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eHorizon Life Insurance
eHorizon Life Insurance will take your company well into the New Economy as the most efficiently managed life insurance provider in East Africa. It offers all the advantages of a turn-key facility in terms of functionality, ease of use, accuracy, speed and enhancement potential.
eHorizon Life Insurance is part of the eHorizon ERP, an integrated set of applications, which is designed to transform your business to a strategic force in today’s fast-moving corporate arena.
Revolutionize Life Insurance Management and Administration
eHorizon Life Insurance is an enhancement tool designed specifically for the commercial insurance industry that facilitates the consolidation of agency, new business tracking, marketing and accounting functions of a life insurance business.
The system has been developed after extensive research on the current and anticipated future requirements of the East African Life Insurance industry. It is a fully integrated, extremely user friendly, interactive system that is designed to meet the business workflow of an insurance company via user-defined parameters.
The state-of-the-art application represents the best in system design and is based on highly cost efficient, non proprietary technology, and incorporates rule based and object oriented techniques inherent when using Oracle development tools. Furthermore, eHorizon Life Insurance runs on the Oracle platform, the world’s foremost relational database management software.
What eHorizon Life Insurance Can Do For You
eHorizon Life Insurance handles all facets of policy issuance: from design, creation, maintenance and in-force administration of whole life, term and variable life policies right through to claims, providing up-to-the-minute production totals:
- It handles both personal and check-off policies, comprehensive details of risks and preparation of quotes at the point of sale.
- Policy owner’s service encompasses the management of contracts: face amount increases/decreases, death benefit option change, rate class changes, waiver processing, reinstatement and change of insured.
- Online features include inquiry of account values, transaction history, quotations, processing of loans, withdrawals, surrender and death claims.
- Loan management can be single (capital) or by installments (annuities).
- Settlement benefits can be processed in the cases of disability, accident or death through discharges, notifies and endorsements.
Within a fairly short period of its implementation, the system will greatly enhance your company’s profitability. Increased efficiency will lead to increases in productivity, premium collection and persistency, and reduced overhead costs. Furthermore, the system is flexible and allows for unlimited enhancement.
In addition eHorizon Life Insurance will:
- Facilitate fast and accurate placement of new business allowing the evaluation of risks and investment decisions to be based on the most up-to-date information.
- Create an electronic workplace allowing you to capitalize on an increase in service levels, information access and worker productivity.
- Provide an efficient management tool to handle risk profiles generated by payments and policies, detect geographical accumulation, and deal with NQA and IQA statistics by agent, to name but a few.
- Decrease turn-around time and administration expenses as it takes advantage of the most advanced technologies including GUI, client server architecture, and centralized and enterprise-wide frameworks.
- Protect your investment since the relational nature of the application translates into transparent and unobtrusive enhancements to your existing system.
eHorizon Life Insurance Modules:
Quotation Generation - This module allows for online generation of quotations for any policy plan inclusive of rider coverage and medical examinations required, thus assisting the Marketing and Agency Services Departments to gain an edge in an increasingly competitive insurance market. The quotation printout is designed to assist the agent in closing the sale with minimal objections.
Agency Services - Not only does this module allow the user to automatically offset agent advances against commissions generated, but it also calculates agent, unit, agency and company persistency bonuses. Furthermore, it allows effective management of agencies, units and agents, as well as agent loan applications, repayments and interest accruals.
New Business/ Renewals - This modules allows electronic capture of new proposals including information about beneficiaries/nominees, first premium payment, riders, employer information for check-off schemes and medical reference details.
Underwriting - This module has a variety of features including verification of premium calculation against rate tables; policy approval and issue/ decline or postpone facility and premium loading for sub-standard cases.
Commissions - This module allows the user to generate online commissions, year-end/monthly with-holding tax reports and monthly agent commission statements, as well as print commission cheques and commission payment schedule history.
Re-insurance - This module allows for the recording of commissions, claims receivable and premiums payable, as well as the ceding of reinsurance premiums based on pre-defined treaty and mandatory sessions per life. Furthermore, reinsurance on accident riders can be separately maintained.
Receipting - Various features include cash and check-off receipting for single/multiple premium payments; split cheque and banker's order facility; cheque reversals, payment cancellations and refunds, with automatic updates on all affected records; and Automatic Premium Loan facility (APL).
Policy Owner's Service - As well as allowing for a comprehensive audit log on policy amendments/endorsements, this module allows you to process policy Loans, repayments and interest accruals. Other features include automatic calculation of surrender, paid-up and available cash values, and premium History for each policy, among others.
Claims Administration - This module allows the user to maintain Death, Surrender and Maturity registers, generate discharge vouchers, and automatically calculate the final maturity/death benefits including reversionary bonus accrued taking into account any outstanding loans and premiums.
MIS Inquiry - Among its host of features, MIS Inquiry gives the user a cash collection summary for the first to tenth, and subsequent years' premiums. Other highlights include analysis of claims by cause of death, plan, etc., agent rankings and weekly performance against targets, and cash Flow projections based on production trends, receipting modes, persistency, etc.
Reports - Reports range from Agency Services and Contest Business, to the Commissions and Claims receivable, and Premiums Payable.
Premium Receipting, Policy Owner's Service and Claims Reports -This module allows the user to generate premium position reports, monthly/annual commission generation summaries and suspense account summaries by policy number/employer, among various others
Management Reports - Management reports include Cash Flow Projection summary, Actuarial reports and Automatic Premium Loan report.
Contact Details
For more information on this life insurance management system, please contact us either by telephone on 7122971/2/3, or by email at marketing@stl-horizon.com
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