in'Calculation Engine

Overview

VALOORES in'Insurance Calculation Engine (VICE) is a rules-based product configuration tool that enables carriers to achieve agile business practices without the need to acquire a full policy administration solution. VICE helps carriers to externalize rules and calculations across multiple administration systems and provides business users with a centralized place for defining those rules. It is a single platform that can support multiple application functionalities and support multiple lines of businesses. It is being used to provide calculation services for other business applications, serving as a centralized point from which to manage all of the business enterprise requirements. At the heart of the VALOORES in'Insurance Calculation Engine is a highly advanced product and rules engine that enables straight-through processing throughout the entire life insurance and annuity cycle. VICE supports many different types of products such as Term, Whole Life, Universal Life (including indexed and variable), and different types of Annuity products.

Key Features

  • Enterprise-wide risk based monitoring, investigations, and reporting for suspicious activities.
  • Industry-leading, comprehensive transparent behavior detection library.
  • Robust case management streamlines analysis, resolution and regulatory reporting in a single unified platform.
  • Constant investment in innovation to address regulatory changes and IT challenges.

Key Benefits

  • Accelerate product development and speed time to market for differentiated life insurance and annuity products globally through rapid rules-driven product configuration
  • Empower business and technical analysts to collaboratively make changes using business rules without the need to customize the system’s core code or database structure
  • Reduce risk, while better managing the business to support compliance and optimize performance through a single platform
  • Rapidly support evolving business and regulatory demands through a highly flexible, extensible, and open architecture that integrates with existing IT infrastructure.