Inca 18.1 - No Strings Attached
28 April 2018
GDPR affects us all. For our life insurance customers, it means that they can no longer save information about their customers for any length of time. They are entitled to be unconnected and disconnected from their information - no strings attached.
Today we are launching our latest version of Inca - Inca 18.1. Functionally, there are a lot of exciting news, primarily to support the new requirements of GDPR, but also support for insurance companies that separated their occupational pension operation according to IORP 2. Here is the news in Inca 18.1.
- Diagnostic insurance
- Improved support for separate occupational pension operation
- Extended functionality for traditional insurance with different guaranteed amounts
- Concepts in mutual funds for other savings product than unit-linked insurance
General Data Protection Regulation - GDPR
This functionality has trouble all our customers, during the last two years we have included all our customers in a Collaboration forum regarding the introduction of new features to support the new data protection regulation - GDPR.
Essentially, there are three areas where we developed new functionality:
- Unidentification of personal data
- Thining of personal data
- Register of personal data
For those customers who have all insurance policies in Inca, the new features facilitate compliance with the new requirements for managing personal data set by GDPR.
In the market, there is a growing interest in offering insurance products that provide financial support for diagnoses of life-threatening diseases, such as Parkinson's, Alzheimer's, paralysis, etc. In Inca 18.1, support is now granted in the form of a tax-free one-off payment. The compensation is intended as a financial support for the insured in order to better manage the changed life situation that has arisen. Support is now being introduced to configure diagnostic insurance products in Inca.
Extended functionality for insurance companies with separated operations
Insurance companies can choose whether the occupational pensionable part is to be covered by Solvency 2 or IORP2 if it is separated into a separate company. A prerequisite is that the different policies for occupational pension and other life insurance activities are fully separated. Inca has previously supported the separation of them both, now we can also fully divide all flows of payment through improved accounting functionality.
Traditional insurance policies with several guaranteed amounts
Now we are expanding support for the management of reserve-based traditional insurance. The same insurance policy can have several different warranty commitments using the portfolio concept in Inca. Additionally, amendments and net present value calculation are carried out for the same basis of calculation, regardless of whether the insurance policy is active or not.
Fund Trading - Concepts and Usability
The requirements of the insurance companies' marketplace for external mutual funds increase continuously. Fund offerings change and remuneration for distribution decreases, which leads to increased demands for cost-effective administration and minimization of risks. We see an increased demand for managing fund-holdings for other savings products such as Individual Pension Savings - IPS and Investment Savings Account - ISK and for fund savings fund funds that will be tax-exempt.
In Inca 18.1, we have adapted the concept model so that the fund-specific components are better adapted to an established financial market terminology. The purpose of the adjustments is to provide better recognition, increased control and reduce the risk of processing errors, even for non-insurance users.