Solife allows you to commercialize variable annuities in less than 3 months time!
The variable annuity is an insurance product that allows to benefit from a guaranteed additional monthly income while still having free disposal of your capital which is invested in funds of your choice. Although this insurance product is still quite new in Europe, it is beginning to be more en more developed as it combines the advantages of traditional life insurance products and scheduled redemption plans while strongly reducing their disadvantages.
Solife, the BSB software for the management of life insurance policies, now also includes the management of variable annuities. So if you want to commercialize this type of product, BSB can help you doing so in less than three months time!
Why choosing the BSB Solife software for the management of variable annuities ?
Solife is one of the only software packages available on the market that covers all the functionalities that are needed for the efficient en automated management of variable annuities. In this way, you can say that the BSB Solife software, which is already used by several clients managing variable annuities in production, is well ahead of its competitors.
Solife allows to commercialize variable annuities in less than three months time. Indeed, Solife, which was already very complete with regard to the management of variable annuities, is now ‘ready-to-serve’. All you have to do is create or integrate your own product types in order to commercialize them.
Solife allows to manage variable annuities at both back-office and front-office level. The front office web of Solife allows the smooth roll-out of variable annuities throughout Europe, based on one single centralized back-office. This single, centralized back-office allows the optimized management of the « hedging » strategy, which is crucial for the management of variable annuities.
Solife allows to manage the «multicountry» feature in an optimal way. Indeed, this feature has been integrated within Solife from the start as it has been developed in association with its historic Luxembourgian clients who use Solife for the selling of their insurance products throughout Europe. Thanks to this « multicountry » feature, Solife allows the integration of several countries and a smooth adaptation to their respective legislation.
Which are the functionalities with regard to the management of variable annuities that are from now on covered by Solife?
The chart below gives an overview of all the possibilities offered by Solife within the context of the management of variable annuities.
It shows all the processes that are now included in Solife and which will allow you to commercialize and manage this type of products in the most efficient way !
This chart also shows that the variable annuities are managed at both back-office (Solife) and front-office level (e-Solife web portal). The management within the front-office web allows your distribution network to promote and sell variable annuities though the web and realize simulations. Thanks to the perfect integration between the front and back-office, the variable annuities will be processed in an automated way within the back-office, which guarantees a maximum efficiency !
Which are the leglisations with regard to the variable annuities that are already included within Solife?
Solife manages from now on the tax systems associated to the variable annuities of Switzerland and the Principality of Liechtenstein. As from the month of June 2008, Solife also manages the German tax system associated to these products.
Moreover, as the feature had been integrated within the Solife architecture from the very start, it allows the smooth management of new tax systems.
