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FAQ: 1.1 Product spectrum
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Is it possible to define specific tariffs for products?
Yes, each product in Lifeware’s service has an associated product plan where such tariffs are defined.
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Which services does Lifeware through Lifeware’s Management System offer?
Lifeware offers a complete integrated software solution for managind the life insurance businesses from full featured offers' management, to policy application processing to the daily management of contracts.
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What are the main functions offered by Lifeware’s online service?
For the client we provide: Customer Tools
  • Life insurance application processing
  • Administrative mutations
  • Technical mutations
  • Surrenders
  • Maturities
Viewers
  • Up-to-date contract information
  • Personal information
  • Document archive
  • Cash-flow summaries
Cash-flow processing
  • Benefit payments
  • Premium collection (e.g. from customer’s e-bank account to life insurance’s-bank account)
Document preparation and mailing
  • Policies
  • Mutation Letters
  • Tax statements
For the life insurance company we provide:
  • MIS reporting
  • ALM reporting
  • Sales reporting
  • Accounting reporting
  • Portfolio monitoring
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Is the currency or the language a problem for Lifeware?
Absolutely not. Lifeware’s Management System is already multi-currency compatible, operating in Germany, Austria and Switzerland. The service is currently available in Czech, English, French, German, Italian, Slovak, and Spanish.
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How long does it take to implement a new version of Lifeware’s Management System?
The time needed to implement a fully functional system depends on the degree of personalization. Normally the the customer can start selling products in about 4 months time. Details and further functionalities are implemented step by step according to the customer needs and priorities.
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What types of Life Insurance products are Lifeware able to manage?
We have implemented so far more than 50 products among which:
  • Variable annuities
  • Endowment
  • Term
  • Financial wrappers
  • Classic annuities
  • Invalidity contracts
  • Classical annuities
  • Pension products, Riester, 3A, 3B, Vorsorge
  • Unit linked
  • Dread disease
  • Hybrid products
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In what ways is it possible to personalize Lifeware’s Management System?
Our clients, supported by our group of actuarial mathematicians and product designers, can choose:
  • Mortality tables for the cost structure
  • Acceptability criteria (invalidity, smokers, etc.)
  • Rates of technical interest
  • Rules for the division of profits
It is also possible to associate personalized rules with every event of a certain importance such as:
  • Offers
  • Administrative mutations: beneficiaries; income tax; address; payments, etc.
  • Technical mutations: premiums; partial redemption; prolongation; reduction; liberations from the payment of the premium; total redemption; management damages, etc.
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Are all current fund-bound products supported by the system?
We support all fund-bound products.
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Is it possible to work with single and periodic premiums?
Of Course! Lifeware’s Management System supports single and periodic premiums.
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Is it possible to define rules that depend on the tariff’s type, e.g. age limits, minimum/maximum payment duration, the death capital?
Not only it is possible to freely define the rules but also the system can be forced to validate them before allowing the next step to be taken.
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What kinds of the indemnity restrictions are possible?
Surcharges and indemnity exclusions can be applied.
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What activities and costs characteristically accrue at new tariff implementation?
The implementation delay depends on the customer requirement and on the product’s complexity. On average we speak about an implementation delay of 3 months.
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Are there tools to manage the contract?
The service already contains many tools for the contract administration. Special requirement have to be customized or developed.
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Does the application process support the customer's electronic signature?
Yes, where they are legally binding.
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How good is the performance of the system?
Answer time: < 1 seconds Simulation answer time: < 3 seconds Daily Batches: < 1 hours but parallel to the production.
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Is it possible to define an administration in order to define the user’s competence and security rules?
Yes.
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