Life insurance companies often deal with contracts that are long term. This increases the complexity of holding and maintaining the information for longer duration.
During a lifecycle, policy insurers go through a sea of change in requirements, regulations, technologies and market conditions. Life insurance companies need business assurance to manage this change without effecting the service commitments to the policy holders, distribution channel, regulatory bodies and other key stakeholders.
When it comes to technology,life insurers always juggle with several applications on various platforms written in ever-changing programming languages. This creates a need for integration between these disparate solutions like Underwriting, Claims Management, Policy Servicing, Agency Management, Financial Management, Investment Management systems and Valuation.
Thinksoft’s domain-focused methods effectively address some of the key testing challenges of the life insurance business
- Ensuring accuracy in complex fund growth projections shown in sales illustrations provided by life insurers
- 100% coverage and accuracy in calculations determining premium rates, surrender values, paid-up values, dividends, bonus (reversionary and terminal)
- Designing complex business scenarios where policies need ageing tests involving non-forfeiture options (NF), Automatic Premium Loans (APL), Extended Term Insurance (ETI), lapses, revivals, reinstatements and cancellation ab-initio.
- Reconciling general ledgers with subsidiary ledgers – SL- GL Reconciliation
- Handling complex calculations of net liability for valuation purposes
We aim in helping insurance companies in addressing the above challenges. Our team of insurance certified professionals, domain experts, and techno functionalists who have an in depth understanding of life insurance and annuity business are also equipped with
- Comprehensive life insurance test repository
- Ready to use generic life and annuity business processes
- Test artifact generator based on model based testing
- Risk prioritization matrix specific to insurance business.
- Test automation framework