MIP Group Life & Risk is an end-to-end solution that manages all aspects of the complete administration life cycles within Group Life Insurance while adapting to market and regulatory changes. Its streamlined policy processing is achieved through reduced paper usage, workflow management, and shorter processing times for new businesses 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 MIP Group Life & Risk system automatically performs the appropriate activities for each type of policy at each stage of its life cycle. 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.

In the insurance industry, the insurer needs to differentiate its products from the competitors and now this is economically feasible. Flexible user-controlled product and scheme configuration is one of the key features that set the MIP Group Life & Risk 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 MIP Group Life & Risk 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 and scheme introductions result in a much faster time-to-market with minimal, if any, programming changes and no system downtime.

SYSTEM BENEFITS

• Product creation and configuration
• New scheme creation and configuration
• Member and dependent upload and take-on
• Member certificates
• Commission and distribution management
• Billing & collections management
• Servicing and administration
• Underwriting and reinsurance
• Claims management
• Actuarial & reporting
• Audit & security
• Automated month-end
• Gl module
• Communication
• Workflow
• Document management

OUR SYSTEM'S COMPETITIVE ADVANTAGE

MIP Group Life & Risk derives its competitive advantage from the sum of many factors, and this, we believe, differentiates it from its competition. In brief, the MIP Group Life & Risk solution involves a full front-end and back-end solution and covers all requirements from the application stage to full integration with financial accounting, all built on one platform. It allows for distribution via all current channels, which includes mobile. It supports a wide variety of life products and the framework is designed to be configured to many levels. It will allow the self-configuration of products by internal staff who have been substantially trained in this function.

Perhaps the greatest differentiator is the complete range of value-added functionality that is available on the MiDigitalStack. This is fully integrated with the administrative functions of the MIP Group Life & Risk system, and forms part of the SOA architecture on which all MIP systems are built. This includes the call centre, mobile apps, interfacing capabilities, multi-media, stakeholder communications, document management, rules engine, job and task scheduler, and, most importantly, the full built-in workflow as part of the administration system.

THE MIP GROUP LIFE & RISK WILL PROVIDE THE FOLLOWING IMPORTANT BENEFITS:

• Ensure rapid product introduction and evolution to continuously bring innovative insurance products to market
• Enhance customer satisfaction and loyalty through responsive service supported by inherently customer-centric systems providing comprehensive, consistent, and up-to-date information
• Reduce distribution and servicing costs with operationally efficient processes supported by well-integrated enterprise systems
• Sell and service effectively through multiple channels, including the Internet and mobile apps
• Change current products quickly in response to competitive and regulatory forces, with limited or no IT involvement
• Bring new products to market faster and offer tailored insurance solutions to meet the needs of different groups of customers across all lines of business
• Reduce systems maintenance and support costs with multi-tier Service Orientated Architecture
• Quickly adapt to support new business initiatives

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