The MIP Personal Finance: Individual Life Insurance operational team (PFI) develops customer-centric, flexible, complete and end-to-end life cycle administration systems within the Individual Life Assurance, Wealth Management and Motor Vehicle Warranty & Maintenance spaces, which is focused on the end-customer.
The MIP Individual Life web-based solutions involves comprehensive front and back-end solutions; and covers all business capabilities from application stage to full integration with external systems, such as financial accounting, all on one platform. It supports a wide variety of life products and the framework is designed for configuration at many levels. The core life related business modules and functionality include:
- Product Management
- Sales Channels/Distribution Management
- New Business Management
- Commission Management
- Billing & Collections Management
- Maintenance/Client Services
- Claims Management
- 3rd Party Payments
- Month-end & Year-end Processes, etc.
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, by a single click. 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 it's 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 now this is economically feasible.
Flexible user-controlled product configuration is one of the key features that set the Personal Finance Individual system apart from most policy administration systems available today. With traditional systems, even the smallest changes needed to keep product lines current can take months to make. Within the Personal Finance Individual system, all product information is stored as data, so that 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.
Another differentiator is the complete range of value added functionality that is available via MIP’s Core Digital Stack & Integration Services. The MIP PFI team extensively utilizes and is fully integrated with, these Core Digital Stack & Integration services as applied to individual life insurance solutions, and forms part of the SOA architecture on which MIP is built.
For more information regarding MIP’s Core Digital Stack:
and Integration Services:
The combined comprehensive scope of both MIP’s PFI and Core Digital Stack, we believe, differentiates it from it's competitors.
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
A person only needs to be captured on the system once, despite having multiple roles (policyholder, beneficiary or life assured) and being on multiple policies. The person’s record shows personal details as well as all the policies on which the person is a role-player. An audit is also kept on all changes made.
Sales Channels/Distribution Management
- The system is easily customisable and configurable to suit your business needs, product rules and functionality.
- Various internal and external Dynamic Decision & Business Rules Engine options exist to assist in managing the product and business.
- Configured products are versioned, with the appropriate controls.
- The system caters for multiple types of benefits; lumpsum, recurring or combination thereof Product lines supported incl:
- Personal Insurance
- Motor Vehicle Accident
- Motor Warranty
- Life & Health Risk
- Credit Life
- Business Assurance
- Universal Life
- Investment and Endowment
- Education Protection
- Retirement Annuity
- Secured and Unsecured Loan
- Sales Channels – extensive interaction capabilities via: web, mobile app, ussd, call centre, branch, broker, admin back office, bulk upload, etc
- Distribution/broker structures hierarchy creation and maintenance
- Leads management
- Campaign management
- Telephony and Call Centre integration
New Business Management incl the following features:
- Comprehensive maintenance of contracts
- Capabilities to manage underwriting during maintenance stages
- Capabilities to manage reinsurance during maintenance stages
- Customizable financial needs analysis/FNA/risk profiling
- Internal or external risk assessments, 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, incl comprehensive customizable verifications
- New business reinsurance related capabilities
- Integrations to 3rd external parties to authenticate/verify and source information relating to a new application
Billing & Collections Management, incl extensive integration functionality for the following main collection types:
- The ability to link and pay fees and commissions at various broker/brokerage/distribution levels
- Commission Models including:
- Ongoing Commission
- Upfront Commission
- Mixed Commission (portion of upfront and ongoing)
- As-and-When Commissions
- Spread of Commission over 1st and 2nd years
- Commission Processing including:
- Commission splits
- Commission discounts
- Commission clawbacks
- Commission statement generation
- Debit Order, Payroll/Stop Order (governmental and or employer), Cash, other methods
- Immediate and batch processing capabilities
- Mandate management
- Comprehensive maintenance including verification of person, contract and benefit information
- Capabilities to manage underwriting and reinsurance throughout maintenance stages
3rd Party Payments (incl commission, Reinsurance, Path Labs, etc)
- Comprehensive processing of claims of all benefit types
- Batch and real-time processing
- Management of claims, reinsurance assessment and recoveries
- Automated management of claims documents (RFI)
- Comprehensive management of claim payment processes
- Integrations to 3rd parties to authenticate/verify and source information relating to the claim being processed
Month-end & Year-end Processes
- Broker Commissions
- Reinsurers (Caters for multiple reinsurers and various models)
- Service providers, medical service providers, etc
- SARS, etc
Finance & GL Integration
Internal & External Reports
- Including scheduled processes
- Including integration with external BI tools
- Including various customizable internal dashboards
Audit & Forensics Capabilities
- Risk, Expense, Investment & other transaction accounts
- Fund & Unit-account management
- Pricing & Valuation extracts
- Quality Assurance
- System Audits
(including sms, emails, notifications etc)
Multi-media & Documentation Management
(document generation incl correspondence, letters, schedule management, etc)
Fully customizable and Integrated Business Process & Workflow management
, incl user access management, etc
Our goal is to align the MIP effort to assist you and your team to achieve your business goals, to partner and grow with you and your business. We achieve this by maintaining a comprehensive team of multiskilled people focused on your business needs.
- Extensive client support and service: Dedicated Client Service Managers and Agile Experts to build lasting relationships and to ensure seamless day-to-day support and management.
- Actuarial Resources: MIP employs actuarial resources who understand the insurance business, product workings and insurance legislation. This means the system is kept up to date to cater for industry developments and client needs. They assist with product development and general business consulting.
- Extensive technical expertise: The MIP PFI system comes with great expertise in the form of technical architects and experienced developers, that are very knowledgeable in their field and have experience in insurance systems.
- Quality assurance: MIP prides themselves in delivering quality solutions through manual and automated regression testing.
If you wish to see a demo of the above features, please click on the link below and submit your contact details and we will contact you within 24 hours to setup a “face-to-face” demo with your relevant stakeholders.
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