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GLIMS enables the insurance company to handle the contract management of the Full Life Cycle of an Individual Life Policy, with all the supporting reports, as follows:
Quotation
Underwriting
Policy Stages – Quotation, Outstanding, Confirmed, Posted
Policy Issuing – Individual & In Bulk
Automatic Bills/Commission Generations
Automatic Generation of Accounting Entries
Direct Payment and Direct Debit Payments
Endorsements
Renewal – Manual & Automatic
Paid Up – Manual & Automatic
Pre Anniversaries – Early Detection of Premium Increases Due to Ages, Covers & Extras Terminations, Maturities, …
Anniversaries – Manual & Automatic
Lapses – Manual & Automatic
Automatic Surrenders – Manual & Automatic
Maturities
Not Taken
Standard Reinstatement and Reinstatement by Redating
Partial & Full Surrenders – Premium & Ad Hoc Units
Fund Switching
Policy Loan and Automatic Payment Loan
Dunning Daily Procedure :
Waiver of Premium Payments
Automatic Payments From Suspense
Issue Letters (Warning, Lapse, Payment Notification, APP, APL, …)
Automatic Lapse, Paid Up and Auto Surrenders
Policy Auto Extensions
APP - Automatic Premium Payments with units
APL – Automatic Payment by Loan
Nightly Batch Procedures:
Dunning/Regular Billing Procedure
Charging Procedure
Automatic Units Allocation
Pre-Anniversaries
Automatic Anniversaries
Daily Interest Calculation For Loans
Loans Capitalizations