Workflow driven portfolio management
The combination of a customized workflow with a full featured document management system capable of carefully routing all information produced or obtained via fax, scanner or mail and the ability to time travel through any single mutation in the system makes Lifeware service unbeatable.
Lifeware solution has been delivered in 7 languages so far, Czech, English, French, German, Italian, Slovak, and Spanish with the support of multiple currencies and multi mandate. The system accommodates direct insurers, brokers and possibly end customers through its granular assignment of products to the right sellers and correct permissions to all users.
The workflow supports the three macro processes of a life insurance business:
Open to multiple points of sales due to ubiquity of the internet, the system provides a number of features to keep track of offers among which the possibility to archive offers, to prepare anonymous offers, to send them automatically either by mail, e-mail or fax, and when needed to keep notes and schedule reminders. Needless to say that accepted offers are sent directly to the next step in the macro process for underwriting.
The process of underwriting includes potentially large formal verifications, solvability checks, document preparation, and communication at different levels in the company and with the customers. All these tasks are accomplished in the integrated environment provided by Lifeware so that nothing gets lots and it’s easy to keep track of events that may hinder the finalization of a contract. Once the contract starts living inside the customer portfolio the third macro process takes over.
The payment process including the ever increasing method of payments like LSV, credit card transactions, DTA, etc.; all administrative and technical mutations, planned mutations and notifications, sudden request for changes (but according to contract rules), the preparation of tax statements, the collection of premiums, payment of benefits, and accounting are just a few pages on the functionality menu available on the Lifeware platform.