DOWNLOAD PDF- Speeded up introduction of new algorithms and lookup tables used in annuities calculations.
- Provided scalability to support annuities calculations for multiple products and LOBs.
- Provided flexibility in modifying calculation logic without changing production code.
Business Situation
The Client, a top Life Insurance and Annuity Carrier serving the Group and Individual markets wanted to increase their footprint in the Annuities market through the introduction of new products. The carrier also wanted to stay compliant in an ever changing regulatory environment.
Key to achieving these objectives was the consolidation of the annuities benefit calculations from disparate sources and provide business users with a repository to manage and control complex calculation logic and manage multiple versions of formulae & algorithms without deleting older versions.
Challenge
The carrier had core annuity calculation logic residing in Excel spreadsheets, legacy systems documentation and product manuals. As a result, introduction of new calculation logic or changes in existing algorithms was time consuming.
The carrier sought to externalize annuity benefit calculations, tax calculations and annuity purchase price calculations, from legacy plan admin systems and provide business users with the ability to author, modify and test complex formulae & algorithms without having to go through complex software specifications process.
Solution
ValueMomentum implemented iFoundry rating and calculation engine. The Solution:
- Provided a Workbench for business users to manage complex calculation logic.
- Provided a repository to manage and control complex Calculation logic.
- Provided a high-performance calculation engine for Automating Complex Calculation logic, of multiple Products.