The Co-operators launches Phase 2 of the desktop In-force illustration system
With the support of illustrate inc, The Co-operators Life Insurance Company has launched Phase 2 of their destop in-force illustration system for their producers.
The primary purpose of preparing and distributing life insurance illustrations is to inform the client or prospective client about certain specific features and operations of the policy and how it may be affected by future conditions. Most illustrations are done for prospective clients based on expectations and assumptions.
In the case of in-force illustrations, information must be provided about the current status of the policy based on historical performance of the investments, as well as the actual timing and amount of deposits. This information can then be used to project values into the future.
The desktop in-force illustration system developed for The Co-operators contains most of the features of the New Business illustration system and also has the additional capability to interface with your administration system to retrieve all the necessary historical information required for an in-force illustration.
The information retrieved from the administration system pre-populates the input screens, thereby automating the data collection process and simplifying the work of the producer.
In Phase 2:
* Users can change almost any field that the admin system or business practice would support, such as smoking status, flat rating etc.
* New Solves have been added for:
Premium Payment Period
Max Level Premium
Reduced Face Amount
Minimum Interest Rate
* Users have ability to add new coverages, add new clients, and customize report output.
* Users can save and retrieve cases.
* What if functionality has been added.
* Grid View functionality has been added.
* All changes to the policy are tracked and logged.
For more information about in-force illustrations solutions from illustrate inc, please contact us by e-mail at friends@illustrateinccom or by phone at 416.626.6230.