Cqlife L1(New 7mar11)

Life Insurance System

By

Cethar Consultancy Services Pvt.Ltd.

India www.cetharsoft.com

ISO 9001 certified, A NASSCOM Member

http://www.cetharsoft.com/

Life Insurance System ___________________________________________________________________________

2 | P a g e

Overview

CQLife, is an end to end integrated Life Insurance Software, that can contribute to

the strategic plans of business growth and increased productivity of any Life

Insurance Company.

CQLife is ideally suited for mid-sized Insurance Companies especially in the

emerging markets in Africa, Middle East, Asia and Eastern Europe.

Improvements in departmental productivity, reduction in cycle time for processing

of a proposal, a policy alteration or a claim, will become visible within a few months

of Go-Live with CQLife.

The implementation of CQLife, can be a migration from an existing system for an

established Insurance Company or can be the first-choice for a new venture.

With CQLife, there is no need to search around for ‘information’ hidden within the

‘data’.

The Software offers a quick return on investment for any Life Insurance Company

choosing to implement the same and smoothly merges with established procedures

within the organisation. This means the implementation time is much less when

compared to other similar products.

A Customer of the Life Insurance Company, who may play multiple roles –as the Life

Assured, as a Beneficiary, as an Agent or in other forms, is referred by a Unique

Identity Number within CQLife so that a complete business profile of a customer can

be obtained in one single view.

CQLife supports an unlimited number of Insurance products falling under different

categories such as TERM, ENDOWMENT, WHOLE LIFE, PENSION, UNIT LINKED,

GROUP. Multiple PLANS in each product can be configured easily and offered to the

customers.

The Software has a powerful Medical Module built-in for recording the details of

medical tests and for managing the database of medical service providers.

CQLife has special modules for the Executive Management, to be able to view the

business statistics at a glance and use them for strategic decision making.

Agents, can rest assured that their commissions will be processed in time and

accurately due to automated procedures in CQLife.

Timely submissions of reports to the actuaries and proper adherence to Re-

Insurance requirements are possible with CQLife.

CQLife offers two types of Web Interfaces – one for the Agents and the other for

the Customers. An Insurance Company can start with a simple Web Link for

Inquiries only and extend it in due course with a feature-rich Portal.


3 | P a g e

CQLife also has a Group Pension Administration System with which Group Pension

Products can be customized to suit corporate needs.

If the Insurance Company uses third party software for Financial Accounting,

Payment Collections, Document Management etc. CQLife can be easily interfaced to

these systems.

CQLife modules are offered in three versions making it affordable to all.

Tags:

End-to-end integrated system for Life Insurance business,

Fully browser based,

Integrated work-flow management,

Contributes to increased business

Dashboards for executive management

Transforms ‘Data’ as ‘Information’

One click view of the entire policy profile

Configurable products and plans,

Interlinked to medical tests requirements,

Interfaces to 3rd party systems,

Easy migration from an existing system,

User-friendly, Secure, Robust with controls

Does not require changes to business procedures in-force


4 | P a g e

Salient features An integrated Software for Life

Insurance Business

Covers all major business

functions

Designed and developed in

consultation with Domain Experts

Modular design , Scalable and

Customizable

Packaged to meet growing needs

of the customer

Browser based and easy to deploy

Phased Implementation

possibilities

Secure and Stable

Database - Oracle ®

Microsoft ® Technology

Quick Return-On-Investment

Contributes to improved

productivity

Simple to learn and easy to use

Does not warrant any major

changes to operational processes

Provides a COMPETITIVE

ADVANTAGE


5 | P a g e

CQLife – Core > Enterprise > Enterprise Plus

Core Enterprise Enterprise PLUS

Product Class and Plans Member Profile System Administration

Proposal Underwriting Policy Conversion / Printing

Policy Servicing Claims Handling

Re-Insurance

Medical Tests

Agents

Group Pension

Customer Payments / Standing

Orders

Quotation

Alerts and Reminders

Actuary Reports

Agent Portal

Interfaces to 3rd party Systems

Member Inquiry

MIS / Dashboard

Policy Inquiry

Customer Portal

Agents – Web Link Customers – Web Link


6 | P a g e

Modules

CQLife Core CQLife Enterprise CQLife Enterprise PLUS

1 Proposals / Underwriting All modules in CQLife Core

and

All modules in CQLife

Enterprise and

2 Medical module linked to

Underwriting

Quotation Preparation Mobile and Email Alerts

3 Policy Conversion / Printing Agents Agent Portal

4 Policy Servicing – Technical Re-Insurance Customer Portal

5 Policy Servicing -

NonTechnical

Group Pension

Administration

6 Claims handling Actuary Reports

7 Bonus, Agent Commission

Calculations

Customer Web Link

8 Unit Linked Plans

(InvestmentPlans)

Agent Web Link

9 Bank Linked Schemes (Linked

to Bank Loans)

10 Standing Orders (Auto-Debits,

Bank Payments)

11 Work Flow Management and

Status Monitoring

12 Front Office module for

Premium Collections

13 Interfaces to General Ledger,

Document Management,

Cheque Printing …

14 Unified Member Database

(LifeAssured, Beneficiaries,

Agents)

15 Product Classes, Plans

16 Reference Masters

17 User Access Controls, Menu

Option Configuration

18 Audit Logs, Policy Versioning

19 Inquiries, Reports, Data

Export Options


7 | P a g e

Module details Products and Plans

Supports Individual and Group

Life Policies

NO LIMIT on number of Life

Products (Term, Endowment,

Unit Linked, Group)

No LIMIT on number of PLANS

per Life Product

Customer Profile

Single View Point for complete

Member Profile with a Unique ID

Multiple Customer Attributes

including details about KYC

Check

Proposals / Underwriting / Conversion

Direct Proposals or Quotation

initiated Proposals

Underwriting Synopsis before a

Policy is printed

Medical linked to Underwriting and thereby

generating automated medical test slips

Scan , Store and Link Medical

Reports to Member Profile

View all information about a

Policy from one single screen

Policy Servicing

Clubbed Policy Servicing actions

for simultaneous action

Supports both Technical and

Nontechnical Servicing

Claims

Well defined and controlled

process for Claims handling

Controls against duplicate /

multiple Claims

Automated Settlements –

(Partial, On Maturity, Annuity)

Premium Payments

Standing Orders, Direct

Collections, Bank Payments

Alerts on overdue Premiums,

Paid-up policies etc.

Re-Insurance

Automatic Re-Insurance Advice

generation

User definable Treaty details (for

Re-Insurance)

BackOffice Processes

Automated Bonus accruals – No

time consuming manual work

Projection for funds inflow

(premium) and outflow

(settlements)

Fund allocation, switching and

viewing NAV for Unit Linked

Policies

Agents

Agents Module with automated

Agent’s Commission Processing

Quotation

What-If analysis in Quotation

Preparation Stage

Multiple versions of Quotations

are possible

Facility to skip Quotation

preparation and enter a proposal

directly

Group Pension Administration

For Pension Administration and

Payments for Pension

Bulk data import and group

handling

Controls

Personalized Menu Options

offering better control over

usage

Well defined Access Controls

Dual Control – Maker / Checker

Concept

Policy Versioning and Audit Logs

Control Checks to ensure data

accuracy

Actuary


8 | P a g e

Comprehensive reports for the

Actuary

Web Interface

Inquiry module for the Agents

Inquiry module for the

Customers

Full portal for Agents and

Customers (Enterprise Plus)

Data Interchange

Bulk data import facilities – for

data migration from an earlier

system

Data export facilities –for further

processing , reporting

Interfaces to General Ledger,

Investment System, Document

Management System

For the Executive Management

Work Status monitors for

tracking and solving any

bottlenecks or delays

Dashboard for a single view of

the business for the CxOs /

Level ‘C Inquiries

MIS Statistics

More features

Templates based reporting

Interfaces to Email, Mobile

messaging (SMS) for faster

communication

Provides for 24x7 Operation in

a Browser environment

Supported on Oracle RDBMS ®

Technology – Microsoft ®

ASP.NET with advanced

development tools

Supported on all popular

browsers

Possible to implement new

Life Products / Plans with

minimal alterations

Life Insurance System

_________________________________________________________________________________

9 | P a g e

Back-end processing Apart from Front-End Menu Options for the users, several back-office processes are available. Some

examples are:

Bonus Calculations for Interim Bonus , Vested Bonus, Declared Bonus

Automated Agent’s Commission Calculation

Payments Processing for Partial Payment , Final Maturity Payments, Pension Payments

Accumulation of daily totals for MIS and Control Checks

Extraction of Premium Due Records to be processed in the Standing Order module

Versioning or logging of any changes to the Policy details

Automated logging of system usage

Supported Life Products

CQLife has been designed to support all the Life Products offered by a Life Insurance Company. The

products are grouped under a broad category such as

TERM

ENDOWMENT

WHOLE LIFE

PENSION PRODUCTS – PERSONAL and GROUP

UNIT LINKED

CHILD PRODUCTS

Each Product can have more than one PLAN to cover multiple Age Groups, Premium and SumAssured.

In short, CQLife can be configured to support standard as well as customised Products and Plans. A list

of products that are supported by CQLIfe are given in the following page.

A list of products configured for a valued customer, are given in the next page.


10 | P a g e

Product

Child

Child'S Deferred Endowment Assurance With Profits

Child'S Deferred Endowment Assurance Without Profits

Educassurance

Joint Life Educassurance

Single Life Educassurance

Endowment

Joint Endowment Assurance With Profits

Joint Investment Plus Single Premium

Joint Ordinary Anticipated Endowment With Profits

Joint Quadruple Multiple Anticipated Endowment Assurance With Profits

Joint Quadruple Anticipated Endowment Assurance With Profits

Joint Triple Multiple Anticipated Endowment Assurance With Profits

Joint Triple Anticipated Endowment Assurance With Profits

Single Endowment Assurance With Profits

Single Endowment Assurance Without Profits

Single Ordinary Anticipated Endowment Assurance With Profits

Single Quadruple Anticipated Endowment Assurance With Profits

Single Quadruple Multiple Anticipated Endowment Assurance With Profits

Single Triple Anticipated Endowment Assurance With Profits

Single Triple Multiple Anticipated Endowment Assurance With Profits

Endowment & Unit Linked

Investment Plus Single Premium

Investment Plus With Escalating Premium

Investment Plus With Level Premium

Joint Investment Plus With Escalating Premium

Joint Investment Plus With Level Premium

Group Pension

Group Pension Scheme With Insurance

Group Pension With Death And Tpd

Group Pension With Insurance

Staff Group Pension Scheme

Pension

Personal Pension Plan

Retirement Annuity

Pension & Unit Linked

Retirement Plus (Single Premium)

Retirement Plus With Escalating Premium Payment

Retirement Plus With Level Premium Payment

Life Insurance Portfolio

LIP - Euro

LIP - Mauritian Rupees

LIP - South African Rand (ZAR)

LIP - UK Pounds

LIP - US Dollars

Term

Decreasing Term Assurance

Group Level Term Joint Life Assured

Group Level Term Scheme Joint Life Assured

Group Level Term Scheme Single Life Assured

Group Level Term Single Life Assured

Intermediaries Group Life Scheme

Joint Banking Group Life Protection Scheme

Joint Decreasing Term Assurance

Joint Level Term Assurance

Joint Platinum Decreasing Term Assurance

Joint Platinum Level Term Assurance

Single Banking Group Life Protection Scheme

Single Group Creditor Scheme

Single Level Term Assurance

Single Platinum Decreasing Term Assurance

Single Platinum Level Term Assurance

Wholelife

Joint Pure Whole Life Assurance Without Profits

Joint Whole Life Assurance With Profits (Limited Payments)

Joint Whole Life Assurance Without Profits (Limited Payments)

Single Pure Whole Life Assurance With Profits

Single Pure Whole Life Assurance Without Profits

Single Whole Life Assurance With Profits (Limited Payments)

Single Whole Life Assurance Without Profits (Limited Payments)

This is a List of Products that are configured presently at a Live Implementation. Each product

can have more than one PLAN. The System is flexible enough to define new products and

plans.


11 | P a g e

Policy Servicing /Alterations

CQLife covers a wide range of technical and non-technical alterations possible in a Policy. The system

is flexible enough to be customised for more specific requirements as well. A partial list of Policy

servicing actions, is given below:

Technical

PaidUp

Revival

Cancellation

Change of Sum Assured

Addition of Riders

Removal of Riders

Change of Retirement

Conversion to Joint

Conversion to Single

Change of Term

Change of Premium

Change of Frequency

Change of Commencement Date

Change of Agent

Non-Technical

Change of Guarantee

Change of Name

Change of Address

Change of Grantee

Change of Identity

Change of Status

Change of Debtor

Alteration in Fund-Split

Claims processing

CQLife has the modules to process a variety of Claims possible in all the Life Products. A Partial list is

given below:

Death Claim

TPD

DAB

Life Care

Final Maturity

Partial Maturity

Parent Death

Child Death

Surrender

Post Paid –Life Care

Post Paid – Pension

Anticipated Pension


12 | P a g e

CQLife standard deliverables

The Deliverables in a Life Insurance Project typically include the following, More components

may be added or some removed, on a project to project basis.

Requirements Study

One resource On-Site for a maximum of 10 calendar days when the project is awarded

To understand the present system, the data migration issues if any

To understand the management expectations, vision

To establish first level contact with the Customer’s team and management

To assist in the formation of a Project Implementation Team by the Customer

Identify the estimate of the customization and the time frame for a Gap Study

Identify the efforts required for Data Migration, Implementation

Initiate pre-implementation steps for the Customer’s team to be ready with

Customization

Upto sixty calendar days without affecting the basic design of the software

The customization effort would have been identified either in the Requirement Study phase

or during a separate Gap Analysis Phase

Additional charges will apply if the customization effort is much higher than originally

expected

Pre-Implementation

One Resource On-Site

For a period of 30 calendar days prior to the day of First Go-Live

Assistance in setting up the system, user training, overseeing data migration, training

Go Live and Post Implementation

One Resource On-Site

For 30 calendar days or less (depending on the time consumed during the Pre-

Implementation period) from the date of first Go-Live

Hand-holding, on the spot problem fixing, trouble-shooting etc.

Onsite Support

Total of 60 Resource-Person Days in total during Requirement Study, Pre and Post

Implementation period

Training for Trainers Onsite

Warranty Support

For Ninety days from the day the Post Implementation Support ends

Support by Electronic means

Deficiency fixes as and when they arise during the warranty period

Object Code License

License for the Object Code of Core and Enterprise and Enterprise Plus as ordered

Unlimited Usage at all branches of One Life Insurance Co. within a country

Documentation

User manual in Soft Copy form

Brief write-up on the features of the system, for the management

Requiremen

ts Study

Customisati

on PreImplmn GoLive /Post

Implmn

Warranty


13 | P a g e

CQLife additional deliverables

The following items are considered as additional deliverables as these are optional

depending upon the project. These are separately priced.

Gap study and analysis o Study the system being replaced

o Map the existing system with CQLife and identify the Gaps

o Estimate the effort required for Customization

o Estimate the effort required for data migration

o Estimate the effort required for implementation

o Thumb rule:

One Senior Resource who has all-round knowledge in Insurance domain

OnSite working , with a Two member team at the back office

Limited to maximum of 30 working days

Any extensions beyond 30 days could indirectly cause a ripple effect on the entire project

by way of grossly altered scope, longer duration for customization and therefore higher

cost

Ensure the customization effort does not exceed 90 days by perhaps pushing some

requirements to a later date

Additional customization o Inclusion of new modules

o Enhancement of existing modules to cover requirements

o Adaptation to existing business processes

o Cosmetic changes as suggested by the customer

o New Reports and Inquiries o Thumb rule:

Working from the Development Center (Not ONSITE)

Limited to maximum of 120 days

Team – Six member Team – One senior , 4 Developers, 2 QA

Data Cleaning and Migration o Mapping the existing data

o Develop Scripts to Clean the old data where required

o Substitute proper values where missing

o Development of Scripts to migrate present data

o Verification of the Scripts on a test environment

o Executing the Scripts to migrate the data

o Include control checks to ensure data migration is proper

o Submit proper Audit control reports for scrutiny

o Thumb Rule

To be carried out simultaneously with the Pre-Implementation effort

One OnSite Resource who will indirectly augment the pre-implementation effort

Limited to maximum of 20 days

A two member back office team is also required

The active participation of the customer’s team members is a must here without which

this exercise will not be possible

Gap study & analysis

Addnl customisation

Data migration Queries

&reports Procedures


14 | P a g e

Queries and Reports o Additional Queries and Reports not included during Gap Analysis

o This is mentioned separately so as to distinguish it from customisation effort because more often

requirements for new reports and queries crop up on an adhoc basis upon seeing the first version

o Thumb Rule:

Scope of work per report or query must be limited to Three days of work by one

development resource and one QA person

Define Operational Procedures o Draft new procedures to be in line with new work-flow

o Define business rules on data administration, user access controls etc.

o This option can be offered if it is found that lack of operational procedures could affect the

smooth functioning of the Software

Onsite Resource(s) o Dedicated resource ONSITE beyond what is stated above

o For Handholding, Training, Troubleshooting and Support

o On special request from the customer


15 | P a g e

For separate procurement Not included in the deliverables mentioned

o However, we can handle these as well on a turnkey basis at a nominal

additional price

Computer hardware and infrastructure

Operating System licenses

Third party software licenses

Oracle ® License

Third Party tools required for CQLife operation

About CetharSoft, the developers of CQLife Global provider of information systems and solutions

ISO 9001:2008 Certified and a NASSCOM member

International repeat clientele

Access to internationally reputed advisors in Insurance and other domains

Development center at Coimbatore, South India

Team – a blend of experience and skill

Proven expertise in handling complex and large projects

Associate of leading engineering company – Cethar Vessels Ltd. Trichy ,South India

For more details about CetharSoft, please visit our website www.cetharsoft.com

CQLife is successfully implemented in a leading insurance company in an island country

in Africa



16 | P a g e

Sample Screens from CQLife


17 | P a g e

The Main Menu Screen of CQLife


18 | P a g e

Policy Profile Screen


19 | P a g e

Life Advisor Web for the Agents


20 | P a g e

Customer Web Link


21 | P a g e

Our contact

Cethar Consultancy Services Pvt.Ltd.

Q 64, Kovai Pudur

Coimbatore 641042

India

www.cetharsoft.com

Email: [email protected]

Ph: +91 422 2604 370

Mobile: +91 97912 59955

Mobile friendly site: www.cq4m.com


mailto:[email protected]

Cqlife L1(New 7mar11)

Documents

Transcript of Cqlife L1(New 7mar11)