ACTUARIAL MODULE The system handles conventional, universal life and unit link life policies. There is full support for Term, Endowment, Pure Endowment and Whole Life covers. A policy has one and only one product but under a given product we can have any combination of covers; For example it is possible to have under one policy a Term cover, a Whole Life cover and an Endowment cover. Value Generator The actuarial calculations are triggered on specific events. The events are inside the LIRIS Programs but the calculation needed for the event is outside the LIRIS programs thus allowing to add new products along with their calculation formulae without changing the core system since the calculation formulae are 'plugged-in' and not hard coded in the programs. Reserves The Commercial, Net, Expense loaded, Zillmerised and Investment premiums are calculated by cover using either user defined tables, standard calculation routines or even customized routines. The Surrender Value at Last Anniversary, Last Anniversary profit sharing, Reserves before Alteration and Reserves after Alteration and the Guaranteed Maturity Values are calculated on-line when applicable. Products and Covers Covers validation rules like minimum age at entry, maximum sum insured, cover type, period of premium payment, etc. can be specified for every newly introduced cover. There are primary covers and secondary covers. Secondary covers can exist on their own on a policy (example:Accidental Death Benefit) and they can also exist as riders on primary covers (Premium restitution on a Pure Endowment). A product will contain one or several covers and riders. Not all the covers of a product are mandatory (they may not all exist on a specific policy). THE COMPANY LIRIS BML Istisharat was founded in 1972 . Its main activity is to develop and support application software geared towards Insurances, Banks, Manufacturing and Distribution firms. BML Istisharat products have penetrated ”Fortune 500” companies and are up and running in the United States, Western Europe, the Middle East and Africa. The Life Insurance and Reinsurance Integrated System (LIRIS), was developed in cooperation with several life insurance companies and was designed from the start to handle both traditional and unit link products. The first installation dates from 1990. LIRIS is a full enterprise system covering all company operations including: Clients Administration Policy Administration Actuarial Commissions Premiums and Accounts Receivable Units Accounting (for unit link policies) Claims Reinsurance General Ledger Front Office Bancassurance Loans UNDERWRITING COMMISSIONS AND OVERRIDES BANCASSURANCE Age and range of sum insured can define medical requirements and insurability requirements. Using the total sum insured on a given life, the system will suggest the appropriate medical examinations to be followed, showing also the exams already performed. Commissions rates are defined by source of business (commission agreement), product and cover. There may be up to 9 intermediaries on a policy each having up to 4 levels of overrides. The splitting of both the initial and renewal commission is defined on the source of business level. The initial commission can be calculated by the value generator where several parameters for a given intermediary or source of business can be taken into account. The above system allows the full support of bank warm leads commission, where a source of business is defined for each bank deal. In the source of business, will be defined the commission percentages as well as the splitting rules between the bank and the intermediary (if any). The initial commission and overrides can be paid and earned in several ways. As a matter of fact, the initial commission and overrides can be paid and earned by user-defined schedules. The payment and earning of the initial commission overrides can and also be defined by type of intermediary. Liris has being extended to operate in a Bancassurance environment. This resulted in a definition of the Front Office functions at Bank Branch level, the Bank Office functions and the exchange of data between the Banking & the Insurance system. The end result is that LIRIS can be integrated in a banking environment, in a way that the same bank employee can handle banking & insurance products on the same workstation.