LIFEfit

LIFEfit is a policy administration software developed by Financial Information Technology (FIT) Ltd. It is designed to support the full range of life and pensions products, providing back-office administration for life and pensions companies. According to the vendor, LIFEfit caters to small to medium-sized companies, large-scale domestic operations, niche providers, and international insurers. This software is utilized by various professions and industries, including life insurance companies, pensions companies, insurance brokers, financial institutions, and actuarial firms.

Key Features

Web software efficiency: According to the vendor, LIFEfit is a web-based policy administration software that allows users to handle policies from anywhere in the world. It offers a browser-based client/server system that enables branch, broker, and client self-servicing over the internet or intranet.

Multiple currency support: According to the vendor, LIFEfit provides secure administration in multiple currencies, branches, and languages simultaneously. This feature allows users to manage policies in different currencies and languages within the same system.

Straight-through processing: According to the vendor, LIFEfit enables straight-through processing from quotation to application and new business. This feature aims to streamline the entire policy lifecycle, reducing manual intervention and processing time.

Wide range of supported products: According to the vendor, LIFEfit supports the administration and distribution of various life, pension, and health products. It caters to group, single and multiple life, traditional and unit-linked products, health insurance, worksite administration of group schemes, interest-sensitive products, and annuities with premium, cover, and benefit escalations.

ODBC compatible database: According to the vendor, LIFEfit utilizes an ODBC compatible database for management reporting tools. This feature allows users to generate comprehensive reports and analyze data efficiently.

Agent commissions and statements: According to the vendor, LIFEfit offers functionality for managing agent commissions and generating statements. Users can define flexible commission structures and agent hierarchies, with automated statement generation that can be printed or emailed.

Statutory and management reporting: According to the vendor, LIFEfit provides comprehensive reporting capabilities, including both statutory and management reports. Users can generate reports to meet regulatory requirements and gain insights into their business operations.

Corporate general ledger links: According to the vendor, LIFEfit offers integration with corporate general ledgers, enabling seamless transfer of financial data. This feature aims to ensure accurate and up-to-date financial information across the organization.

Workflow management: According to the vendor, LIFEfit includes workflow management functionality, allowing users to automate and streamline their business processes. This feature aims to improve operational efficiency and timely completion of tasks.

Scanning and imaging: According to the vendor, LIFEfit allows for scanning and imaging of client communication, enabling efficient archiving and retrieval of documents. This feature aims to reduce paperwork and facilitate quick access to important information.