The Right Technology For Life & Annuity
Policy administration is not easy. You can't overlook a single step along the way. That makes for a slow and tedious process that hinders your enterprise agility and complicates your technology processing.
Trust HP to manage it all. We know insurance inside and out, and we plan for every possibility and contingency in our information technology (IT) solutions. Our Life & Annuity Services are based on SOLCORP INGENIUM, a feature-rich software specifically designed for insurance policy administration. It's backed by HP SOLCORP, a global business unit within HP and a leader in software solutions and services for the life insurance and wealth management industries. For 25 years, HP SOLCORP solutions have helped customers reduce their total cost of administration, accelerate time-to-market for new products and streamline their infrastructure.
SOLCORP INGENIUM Is Feature Rich and Flexible
INGENIUM is a robust and flexible solution, providing full-function processing for an extensive range of life and investment offerings. Through its PathFinder browser interface, INGENIUM enables dynamic business activity monitoring, creating real opportunities for business process improvement and rapid return on investment. INGENIUM integrates seamlessly with standard third-party solutions including customer service Web portals and other mid- and front-office tools.
Some of the new and enhanced capabilities offered by INGENIUM v7.1 include:
- Tax history for all jurisdictions, affording greater financial integrity and better insight into the impact that policy activities (changes, payments, withdrawals, etc.) have on a policy's tax position
- Cash Value Accumulation Test (CVAT) processing, in addition to the already supported death benefit corridor concept, presents insurers with a choice as to which method to use for Universal Life contracts
- Review of distributions in the two years prior to a policy achieving MEC status in order to treat them as MEC distributions, thereby decreasing the manual workload associated with this process
- CITS (Canadian Insurance Transaction Standardization) compliance for both In-force and Pending feeds, allowing for greater connectivity through industry agreed usage of ACORD TXLife transactions
- Increased rate structure flexibility allowing greater variation in rates
These enhancements to an already feature-rich solution mean that as organizations grow, expanding their products, client base and geographies, INGENIUM will continue to be a part of that growth for the long term, providing cross-platform versions to suit a variety of computing environments, including .NET and UNIX.
For more information about what HP Enterprise Services can do for you, submit a business inquiry.