Profit Life & Pension (PLP) is a policy administration system developed for life and pension insurance companies, supporting both long-term savings and risk life insurances.
In PLP 5.2 beta the most significant development step has been to bring risk life insurance alongside savings products. In PLP, you can now manage risk life insurance agreements, individual policies, joint policies, and large group structures, as well as risk life claims.
PLP offer, as an example, support in policy management for temporary disability, permanent disability to work, permanent disability and critical illness covers. In policy management for groups, special attention has been paid to the ease of maintaining the group’s information and group invoicing requirements.
In claims management for risk life insurances, PLP can among others handle compensations related to the above-mentioned covers and pay both lump sum and daily benefits. The claims handler’s work is greatly expedited and simplified when policies and claims are handled in the same system. The policy information needed in claims management is available and automatically included as part of the claim handling process.
In the new version, digital REST services have been expanded to support, among other things, the sales process, new policy creation and changes made to policy information in self-service channels.
With this version, several general functions have been introduced or updated. PLP supports the future change of the punctuation mark in the Finnish personal identification number, identification of the beneficiary required by the AML directive before compensation is paid out, and notifications to the Finnish tax authority Incomes Register. Additionally, new security improvements have been included to bolster secure operations. To make managing insurance products easier, the PLP Insurance Product Editor tool for defining insurance products has been added to the toolkit.
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