Evitec Life Savings

Evitec Life Savings is a policy administration solution designed for Life and Pension insurers. According to the vendor, it provides efficient insurance product management with inheritance and variation capabilities, making it suitable for insurers of various sizes. Professionals in the insurance and financial services industries, including life insurers, pension insurers, insurance brokers, and insurance industry professionals, can benefit from the features and functionalities offered by Evitec Life Savings.

Key Features

Insurance product management with inheritance and variation capabilities: According to the vendor, Evitec Life Savings allows insurers to efficiently manage their insurance products, including savings and pension products. The platform enables insurers to create and customize product variations to meet customer needs, allowing for easy updates and modifications to product features, terms, and conditions.

Modern digital service API’s for service and portal integrations: Evitec Life Savings offers digital service APIs for integration with external services and portals. According to the vendor, insurers can integrate self-service portals and other applications, providing a digitalized customer journey. The APIs support data exchange and communication between systems, ensuring efficient information flow and a convenient user experience.

Flexible business processes support for sales, lifecycle, and claims: Evitec Life Savings provides flexible business process support for sales, lifecycle management, and claims processing. According to the vendor, insurers can adapt and customize the business processes to meet specific requirements and changing business needs. The platform streamlines and automates workflows, improving operational efficiency and reducing manual work.

Individual and group policy structures for savings and pension products: Evitec Life Savings supports individual and group policy structures for savings and pension products. Insurers can create and manage policies for individual customers as well as group policies for organizations. According to the vendor, the platform allows insurers to define and configure policy terms, coverage options, and premium calculations, providing a comprehensive solution for managing savings and pension products for both individuals and groups.

Savings calculations and fee processing: Evitec Life Savings includes savings calculations and fee processing capabilities. According to the vendor, insurers can accurately calculate and manage savings contributions, interest rates, and investment returns. The platform handles fee calculations and processing, ensuring accurate and transparent fee management. Insurers can provide detailed information to policyholders regarding their savings and associated fees.

Incoming and outgoing money management: Evitec Life Savings facilitates efficient management of incoming and outgoing money. Insurers can track and manage premium payments, claims payouts, and other financial transactions. According to the vendor, the platform ensures accurate accounting and reconciliation of funds, minimizing errors and discrepancies. It provides a centralized view of financial transactions, enabling insurers to maintain control and transparency.

Investment management: Evitec Life Savings includes investment management functionality. Insurers can manage and track investments made by policyholders, such as unit-linked investments. According to the vendor, the platform supports various investment instruments and strategies, allowing insurers to offer diverse investment options. It provides comprehensive investment reporting and analytics, helping insurers make informed investment decisions.

Comprehensive support for savings instruments: Evitec Life Savings offers comprehensive support for various savings instruments, including unit-linked, base rate and capital redemption, defined benefit, and defined contribution schemes. According to the vendor, insurers can manage different types of savings products and configure the features and rules of each savings instrument. The platform ensures accurate calculation of savings values, interest rates, and benefits based on the specific instrument type.

Claims automation and management: Evitec Life Savings provides claims automation and management capabilities. Insurers can automate claims processing, reducing manual effort and improving efficiency. According to the vendor, the platform supports end-to-end claims management, from claim registration to settlement, ensuring timely and accurate claim settlements for policyholders.