PDMA LifePRO

LifePRO offers product design flexibility and the ability to support an extremely wide range of life, health and annuity products. Design flexibility is provided through the unbundling of insurance product features. Simply turn on and define the features needed for each benefit.

LifePRO also offers extensive flexibility when packaging products. Save setup time by re-using a common benefit for many different products. LifePRO automatically chooses the correct benefit for a specific state or country within an effective date, reducing issue errors.

Integrated illustrations and re-projections with no additional setup required.

LifePRO’s central client file provides rapid access to client information and relationships. Name entities are recorded one time in LifePRO, facilitating efficient processing of name and address changes and corrections. One transaction can update a name and address system wide, regardless of the number of relationships.

LifePRO’s New Business system is designed to provide streamlined gathering of application data and quick access to the information needed for rapid policy turn-around. The New Business screens allow easy interaction with LifePRO’s central client file, integrated underwriting support, and provide real-time editing of setup errors. LifePRO can also load application data automatically via an electronic input file, reducing input errors and greatly streamlining the new business process.

LifePRO’s policyowner service features are designed to provide real-time processing of customer service transactions, as well as easy access to extensive policy history. Policy values can be accessed real-time to provide customers with up to date information regarding their policy. Changes and corrections are processed quickly and easily, and a wealth of history information is readily accessible.

LifePRO offers a diverse array of flexible billing and collection options, and extensive online inquiry and follow up capabilities. Billing rules and timings are user defined, and can be set at a company, product or even policy level.

Billing options include:

Direct bill
Pre-authorized check processing with automated reversals
Group / List bill
Calendar billing to allow flexible timing of payroll deduction group bills
Credit card billing & automated reversals
Government allotment processing
Lockbox collections
Special mode handling such as ninthly & tenthly billing
Adjustment billing for shortages and overages
Reproduce a printed bill or rebill an individual policy or entire group

LifePRO’s agent compensation system can support complex agent structures and compensation arrangements. In addition, LifePRO offers extensive online history to save time and improve accuracy when responding to agent inquiries. Options include:

Define up to 99 agent hierarchy/overwrite levels
Up to 10 different writing agents per policy
User defined market codes to trigger unique compensation arrangements.
Flexible advance rules, pay on submitted, issued or paid business
Policy level overrides of commission rates & hierarchy
Additional “bonus” deals based on premium or commissions earned
Commission & advance adjustments, single or recurring
Agent changes & transfers
“Immediate” commission processing for one agent or division

Policy correspondence can be triggered automatically for over 150 policy events. The format and content of each letter is totally user defined. A form is created in a word processing package, such as Microsoft® Word. These forms are merged with LifePRO data elements or “keywords” to produce a customized letter.

Once a product is defined in LifePRO, illustrations are already in place. LifePRO’s illustration features utilize the same processing logic as the administrative system, eliminating the need for separate illustrations setup. And LifePRO offers the ability to deliver web based illustration through an integrated Application Programming Interface.

LifePRO’s illustration feature supports universal life, annuities and non-participating traditional products. It includes a wide variety of features such as the ability to search for values, include riders, and future payment structuring. LifePRO also has specific features to support NAIC illustration regulations.

The Reprojection feature is available for universal life and annuity policies. It allows current policy values to be projected into the future real-time, with current or new assumptions. As with Illustrations, a variety of features are available when projecting forward, such as processing searches and designating interest rate assumptions. Output can be viewed online real-time, or sent to a report file.

LifePRO’s Claim System offers real time processing for the administration of a wide variety of products including, but not limited to disability income, cancer, hospital indemnity and long term care. The LifePRO Calculation Rule Screen allows for the flexible definition of rules for paying benefits and accumulations. The system can also calculate the elimination period days and increase daily benefits based on inflation riders.

Features of the LifePRO Claim System Include:

Automated benefit administration and accumulation
Ten levels of authority limits for claim payments
Automatic claim numbering
EOB generation and regeneration
Claim history by policy, name or claim ID
Automatic event message reminders for claims review
Provider file and 1099 reporting for providers
1099 reporting for long term care
W2 reporting for disability income
Claims reinsurance definition
Import facility for standard procedure and diagnosis codes

LifePRO facilitates the set-up and administration of variable annuity and universal life plans through rapid set-up, detailed balance tracking and efficient support for policy requests.

Variable Features include:

Calendar Definition to define valid price days
Automated deposit allocation
Transfer in and transfer out limits per fund
Up to 60 funds per plan code, unlimited funds per database
Automated Free-look processing
Systematic request facility for funded products
Fund transfers, single or systematic
Withdrawals, single or systematic
Loans, single or systematic
Dollar cost averaging
Required minimum distributions
Substantially equal payments
Extensive online detail of fund values
Loss and gain accounting detail

LifePRO’s Single Premium Immediate Annuity (SPIA) options offers integrated support for periodic payments. Create new payment contracts from scratch or “annuitize” the proceeds from an existing life or deferred annuity policy.

LifePRO supports a wide variety of contract types, including:

Certain period only
Single & joint life contingent
Life contingent with certain period
Life contingent with temporary period
Interest only
Structured settlements
Scheduled lump sum distributions
Simple or compound annual percentage increases
Flat amount increases

LifePRO’s Group Administration system provides support for the administration of group insurance for traditional and health products. The Group System is fully integrated with LifePRO, allowing the administration of individual and group business on the same system, including claims administration.

Group administration features include:

Custom product definition per group
Designation of benefit eligibility (employee, dependent or both)
Employee premium contribution percentage
Customized certificate definition
Issue limits by employee class
Automatic benefit calculation based on absolute amount or salary multiples
Automatic letter definition
Automatic benefit reduction rules based on age

Multiple operating companies can be administered on one LifePRO database, allowing for streamlined customer service and easier reporting across companies.

LifePRO allows for the definition of company codes to identify the applicable company for each policy. Multi-Company features include:

Management option rules defined per company
Unique accounting table per company
Share products across company codes, or make them unique per company
Separate process for jobs such as Billing, Commissions, Anniversary Processing
Separate reports by company code

LifePRO provides detailed tracking of policy level accounting. Financial transactions generate accounting information automatically and real-time. Each transaction is marked with a date-time stamp, and the User ID that generated the transaction.

Accounting detail is extracted from LifePRO via a standard Accounting Interface process. The Accounting Interface extracts all transaction up to a specific date and time that have not been previously extracted. The interface file can be used to feed a wide variety of third party general ledger packages.

LifePRO online documentation in Adobe Portable Data Format (PDF) provides quick access to LifePRO field and process definitions. Documentation is screen sensitive and fully indexed. Simply press a button to access the appropriate documentation for your current LifePRO Screen. Or quickly search within one section of documentation or across all volumes.

LifePRO supports creation of valuation detail for statutory, tax, GAAP and reinsurance reserves.

Universal Life – CRVM dynamically calculated
Annuities – CARVM dynamically calculated
Traditional – Net premium, cash value and reserve factors can be generated automatically from first principles
Health – Tabular Factors

Real-time testing utilities allow for the quick testing of valuation factors.

LifePRO generates Policy Exhibit information automatically, showing the periodic changes in policy information. View Exhibit Detail on-line or via reports. The exhibit shows how the total contract changes from events such as:

New Issues
Reinstatement
Face Amount Change
Death Claim
Maturity
Surrender
Conversion

LifePRO facilitates the tracking and creation of tax reporting for the following forms:

1099INT – used to report interest income from interest bearing accounts (IBA), premium deposits, repetitive payments, dividends on deposit, and interest paid on death claims.
1099R – taxable gain from partial and full surrenders on annuities, traditional and universal life products. Also used to report the taxable gain of loans processed on Modified Endowment Contracts (MEC) and taxable distributions from immediate annuity contracts.
1099MISC – agent income reporting and 1099’s to providers for claim payments
1099LTC – gross long term care payments to policyholders who have received payments
5498 – used to report Individual Retirements Accounts, rollover contributions and year end value
W-2 - used to report Disability Income claim payments