15.02.2023 | Blog Insights

Profit Life & Pension is now Evitec Life

At the end of January, the name of our company Profit Software changed, and we are now Evitec

At the same time, the name of the Profit Life & Pension (PLP) system changed and is now called Evitec Life (EL). At the time of change, it’s good to take a look in the rear-view mirror and reflect upon how we with deep dedication and professionalism have for more than 30 years been developing a policy management system for life and pension insurers. 

To begin with, the focus was on developing a system for managing savings and pension insurances, an entity that we call Evitec Life Savings (ELS) from now on. Evitec Life Savings includes all key business processes such as product management, sales, policy life cycle management and claims outpayments. The system supports different types of investment forms typically used in insurance savings, such as unit-linked, interest rate, combinations of these and capitalization agreements. In addition to individual pension savings agreements, the system has versatile support for managing large and diverse group policies. 

Evitec Life Risk (ELR) was the next major development area and forms another significant entity that manages all types of personal risk insurances. The individual needs for various personal risk covers are comprehensively considered, for example the requirements of managing underwriting decisions and different deductible options. Calculation of the insurance premium and invoicing are also features of Evitec Life Risk.  

Evitec Life Claims (ELC) has been our latest development area and forms the third entity where claims for personal risk covers are managed. Especially when it comes to claims processing, there are distinct differences between personal risk covers, for example what information and documentation about the event is needed and whether it is a lump-sum or recurring compensation. In Evitec Life Claims, you can manage the end-to-end claims process, covering all stages. Registration of the claims event and making the claims decision, managing all aspects of the payment, like beneficiaries, compensation shares, bank accounts, taxation and finally, out-payment of compensation. 

For a moment, let’s go back to Evitec Life as a whole and some of the system’s general features. 

  • Parametric product structure and business rules which are easily modified are Evitec Life’s evident strengths. Flexibility to modify products, is a significant benefit when new products are introduced to the market or when run-off portfolios migrated to the new system. 
  • API interfaces are widely used throughout the system and their number is constantly increasing. Standard interfaces enable e.g. development of digital services, process automation and system integration with other applications. Relevant policy information is easily displayed where needed. The insured can see up-to-date contract information in the customer portal and can make changes that are transmitted back to the policy management system. The claims handler has relevant policy information at hand during the various steps of the process, which in return speeds up processing and streamlines decision-making. 
  • Regulative and authority requirements are also supported in Evitec Life. The system has integrations for example with tax authority, in addition to which Evitec Life supports AML, GDPR and IDD regulations. 

Over time, Evitec Life has developed into a comprehensive solution capable of handling the day-to-day operation of a life insurers long-term saving, pension, and life risk products. Carefully thought-out functionalities, modern technology and system adaptability elevates the efficiency of daily operations to a whole new level.  

If you want to hear more about Evitec Life and get a taste of the functionalities, get in touch with us!  

Jani Boström

VP, Sales and Product management

tel:+358 40 528 6011

When an insurer plans a system renewal, the primary focus is usually on how the new system supports needs today and in the future. However, few insurance companies start from scratch. Especially within life insurance, policies may be older than 50 years. Therefore, the migration of run-off portfolios usually pops up at some point during the renewal project.

Older systems often have an “uncontrolled flexibility”, a feature that originally was regarded quite handy. Individual policy details could be modified in many ways, and not all information had a designated place or format. Thus, over time, users may have entered the same information in different places and, for example, dates in different formats. Older policies also do not always have all the information required by the new structure; in which case the policy information needs to be enriched. Not to mention file formats, which have changed over the years. There are certainly many more examples. And now, 15–20 years later, when this rather mixed data should be adapted to the structures of the new system, we are faced with a data cleaning task. The scope of a migration project can often be bit of a surprise, but luckily there are tools available to help.

The power of collaboration

In data migration the cooperation between the insurance company and the system supplier is key. The insurance company knows its old products and can foresee some of the challenges in the data structures. The system supplier on the other hand, knows inside out the logic and structure of the new system. When a mechanism for checking the quality and consistency of the data is created in between, even a difficult migration becomes easier.

The three phases of migration

Data migration can be divided into three phases. In the first phase, the migration is planned, and the portfolios are studied to the smallest details. First steps are taken with smaller test data and the creation of data mapping rules starts. At the same time, the insurance company often considers whether some product portfolios can be combined to simplify the management of portfolios in the future.

In the next phase, our conversion tool will take centre stage. It is used to check whether the data to be migrated is consistent and compatible with the new system. Rarely, if ever, is older data ready at once. The conversion tool provides feedback on differences and inconsistencies, such as data fields that cannot be matched in the new structure, missing data fields, or data in an inappropriate format.

This is where the actual data cleaning begins. The same data may be run through the conversion tool several times until it can be stamped as OK. Finally, a policy lifecycle testing will be done to ensure that everything matches in the future as well. For the work to progress promptly, the conversion tool is made available also for the insurance company. Hence, the actual experts of the portfolios and those working on data cleaning can independently test the changes and updates. All in all, a time-consuming phase, but the work is rewarded in the last phase.

The actual migration is often the fastest phase. When the old data has been processed and its compatibility has been verified, this is largely a technical routine, where the converted policies smoothly float into the new system. As a final check, the outcome is reconciled with the source data.

Extensive experience of migrations

In addition to the conversion tool, Evitec Life‘s accurate description of the data structure makes migration work significantly easier. The description gives the customer a clear view of which information is needed and in which format.

At Evitec we have carried out system migrations for several decades. We have converted nearly one hundred portfolios and hundreds of thousands of policies. So, it’s fair to say that our experience has built up over time and our migration process and tools have been put to the test in many demanding projects.