Policy Administration

AGILITY

SkyComp’s secret is its modular programming. Much like building blocks, its modules can be stacked and re-stacked allowing products and product changes to be tested and implemented simply by linking a product’s operational behavior to pre-existing modules.

In other words, making a change is not a harrowing experience.
It’s as simple as re-stacking the blocks.

SkyComp’s agility isn’t limited to product introduction and change. Unlike many other platforms, SkyComp provides daily values on a variety of investment portfolios, including 145 insurance-specific investment divisions, an additional 1,250 investment divisions, money market funds, SVP-wrapped divisions and hedge funds.

A recent tax code change directing the use of 2001 CSO was achieved with modifications to a single code module and the addition of one policy provision election and took just two man-weeks.

Associated charges for these investments are dictated by the insurance product design and are applied using a number of methods:

Pricing modeled at the product level, but specific to the policy investment division
Pricing specific to the product division
Asset-based charges based on the level of assets and/or the performance
of the policy division
Cost of Insurance charges
Premium charges

SkyComp also stores metrics that represent charge distribution contracts. The data stored is used to generate charge distribution reports for the insurance carriers.

SkyComp’s Certificate Master takes all certificates that have the same insurance metrics and filters them into single processing units. For example, a group policy with 30,000 certificates will become just 97 “master” units for huge efficiencies in processing and storage.

With SkyComp, what used to take months
or years to initialize, takes just weeks –
saving you time and money.

JANUARY 2012

Addition of a new High Net Worth (HNW) product:

[ just two man-weeks ]
MAY 2011

Addition of a new Group Life Insurance product:

[ just four man-weeks ]