Inca 16.3 – Launch of probably the life insurance industry’s most advanced billing solution
Inca 16.3 includes a variety of new features and customization to further simplify and streamline the administration of pensions, insurance and savings products.
Invoicing and payment engine
We have now improved the functionality around the charging and invoicing in Inca. The invoicing and payment engine means greater flexibility and transparency in managing billed premiums, invoices and receipts.
• The introduction of additional invoicing concepts, which enables different handling during unpaid invoices.
• Full traceability of payments, which simplifies reconciliation of for instance unplaced payments.
• Ability to customize the presentation of invoice lines, based on, for example, cost center, accounting period covered, to enable facilitation of customers' accounts.
• Fully automated handling of surplus, including repayment, if the customer pays an excess amount or a credit note occurs.
• Possibility using procurement to provide independent risk insurance.
• Retroactive changes of the agreed premium is now clearly stated on respective insurances on the invoice specification instead of using credit and initial balance.
More procurement are made in the market and the requirement to address these in a structured manner has increased. In Inca 16.3, we take another step towards a more automated regulatory framework for the management of procurement's. To address this, we launch Contract templates - a concept to provide an administratively simple, cost-effective and reusable way to offer for example insurance offerings for specific target groups.
Within Incas cash handling we have introduced the possibility to manage fixed redemption prices (and custody values). By using the established price at the monthly estimates, obtained values are stable over time. Fixed rates are used, inter alia, to produce stable value statements, for the calculation of unrealized changes in value of the monthly values of the Incas data warehouse.
A series of improvements is introduced to Incas Cash handling capabilities such as:
• Dynamic fund attributes, where companies can define optional fund characteristics such as fund ratings or sustainability index.
• Guaranteed payments - A new option introduced in Inca to ensure that customers receive the money paid on the payment date.
• Inventory Adjustment Specific exchange rate - where the solution for handling the selection of exchange rates (bid / ask / mid) is being expanded to also handle several stocks
• Improved handling of fund fees refund - The solution is expanded so that fund fee refunds can be distributed across multiple accounts, orders and stocks. The new solution also means that it will be possible to set up more advanced structures such as ranges and thresholds.
Inca offers good support to offer bundled financial products in the form of various portfolio solutions. Inca has support for both trustee administered and fully automated management strategies. The portfolios can be configured to automatically re-balance (redistributed under the portfolio investment profile) according to a predefined schedule.
In 16.3 we also enable Algorithmic portfolios - individually tailored portfolios that with an algorithm can control the allocation between and within categories to be presented over time. Algorithmic portfolios can be used to implement packaged solutions such as generation solutions, guarantee products and payment products.
With Incas support for machine managed portfolios it is possible to offer customers a long-term, individually tailored investment strategy with simple and inexpensive management administration.
Denmark - Payment and PAL
An improved support for management of Danish insurance products is introduced in 16.3, primarily in terms of administrative simplification regarding payments and tax management, and includes among others:
• PAL management
• Tax relief management
• Tax Decisions
• Repayments approved by the tax authority (SKAT)