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Consolidation & Automation of Annuities Benefit Calculations
ValueMomentum assisted this Annuities and Life Insurance carrier in externalizing Annuity benefit calculations from their legacy platform by harvesting core calculation logic from disparate sources.

Industry
Insurance

Client
Leading Annuities & Life Insurance Carrier

Needs addressed
Rating and Dynamic Pricing

The Client, a top Life Insurance Carrier, serving the Group and Individual Life markets, sought to achieve the following goals vis-à-vis their Annuities Lines of Business:

• Externalize Annuity benefit calculations (fixed and variable annuities), tax calculations and annuity purchase price calculations, from legacy plan admin systems
• The above Calculation logic had to be harvested from Excel Workbooks, Legacy System Documentation, Manuals

Technology Solution delivered
iFoundry Rating

• Provided a Workbench for business users to manage complex Calculation logic
  • Business Users could author, modify and test complex Formulae & Algorithms, Lookup tables, Variables, used in Annuities Calculations without having to go through time consuming software specifications processes
  • Provided template driven GUI environments, to ensure error free authoring
• Provided a Repository to manage and control complex Calculation logic
  • Managed multiple versions of Formulae & Algorithms, Lookup tables based on effective dates, state, plan, originating channel, without deleting old versions
  • Created future dated guidelines for future releases
  • Automatic transaction-time usage, of the most appropriate version, of Algorithms & Formulae, Lookup Tables based on effective date, plan, etc
• Provided a high-performance Calculation Engine for Automating Complex Calculation logic, of multiple Products
  • Algorithms & Formulae, Lookup Tables, Variables, authored from the GUI work-benches were efficiently processed by a Calculation Engine, as instructions; This eliminated need for IT to generate and maintain large volumes of software code
• Integration support provided through standardized APIs, XML & web-services

Execution model
T&M

Technologies used
iFoundry

Benefits delivered

• Speeded up introduction of new Algorithms & Formulae, Lookup tables, Variables, used in Annuities Calculations
• Scalability to support Annuities calculations for multiple products & LoBs
• Eased maintenance of complex calculation logic and its versioning
• Flexibility in modifying calculation logic to leverage additional attributes and parameters, without changing production code

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