commission receiver, but this can be changed.
Commission calculation rules are defined in the parameters and the rules can be maintained independently by the primary users.
Commission Manager is based on automatic batch processes, which:
Math Manager is a central calculation engine, providing support for a policy’s entire life cycle – from offer and change calculations to care and claims calculations. It supports unit-linked and traditional risk-life calculation models, paid-up policy calculations, and both traditional and defined benefit techniques.
One of its most important features is the support of retroactive calculation transactions. For example, if an incorrect fund value is used in a transaction, Math Manager automatically recalculates and corrects all affected policies.
Math Manager can also be used to calculate existing product portfolios or as a simulation tool in the development of new products. Plus, it provides an XML-based interface for integration with third-party environments.
The calculation basis are defined as formulas (profiles), which are connected to the insurance products or policies via parameters. These calculation profiles are flexible and they hold no static values – these are retrieved from the math parameterization. This enables fast product development and sales channel-specific pricing models.
Math Manager comprises the following calculation services
Math Manager includes a test bench and an extensive library of automated tests to record cases for problem solving.
Bookkeeping is highly parameterized in Profit Life&Pension.
Bookkeeping is a separate process and bookkeeping entries are collected daily from the operative system by a separate batch process.
The bookkeeping export to the general ledger creates the actual bookkeeping entries based on bookkeeping actions and parameterized account info. Each bookkeeping action can have 1-n parameterized debit and/or credit accounts. Each account has also validity period, so account numbers in general ledger can change over time and PLP can still produce correct bookkeeping entries.
Business intelligence reports provide an easy access to up-to-date summary information about business data like the amount of different insurance products and the policy savings e.g. by organization units.
Profit Software has chosen BIME Business Intelligence (BI) tool for creating customized reports and analysis. BIME is a separately licensed third party tool, but it is closely integrated to PLP.
Web-based, dedicated interfaces for different user groups.
Interfaces can be localized so that users can interact with the system in the language selected in their web browser. Interfaces can also be tailored to match the preferred visual style. As the user interfaces are based on web technology, there is no need for additional third-party software or client-side applications (such as plug-ins) to be installed on workstations.
Batch Manager is the module for administrating batch runs. Each batch is a collection of tasks and one task may have multiple subtasks. Batch run (logical batch) is the collection of individual batches.
The system writes batch logs of all batch runs in the system. Batch summary log gives summary info of how many of the handling elements in the batch tasks were:
The detail log displays the detailed information of each summary category: which policies were failed, how and what was the error situation
Profit Life&Pension is based on automatized processes. For this reason it includes also a manual task management system. The system writes a task to the users, when the manual decision making or handling is needed.
PLP follows country level rules in creating reports expected by the local tax authorities in the correct file formats.
Conversion Data Pre-validation tool