Comarch Life Insurance

Comarch Life Insurance is a comprehensive solution supporting the business processes of a life insurance company. The system is designed to enable life insurance companies to effectively implement new insurance products, optimize distribution channels, automate business processes and respond promptly and flexibly to the demands of the quickly developing insurance market. The system is designed to support multi-channel operations and covers all back- and front-office functionalities. The system is multilingual, multicurrency and can support numerous insurance companies in one instance.

Comarch Life Insurance supports key areas of life insurance processing:

• defines insurance products to rapidly and independently expand an offer with new  products created from scratch or using existing ones
• offers and sales supports multi-channel registration
• risk evaluation of the insured (underwriting) may be carried out automatically or manually at different stages of the policy life cycle; required documents and test results are recorded in the system
• administers the whole life cycle of insurance policy
• investment funds management enables the definition of fund and sub-accounts as well as the management of individual funds’ accounts, using dynamically changing fund order parameters
• settlement includes handling the financial arrangements of premiums, records and import of premiums, including the massive reconciliation of payments
• defining of sales network to manage the sale, registration and units location in the hierarchy. Moreover; it can define commission tariffs and incentive programs as well as charge due commissions
• active claims handling allows for claims registration and their complex comprehensive service
• defined workflows which create and modify business processes as well as allow for efficient group work including users’ rights to perform various operations
• insurance provisions calculation enables counting the insurance-technical provisions for balance sheet valuation as well as meeting reporting requirements
• information exchange with the insurance market institutions provides information flows to all the insurance entities required by law. This is possible thanks to specifically built-in mechanisms for data exchange
• reinsurance programs handling includes all elements of reinsurance and its related processes

The scope of implementation may include all modules and product lines, or only the functional areas and products selected by the company.

Business and Operational Benefits
The implementation of Comarch Life Insurance enables comprehensive and consistent management of insurance business. In addition, the system allows unprecedented flexibility to optimize the company’s activities and quick response to changing market needs.

• Short launch time of new products on the market
  The flexibility of Comarch solutions and open interfaces to other systems allow you to shorten the time of defining and introducing new insurance products to the market to a minimum.
• Competitive Growth
  Reducing costs is possible through a better organizational flow of information, automation of processes and the ability to exploit new sales channels (bancassurance, the Internet).
• Reducing operating costs
  One repository of data provides information to eligible departments. Increasing the scope of the data exchanged and the ability to obtain additional feedback without the involvement of employees, increases job satisfaction, which as a result leads to improved efficiency and better customer service.
• Improved reporting
  Reporting the overall portfolio of insurance with regard to insurance, financial and statistical data is a key factor in the management of an insurance company. The system provides reports for internal and compulsory reporting, shareholders and stock exchanges.
• Higher quality of customer service
  Support for the sales process through merging with solutions existing in the company such as IVR, SMS, CRM and the automation of manual processes and applications have a significant impact on increasing the level of satisfaction of customers and insurance partners.