The first Inca version of 2016, was released in late April.
The new Inca release is divided into several feature packages and also contains a vast number of minor improvements.
The major Feature Packages of Inca 16.1 are:
Invoicing and Payment Engine – partial delivery
A major overview and reconstruction of the processes and the implementations of invoicing and payment management is are currently being made.
The aim of this work is to:
· Improve reconciliation
· Make the invoicing process more easy to understand and manage
· Enhance the traceability of the monetary flows
This is a huge development activity, started in 2015 and will, according to plan, be delivered in Inca release version 16.3, which will be released in the autumn of 2016.
The partial delivery in Inca 16.1, which is mainly aimed for testing purposes, contains support for:
· Cancellation of invoices and credit notes
· Management of surpluses
· Management of spontaneous payments
· Support for Web Services
Broken disbursement periods
In the Inca 16.1 version, the current functionality for disbursement is complemented with the ability to handle broken disbursement periods, i.e. disbursement plans consisting of partial years. This new functionality includes:
·support for managing repayment cover
·synchronized management of life and death benefit disbursement periods
·actuarial calculations of risk costs and inheritance gain
In this feature package we have also made substantial improvements of the configuration support, aiming to make configuration easier, more traceable and hence reducing the risk of marking errors.
Merging of insurance contracts
Migration of insurances is high up on the agenda for the industry. Inca is now taking further steps to automatically merge insurances in conjunction with imports according to certain conditions. This possibility is now introduced within the area of collective agreement occupational pension and supports the transfer process for the administration centres for ITP, KAP-KL and SAF-LO. The policy holder gets fewer insurances and a better overview and the benefit for the insurance companies is less cost for administration and maintenance. Inca is also ready for further deregulation of the legislation around the domain.
Value management – improvements
A number of improvements within the area of value management has been added in Inca 16.1, such as:
· Configurable attestation possibilities for the process of issuing fund prices
· Ability to calculate fees at transaction closing time instead of order time
· Improvements in the support of external depots
· Improved management of retail agreements and fund ranges
· Extended abilities for managing distributions of fund fee refunds
· Improvements of the Graphical User Interface
Reserve based traditional insurances – improvements
As a step towards providing a generic product for traditional insurances support for handling generic formulas and periodic calculations have been added.
In Inca 16.1 several improvements have been made to existing functionality, e.g. concerning retroactivity during disbursement.
Payment and PAL – Denmark
Management of ceiling for payments, including handling of contributions on merged contracts.