Lifeware

Lifeware is a web-based solution designed to manage life insurance products, according to the vendor. It is targeted at innovative and dynamic life insurance companies worldwide. The software offers a range of features for product management, document management, asset management, payment traffic management, reporting, finance and accounting, compliance and legal, regulatory and tax reporting, multicurrency and multi-language support, claims management, KYC and AML compliance, multi-channel distribution, underwriting process streamlining, reinsurance reporting, API integration, and business analytics.

Key Features

Product management: According to the vendor, Lifeware provides a suite of features for product development, risk analysis, and time base simulations. It supports the entire policy life cycle management, including offer, illustrations, application, and in-force policy management.

Document management: Lifeware offers robust capabilities for document generation and management, according to the vendor. Users can easily create, store, and manage policy-related documents within the Lifeware platform.

Asset management: Lifeware includes features for tracking and analyzing assets, making investment decisions, and monitoring performance, as per the vendor. It aims to help optimize asset allocation and support compliance with regulatory requirements.

Payment traffic management: Lifeware offers functionalities to facilitate the processing and management of premium payments, according to the vendor. It provides tools for reconciliation, reporting, and tracking of payment transactions.

Reporting: Lifeware includes robust reporting capabilities, enabling life insurance companies to generate comprehensive reports on various aspects of their business, according to the vendor. Users can generate standard reports or customize reports based on their specific requirements. Lifeware also provides real-time data analysis and visualization tools.

Finance and accounting: Lifeware offers finance and accounting functionalities tailored to the needs of life insurance companies, according to the vendor. It supports financial operations and reporting, including general ledger management, accounts payable and receivable, and financial statement generation. Lifeware aims to ensure accurate and transparent financial management.

Compliance and legal: Lifeware includes features to ensure compliance with regulatory and legal requirements in the life insurance industry, according to the vendor. It helps life insurance companies stay up-to-date with changing regulations and ensures adherence to legal frameworks. Lifeware provides tools for compliance monitoring, reporting, and documentation.

Regulatory and tax reporting: Lifeware supports regulatory and tax reporting requirements specific to the life insurance industry, according to the vendor. It enables life insurance companies to generate accurate and timely reports for regulatory bodies and tax authorities. Lifeware automates the reporting process, reducing the risk of errors and ensuring compliance.

Multicurrency, multi-language: Lifeware is designed to support multicurrency and multi-language capabilities, according to the vendor. It allows life insurance companies to operate in multiple currencies and cater to customers in different regions and languages. Lifeware aims to ensure accurate currency conversions and provides language localization options.

Claims management: Lifeware includes comprehensive features for claims management in the life insurance industry, according to the vendor. It facilitates the end-to-end claims process, from claim initiation to settlement. Lifeware provides tools for claim assessment, processing, and tracking, aiming to ensure efficient and timely claims management.