MIP Individual Life and Risk is an end-to-end solution that manages all aspects of the complete administration life cycles within the Individual Life Insurance, Credit Life product, Warranty, and Wealth Management,  whilst resourcefully adapting to market and regulatory changes. Its streamlined policy processing is achieved through reduced paper, 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 a financial product administrator’s business is made both efficient and cost-effective.

By following user-configurable business process definitions, the MIP Individual Life and Risk system automatically performs accurate 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 using the MIP Individual Life and Risk system. Flexible user-controlled product configuration is one of the key features that set the MIP Individual Life and 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 weeks or months to make. Within the MIP Individual Life and Risk system, all product information and rules are 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.

SYSTEM BENEFITS

• Product management
• Sales channels/distribution management
• New business management
• Commission management
• Billing & collections management
• Maintenance/client services
• Claims management
• Actuarial & reporting
• Audit & security
• Automated month-end
• Gl module

OUR SYSTEM'S COMPETITIVE ADVANTAGE

MIP Individual Life and Risk derives its competitive advantage from the sum of many factors, and this, we believe, differentiates it from its competition. In brief, these factors are as follows:

The MIP Individual Life and Risk solution involves a full front-end and back-end solution, supports straight through processing, 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, which is fully integrated with the administrative functions of MIP Individual Life and Risk, and forms part of the SOA architecture on which MIP Individual Life and Risk is built. This includes the call centre, gamification, 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.

MIP Individual Life and Risk is a customer-centric, flexible, end-to-end administration system for life companies. The element of focus is the end customer. MIP Individual Life and Risk associates all relevant information, including owned policies, with the customer. With access to complete customer information, including customer demographics, annotations, and a complete product portfolio, the user has the additional ability to identify and advance cross-selling opportunities, customer life stage events, and expiration date tracking (i.e. x-dating). Thus, MIP Individual Life and Risk will provide the following important benefits to your company:   

• Enhance customer satisfaction and loyalty through responsive service supported by inherently customer-centric systems that provide 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.
• Update 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, innovative 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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