The ID3 Policy Administration System
Multiple Lines of Business Functionality for Insurance Adminstration - ID3
Comprehensive Functionality for Multiple Lines of Business
ID3 is used to support the administrative needs of hundreds of plan variations
and is one of the only administration systems proven in production to support
almost every type of product a life insurer would offer.
With ID3, you get comprehensive support for multiple variations of the following
product types:
Architected for Rapid Product Introduction
Because ID3 was designed as a relational database we are able to
successfully expand the types of products supported quickly and with minimal
additional coding, meeting the fast paced needs of our industry.
Life Insurance
The foundation of the ID3 system is based on our support for the life insurance
industry. Each year, this industry continues to expand by offering products
that support both personal and business needs. We keep an active finger on the
pulse of the industry and are committed to delivering the products and services
to support the ever-changing needs and opportunities it presents.
Several variations of the following life insurance products are supported
by ID3:
- Whole Life - par and non-par
- Interest Sensitive Whole Life
- Term Life - ART, X year, par & non-par
- Juvenile Life
- Joint Life
- Universal Life
- Flexible Life
Riders (partial listing):
- Disability Waiver
- AD&D
- Critical Illness
- Term
- Retirement
Annuities
ID3 was designed to handle complex calculations and fund details that are inherent
in annuity administration. It was also designed to be flexible and give business
users the ability to adjust plan rules and options.
Detailed fund management is inherent in ID3. Financial records are retained
on each individual policy, with all fund balances updated and maintained based
on the established plan rules. Routine maintenance, such as interest crediting,
policy fees and premium billing are automatic. Complex transactions, including
fund designations and allocations, are performed and updated immediately.
The following annuity products are supported by ID3:
- Deferred Annuities - qualified & non-qualified
- Tax Sheltered Annuities
- Immediate Annuities (Payout)
Variable Products
Expanding on the strength of its solid database design, ID3 offers support
for variable life and annuity products. Information on the investment choices
that will be available through a given company and product is contained in the
database. Financial transactions store the investment allocation associated
with each transaction and a series of tables track the investment performance
of each investment choice. All financial information is maintained for dynamic
calculations, updates and reporting.
ID3 provides basic support for:
- Policy account values tied to equity markets
- Internal financial transactions (e.g. fund transfers)
- Detailed policyholder reporting
Health Products
Expanding on the strength of its solid database design, ID3 offers support
for variable life and annuity products. Information on the investment choices
that will be available through a given company and product is contained in the
database. Financial transactions store the investment allocation associated
with each transaction and a series of tables track the investment performance
of each investment choice. All financial information is maintained for dynamic
calculations, updates and reporting.
ID3 provides basic support for:
- Policy account values tied to equity markets
- Internal financial transactions (e.g. fund transfers)
- Detailed policyholder reporting
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