PERSONAL FINANCE



Designed to maximise value to insurers

Streamlining the day-to-day backoffice policy administration.

OVERVIEW


MIP Personal Finance is an end-to-end solution that manages all aspects of the complete administration life cycles within the individual life insurance, group life insurance, wealth management and motor vehicle warranty & maintenance spaces, whilst adapting resourcefully to market and regulatory changes.

EFFICIENCY AND COST-EFFECTIVENESS


Our streamlined policy processing is achieved through reduced paper, workflow management and shorter processing times for new business and changes.

There is no need for CRM (Customer Relationship Management) to access multiple systems to find the required information. Instead, all related information is logically grouped for quick review so that one can move easily from one area to another, simply by clicking a button or selecting a link. As a result, the management of an insurer’s business is made both efficient and cost-effective.

By following user-configurable business process definitions, the Personal Finance system automatically performs accurate activities for each type of policy at each stage of its lifecycle. Furthermore, the real-time processing of all transactions ensures that one will not have to wait overnight for batch cycles and time-consuming follow-ups.

DIFFERENTIATION AND CONFIGURATION


In a saturated industry, you need to differentiate your products from your competitors and this is now economically feasible.

Flexible user-controlled product configuration is one of the key features that set MIP's Personal Finance system apart from most policy administration systems available today. With traditional systems, even the small changes needed to keep product lines current can take months to make. Within the Personal Finance system, all product information is stored as data so product changes do not have to be coded. This is our way of ensuring that new product introduction results in a much faster time-to-market with minimal, if any, programming changes and no system downtime.

FLEXIBILITY


You will benefit from our business experts who are empowered to implement system changes with ease so that you will achieve new levels of responsiveness.

SPECIFIC BUSINESS FEATURES THAT ARE CATERED FOR BY THE PF SYSTEM



Sales Channels/Distribution Management

  • Sales channels – extensive interaction capabilities via: web, call centre, branch, mobile app, broker, admin back office, etc.
  • Distribution/structures hierarchy creation and maintenance
  • Leads management
  • Campaign management
  • Call centre integration


New Business Management includes the following features
  • Customisable financial needs analysis/FNA
  • Quotations
  • Risk assessment, underwriting during new business stages
  • Placing & receiving of underwriting requirements, e.g. medical testing results from Path Labs, etc
  • Illustrations & projected values
  • Application acceptance & confirmation, including comprehensive customisable verifications on information
  • New business reinsurance related capabilities
  • Integrations to 3rd external parties to verify and source information relating to a new application


Commission Management

Billing & collections management, including extensive functionality for the following main collection types:
  • Debit Order, Stop Orders, Cash, other methods
  • Immediate and batch processing capabilities
  • Mandate management for debit order and stop orders


Maintenance/Client Services
  • Comprehensive maintenance of contracts
  • Capabilities to manage underwriting during maintenance stages
  • Capabilities to manage reinsurance during maintenance stages


Claims Management
  • Comprehensive processing of claims of all benefit types
  • Batch and real-time processing
  • Management of reinsurance recoveries during & after claims processing
  • Comprehensive management of claim payment functionality
  • Integrations to 3rd parties to verify and source information relating to the claim being processed


3rd Party Payments (incl. commission, Reinsurance, Path Labs, etc.)
  • Commission
  • Labs, SARS, etc.
  • Reinsurance


Month-end & Year-end processes

Finance/GL integration

Internal/External Reports
  • Including various customisable dashboards


Actuarial capabilities
  • Reporting
  • Unit-account management


Audit & Forensics capabilities

Documentation (incl. letter, schedule management)

Communications (incl. SMS, MMS, emails, etc.)

Workflow integrations

Security management, incl user access management, etc

CONTACT US

If you wish to see a demo of the above features, please click on the button below and submit your contact details and we will contact you within 24 hours to set up a “face to face” demo with your relevant stakeholders.

MIP HOLDINGS

We're the leading provider of affordable Business/IT solutions to the financial services industry in emerging markets.

VISION

"Tomorrow's Solutions Enjoyed"

VISION

"MIP is a provider of robust, flexible, innovative, business/IT solutions that enable our partners to grow their customer bases profitably."

CONTACT US

sales@mip.co.za
0861 MIP MIP (0861 647 647)
Intl: +27 10 005 3700