Life insurance and annuities
The life line runs on the same products, policies and payments as non-life lines. Endowment and annuity payouts are scheduled by the system, the surrender value is calculated for any date, and for unit-linked the funds and units of the insured person are tracked.
Plan Professional and Enterprise plans.
What is inside
- Term and savings life insurance, annuities
- Schedule of endowment and annuity payouts
- Surrender value on early cancellation
- Waiver of premium payments
- Participation in investment income
- Unit-linked: investment funds and the unit account of the insured person
- Decreasing sum insured for borrower insurance
- Life mathematical reserve in the reserves module
Conditions
Investment funds and unit prices are managed by the insurer: the system records unit account operations but does not manage assets.
Frequently asked questions
Do we need a separate system for life?
No. Life products are built in the same builder, and policies, payments, claims and reserves are kept in a shared database with non-life lines.
Is unit-linked supported?
Yes. A unit account of the insured person is kept for the contract across the insurer’s investment funds.
How is the surrender value calculated?
By the product rules as of the cancellation date. The calculation is saved in the contract history.
Other features
Shall we show the system on your products?
We will build your product in the builder, take a policy from quote to claim and estimate the implementation cost for your lines of business and countries.