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FAQ: 1.2 Products/Insurance mathematics
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Are business processes, data models, and technical functions complete and integrated?
Yes, Lifeware’s service is a process- oriented system. Processes, data and functions must be complete and integrated otherwise the system does not work.
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Are there known missing functionalities
All standard functions necessary for managing life insurance policies are available. However, special customer requirements must be implemented.
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Are the insurance mathematics and the insurance business processes separate components?
No, the insurance mathematics are integrated in the processes of Lifeware’s service. For that reason the system’s response time is very fast.
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Is it possible to add new products without disrupting the system?
Yes, it is possible to add new products or expand the existing processes.
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Which modifications are easy and which are difficult to do?
Easy: parameterization of existing product (for example, cost parameters, or other system settings)
Difficult: new product behavior (for example, automatic fund regulation or unusual behaviors)
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Does Lifeware’s service allow the data management of a specialized department?
Yes, but it should not be necessary to manage the data because Lifeware’s Management System is business-process oriented. If wrong information is put in the process, Lifeware’s Management System notifies the mistake because every process step is monitored with plausibility checks. Of course it is not possible to detect every mistake: in this case the system’s administrator can rectify the mistake.
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Who is responsible for the management of the data?
Lifeware is the ideal third party administration partner. Its products and services are designed to provide full back office outsourcing to life insurance companies, simplified management of the administrative and sales activities, and rapid scalability.
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How does Lifeware guarantee the code’s consistency?
Lifeware uses a development methodology, which considers testing as the most important activity of software development. At the moment Lifeware has more than 20'000 tests, which monitor the correct behavior of all implemented business processes.
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Is it possible to define in the first insurance years a limited mortality performance for children?
Yes, the mortality performance depends on the birth date of the insured. Depending on the age of the insured Lifeware’s services calculate the mortality performance according to the defined model.
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Is it possible with Lifeware’s service to generate funds buy and sell order?
Yes.
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Is it possible with Lifeware’s service to make an automatic funds' switch?
yes
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Is it possible with Lifeware’s service to rebalance the portfolio?
Yes.
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