A powerful and intuitive Plan Configurator helps you create new products plans quickly and easily; to suit the workflow requirements for that product, the design of the application allows you to rapidly customize and tailor the input screens without any major development effort. Rule-based document generation, and a set of user-definable rules for risk management help you efficiently manage the underwriting process. The powerful rating engine provides complete flexibility for different types of products across traditional and non-traditional lines.

The New Business component seamlessly integrates with other core business components like, Quotation-cum-Benefit Illustrator, Booking and Billing, Accounts, Claims, Reinsurance. FirstLife allows rules for automatic generation of the relevant set of documents based on the transaction type. It exploits the powerful features of word processors, which greatly enhances the presentation of the document while providing security in the form of PDF outputs.

First Life’s Auto Underwriting component is a comprehensive tool enabling the user to define a host of underwriting rules based on which the proposals would be auto underwritten. The system’s flexibility allows for retrieval of a specific proposal for manual underwriting.  In addition, the tool also identifies (based on rules defined) those proposals that require a second opinion of an underwriter, and thereby updates the status accordingly.

The Party component in FirstLife is a central repository of information of all entities (individual or organization) that interact with insurance companies. These parties could be prospective clients, policyholders, intermediaries like agents, brokers, agencies, or service providers like banks, doctors, hospitals or other insurance companies or re-insurance companies. Each role has a rich source of associated information like personal particulars, medical history, medical treatments taken , family medical history etc. 

This information can be effectively used the core underwriting process of scrutiny of individual proposals and will be central to the decision making process of whether to accept the risk or not, rate up the risk or seek additional medical information.

The Claims component of FirstLife though designed on the basis of traditional claim’s administration process, is also easily customizable. Thereby enabling the Claims department to define, enforce, and continually refine their preferred claim handling processes.  The claims module caters to both processing of the claims requests and of maturity benefit handling.

Agency Management Component of FirstLife includes a comprehensive Agency Management System, which deals with various aspects related to a life insurance agency management like creation and maintenance of agent’s records, structuring and payment of agency compensations, retrieval of data through reports, listings, etc.  The Agency module enables the user to design various types of compensations like direct commission, overrides, advances etc.

The Agency Management component allows smooth creation of New Agency Distribution Channel with customizable organization hierarchy levels. It also includes features such as compensation management and licensing renewal alerts

The Agency Management component integrates with other core business components of FirstLife as follows:

The General Ledger Link component is the integration point between FirstLife with an external GL system. It summarizes the transactions for premiums, commissions, reinsurance, accounts and claims in FirstLife and transfers them to the General Ledger.  The link has special provisions for data transfer to external GL System Ease of integration with any other third party General Ledger system can be accomplished with minimal changes.

Transactions can be summarized by direct / inward, by branch, by product and by category. A large variety of accounting transactions are managed by FirstLife’s GL Link component. These include premiums, commissions, tax of many types and charges. These summarized transactions are posted into GL at a sub-ledger level both in base currency as well as transaction currency.