The comprehensive Group Life insurance administration system supports different product designs to cater for the different needs of corporate customers. It has a high degree of fit to meet flexible product needs with a fully functioning administration platform. PrecentiaGroup has demonstrated great reliability in supporting unorthodox product designs in the group business. It empowers companies to operate the business in the most versatile manner with its true uniqueness by providing the platform to process the flexibility of Group business readily. The solution is specifically designed with precedence on flexibility and functionality richness to empower customers to manage the business effectively and efficiently.
It is structurally parameterized driven, thus giving the freedom for users to alter the governing criteria as and when necessary. It minimizes hard codings whereby launching of new products, changes in regulations and market environment instantaneously. Each process is designed to be modular and object-driven.
PrecentiaGroup has been operational since the year 2003 and has undergone numerous enhancements to cater for the changing industrial needs. Its reliability has been proven since then with the successful installation in many companies in the Pacific region. All members engaged in developing the system are highly qualified and have extensive and in-depth business knowledge in insurance, especially being trained by a multinational company.
It is highly scalable to accommodate business expansion and growth by introducing new distribution channels and product horizons.
(d) Customer Centricity
PrecentiaGroup has the common client capability across all lines of insurance and distribution to achieve a customer-centric framework. It enables the users to perceive policies based on per customer. This is essentially enabling the system to be a customer-centric focus rather than a policy focus.
(e) Fast Adaptation to Environment
The tremendous changing pace in technology affects the business environment. PrecentiaGroup can respond quickly to meet the ever-changing environment. The system's architecture provides an object-oriented design to facilitate easier maintenance and faster development/expansion.
(f) Security / Access and Audit Control
PrecentiaGroup can secure access through a user group access matrix according to screen level. All transactions are recorded during the user’s sign-in and sign-out for auditing purposes.
In essence, PrecentiaGroup is a web-based integrated system. It is a comprehensive group life insurance administrative system that supports diversified distribution channels. It includes new business, underwriting, policy servicing, claims processing, reinsurance and management information.
The architecture supports different product designs to fit various distribution channels. It has the capability of administering and processing policies differently in each distribution. PrecentiaGroup gives such functions by the user specifying the necessary parameters in the maintenance table.
The overall level of work in these systems will result in less mechanical and more analytical and meaningful. With the modern application architecture for more flexibility and simplified integration with external systems
Most importantly, PrecentiaGroup has demonstrated a high degree of functional fit to meet the Life Insurer launch program with a fully functioning administration platform.