Each new release we develop involves a modernisation of Inca that always improves function and increases the power of digitisation for our customers. In the release Inca 17.1, we have taken a step further than usual – enabling the shortcut.
This time we have gone deep into the system and breaking new ground. We have completed a total renovation and modernisation of the part handles pension schemes.
The result is a radical change that gives our customers faster ongoing policy administration, straight through processing and digital business support.
Improved ongoing Policy Administration
Company Pension Schemes (Group Pension) are common in the Nordic market. In Inca 17.1 we have improved the handling of individual choices of benefits improving policy issuance and ongoing policy administration.
Reporting of financial accounts according to international standards
The functionality has been adapted in order to be aligned with:
– The new OECD standard, CRS (Common Reporting Standard) regulations facilitating the automatic exchange of information about financial accounts between countries
– The corresponding EU regulatory framework, DAC2, for the exchange of financial information between Member States.
In addition, the functionality supporting The Foreign Account Tax Compliance Act (FATCA) has also been improved. FATCA is a US regulatory framework aimed at counteracting US tax evasion
Billing and Collection – further improvement of our Invoicing and payment engine
We continue to invest in our invoicing and payments engine launched in the previous release Inca 16.3. Improved user interface enhance the productivity and ease of use and ongoing policy administration.
We introduce a new concept of storing PDFs improving traceability and performance and enable further digitisation of customer user experiences.
Improved straight through processing
The handling of commissions in unit-linked products has been improved and automatised.