eBaoTech’s Product Center released eBaoTech LifeSystem V3.3 in July 2010. The new release will improve insurer’s operation efficiency and automation through enhancing the already extensive system configurability. More product features have been added to meet requirements from different markets. Version 3.3 also provides enhanced flexibility in sales channel management.

Highlights of the enhancements in V3.3 include:

Enhancements in workflow to improve operation efficiency with flexibility and configurability

• Rule-based automatic task assignment can ensure tasks are assigned to the right person. Different task assignment strategies can co-exist based on different business needs.
• Work List and Task Reminder can improve operation productivity.
• Policy Alteration approval process can be configured at the level of each policy alteration item.
• Collection and payment approval process can be configured.

Product features enhancement

• Insurer can support multi-country subsidiaries/branches through the same application running on one instance. One instance allows co-existence of different product versions, workflows, rules, holidays, currencies, formats, and other parameters.
• Indexation function is developed to cater for common UK-style product features.
• Tracking fund investment value by each premium slice is supported to meet multiple tariff requirements from European markets.

Flexible sales channel support

Commission and compensation calculation structures have been enhanced to support flexibility in sales channel management. With LifeSystem’s built-in Formula Management and Rule Management tools, the standard commission, performance and final compensation can be easily configured by business users without any system code change.