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
. Premiums and Accounts Receivable
. Units Accounting (for unit link policies)
. General Ledger
. Front Office
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.
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.
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.