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Cqlife L1(New 7mar11)


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Cqlife L1(New 7mar11)

  1. 1. Life Insurance System ByCethar Consultancy Services Pvt.Ltd. India ISO 9001 certified, A NASSCOM Member
  2. 2. Life Insurance System___________________________________________________________________________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.2|P a g e
  3. 3. Life Insurance System___________________________________________________________________________ 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-force3|P a g e
  4. 4. Life Insurance System___________________________________________________________________________Salient features  An integrated Software for Life  Database - Oracle ® Insurance Business  Microsoft ® Technology  Covers all major business functions  Quick Return-On-Investment  Designed and developed in  Contributes to improved consultation with Domain Experts productivity  Modular design , Scalable and  Simple to learn and easy to use Customizable  Does not warrant any major  Packaged to meet growing needs changes to operational processes of the customer  Browser based and easy to deploy  Provides a COMPETITIVE  Phased Implementation ADVANTAGE possibilities  Secure and Stable4|P a g e
  5. 5. Life Insurance System___________________________________________________________________________CQLife – Core > Enterprise > Enterprise Plus Product Class and Plans Member Profile System Administration Proposal Underwriting Policy Conversion / Printing Policy Servicing Claims Handling Interfaces to 3rd party Systems Medical Tests MIS / Dashboard Customer Payments / Standing Orders Policy Inquiry Agents Member Inquiry Re-Insurance Quotation Group Pension Actuary Reports Agents – Web Link Customers – Web Link Agent Portal Alerts and Reminders Customer Portal Core Enterprise Enterprise PLUS5|P a g e
  6. 6. Life Insurance System___________________________________________________________________________Modules CQLife Core CQLife Enterprise CQLife Enterprise PLUS 1 Proposals / Underwriting All modules in CQLife Core All modules in CQLife Enterprise and and 2 Medical module linked to Quotation Preparation Mobile and Email Alerts Underwriting 3 Policy Conversion / Printing Agents Agent Portal 4 Policy Servicing – Technical Re-Insurance Customer Portal 5 Policy Servicing - Group Pension NonTechnical Administration 6 Claims handling Actuary Reports 7 Bonus, Agent Commission Customer Web Link Calculations 8 Unit Linked Plans Agent Web Link (InvestmentPlans) 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 Options6|P a g e
  7. 7. Life Insurance System___________________________________________________________________________Module details Products and Plans  Supports Individual and Group Re-Insurance Life Policies  Automatic Re-Insurance Advice  NO LIMIT on number of Life generation Products (Term, Endowment,  User definable Treaty details (for Unit Linked, Group) Re-Insurance)  No LIMIT on number of PLANS BackOffice Processes per Life Product  Automated Bonus accruals – No Customer Profile time consuming manual work  Single View Point for complete  Projection for funds inflow Member Profile with a Unique ID (premium) and outflow  Multiple Customer Attributes (settlements) including details about KYC  Fund allocation, switching and Check viewing NAV for Unit Linked Proposals / Underwriting / Conversion Policies  Direct Proposals or Quotation Agents initiated Proposals  Agents Module with automated  Underwriting Synopsis before a Agent’s Commission Processing Policy is printed Quotation  Medical linked to Underwriting and thereby  What-If analysis in Quotation generating automated medical test slips Preparation Stage  Scan , Store and Link Medical  Multiple versions of Quotations Reports to Member Profile are possible  View all information about a  Facility to skip Quotation Policy from one single screen preparation and enter a proposal Policy Servicing directly  Clubbed Policy Servicing actions Group Pension Administration for simultaneous action  For Pension Administration and  Supports both Technical and Payments for Pension Nontechnical Servicing  Bulk data import and group Claims handling  Well defined and controlled Controls process for Claims handling  Personalized Menu Options  Controls against duplicate / offering better control over multiple Claims usage  Automated Settlements –  Well defined Access Controls (Partial, On Maturity, Annuity)  Dual Control – Maker / Checker Concept Premium Payments  Policy Versioning and Audit Logs  Standing Orders, Direct  Control Checks to ensure data Collections, Bank Payments accuracy  Alerts on overdue Premiums, Paid-up policies etc. Actuary7|P a g e
  8. 8. Life Insurance System___________________________________________________________________________  Comprehensive reports for the  MIS Statistics Actuary More features Web Interface  Templates based reporting  Inquiry module for the Agents  Interfaces to Email, Mobile  Inquiry module for the messaging (SMS) for faster Customers communication  Full portal for Agents and  Provides for 24x7 Operation in Customers (Enterprise Plus) Data Interchange a Browser environment  Bulk data import facilities – for  Supported on Oracle RDBMS ® data migration from an earlier  Technology – Microsoft ® system ASP.NET with advanced  Data export facilities –for further development tools processing , reporting  Supported on all popular  Interfaces to General Ledger, browsers Investment System, Document Management System  Possible to implement new For the Executive Management Life Products / Plans with  Work Status monitors for minimal alterations tracking and solving any bottlenecks or delays  Dashboard for a single view of the business for the CxOs / Level ‘C Inquiries8|P a g e
  9. 9. Life Insurance System _________________________________________________________________________________Back-end processingApart from Front-End Menu Options for the users, several back-office processes are available. Someexamples 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 usageSupported Life ProductsCQLife has been designed to support all the Life Products offered by a Life Insurance Company. Theproducts are grouped under a broad category such as  TERM  ENDOWMENT  WHOLE LIFE  PENSION PRODUCTS – PERSONAL and GROUP  UNIT LINKED  CHILD PRODUCTSEach 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 listof 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.9|P a g e
  10. 10. Life Insurance System___________________________________________________________________________ Retirement Annuity Product Pension & Unit Linked Child Retirement Plus (Single Premium) ChildS Deferred Endowment Assurance With Profits Retirement Plus With Escalating Premium Payment ChildS Deferred Endowment Assurance Without Profits Retirement Plus With Level Premium Payment Educassurance Life Insurance Portfolio Joint Life Educassurance LIP - Euro Single Life Educassurance LIP - Mauritian Rupees Endowment LIP - South African Rand (ZAR) Joint Endowment Assurance With Profits LIP - UK Pounds Joint Investment Plus Single Premium LIP - US Dollars Joint Ordinary Anticipated Endowment With Profits Term Joint Quadruple Multiple Anticipated Endowment Assurance Decreasing Term Assurance With Profits Joint Quadruple Anticipated Endowment Assurance With Group Level Term Joint Life Assured Profits Group Level Term Scheme Joint Life Assured Joint Triple Multiple Anticipated Endowment Assurance Group Level Term Scheme Single Life Assured With Profits Group Level Term Single Life Assured Joint Triple Anticipated Endowment Assurance With Profits Intermediaries Group Life Scheme Single Endowment Assurance With Profits Joint Banking Group Life Protection Scheme Single Endowment Assurance Without Profits Joint Decreasing Term Assurance Single Ordinary Anticipated Endowment Assurance With Profits Joint Level Term Assurance Single Quadruple Anticipated Endowment Assurance With Joint Platinum Decreasing Term Assurance Profits Joint Platinum Level Term Assurance Single Quadruple Multiple Anticipated Endowment Assurance With Profits Single Banking Group Life Protection Scheme Single Triple Anticipated Endowment Assurance With Profits Single Group Creditor Scheme Single Triple Multiple Anticipated Endowment Assurance Single Level Term Assurance With Profits Single Platinum Decreasing Term Assurance Endowment & Unit Linked Single Platinum Level Term Assurance Investment Plus Single Premium Wholelife Investment Plus With Escalating Premium Joint Pure Whole Life Assurance Without Profits Investment Plus With Level Premium Joint Whole Life Assurance With Profits (Limited Payments) Joint Investment Plus With Escalating Premium Joint Whole Life Assurance Without Profits (Limited Joint Investment Plus With Level Premium Payments) Group Pension Single Pure Whole Life Assurance With Profits Group Pension Scheme With Insurance Single Pure Whole Life Assurance Without Profits Group Pension With Death And Tpd Single Whole Life Assurance With Profits (Limited Payments) Group Pension With Insurance Single Whole Life Assurance Without Profits (Limited Payments) Staff Group Pension Scheme Pension Personal Pension PlanThis is a List of Products that are configured presently at a Live Implementation. Each productcan have more than one PLAN. The System is flexible enough to define new products andplans.10 | P a g e
  11. 11. Life Insurance System___________________________________________________________________________Policy Servicing /AlterationsCQLife covers a wide range of technical and non-technical alterations possible in a Policy. The systemis flexible enough to be customised for more specific requirements as well. A partial list of Policyservicing actions, is given below: Technical Change of Frequency PaidUp Change of Commencement Date Revival Change of Agent Cancellation Non-Technical Change of Sum Assured Change of Guarantee Addition of Riders Change of Name Removal of Riders Change of Address Change of Retirement Change of Grantee Conversion to Joint Change of Identity Conversion to Single Change of Status Change of Term Change of Debtor Change of Premium Alteration in Fund-SplitClaims processingCQLife has the modules to process a variety of Claims possible in all the Life Products. A Partial list isgiven below: Death Claim Parent Death TPD Child Death DAB Surrender Life Care Post Paid –Life Care Final Maturity Post Paid – Pension Partial Maturity Anticipated Pension11 | P a g e
  12. 12. Life Insurance System___________________________________________________________________________CQLife standard deliverablesThe Deliverables in a Life Insurance Project typically include the following, More componentsmay be added or some removed, on a project to project basis. Requiremen Customisati PreImplmn GoLive /Post Warranty ts Study on Implmn 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 management12 | P a g e
  13. 13. Life Insurance System___________________________________________________________________________CQLife additional deliverablesThe following items are considered as additional deliverables as these are optionaldepending upon the project. These are separately priced. Gap study & Addnl Queries Data migration Procedures analysis customisation &reports 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 possible13 | P a g e
  14. 14. Life Insurance System___________________________________________________________________________ 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 customer14 | P a g e
  15. 15. Life Insurance System___________________________________________________________________________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 operationAbout 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  CQLife is successfully implemented in a leading insurance company in an island country in Africa15 | P a g e
  16. 16. Life Insurance System___________________________________________________________________________ Sample Screens from CQLife16 | P a g e
  17. 17. Life Insurance System___________________________________________________________________________ The Main Menu Screen of CQLife17 | P a g e
  18. 18. Life Insurance System___________________________________________________________________________ Policy Profile Screen18 | P a g e
  19. 19. Life Insurance System___________________________________________________________________________ Life Advisor Web for the Agents19 | P a g e
  20. 20. Life Insurance System___________________________________________________________________________ Customer Web Link20 | P a g e
  21. 21. Life Insurance System___________________________________________________________________________ Our contact Cethar Consultancy Services Pvt.Ltd. Q 64, Kovai Pudur Coimbatore 641042 India Email: Ph: +91 422 2604 370 Mobile: +91 97912 59955 Mobile friendly site: www.cq4m.com21 | P a g e