What's New in 12.0.2.0

Fund Allocation features for Group Customer Plans Group Customers

Group Customer Dynamic Plan Level Allocation Feature

OIPA's retail Policy administration allows a Plan definition to optionally associate a Fund allocation definition, providing a simple access for all Policies and Policy level activities to use as default allocations that are or are not restricted to user change on the Policy or Activity and to copy to entities as desired. Fund Allocations in general are typically needed in cash value products in order to direct investment, withdrawal and transfer of money to/from a specified set of funds. Group Customer Product definition allows Fund associations, but does not allow creation of Plan Fund Allocations that can be copied to a group's member certificates or allow activities to display default Activity Fund Allocations based on the Plan Fund Allocation that a user may or may not change on the activity. The system has added a Plan level Allocation to the Group Customers Plan set-up with a patch delivery of 11.3.1.28. The new feature provides a flexibility that supports applying the same Fund Allocation across all member certificates during the enrollment process, to modify Plan Fund Allocations that impact all member's certificates and to support an individual's member certificate with an independent Fund Allocation. This facilitates the administration of Fund Allocations to the group customer business in support of cash value products and pensions. In order to begin using this feature, a cash value product must associate any number of funds to a Product definition. That allows the creation of a Plan Fund Allocation based on the associated Product's funds. The enrollment process creates a group's member certificates and it is the choice of the configuror to copy the Plan Fund Allocation to each certificate. The decision should be based on the ease of processing with the certificate's fund allocations or ease of processing with the Plan's Fund Allocations and the product's specification that may allow group members to independently change their certificate's allocations. Modifications to the Plan Fund Allocations is considered a change to the Plan that allows it to be in effect during a period of time while other Plan changes can be in effect during different periods of time. Group Customer Plan level Fund Allocations are created and modified in a new tab on OIPA's Plan screen, Plan Allocation. The available funds on this screen are funds associated to the parent Product. This screen supports only independent fund allocation declarations and does not support Model declarations. Use of a Plan Fund Allocation in an activity process requires the Plan to be activated. A new database table, AsPlanAllocationSet, was added to OIPA to persist the user's fund allocation entry so the system can accurately re-display the user's entry in different user sessions. Configuration in the PolicyAllocationScreen has additional access to the Plan's EffectiveFrom date which supports time sensitive modifications to the Plan's Fund Allocation.

Define Activity Filters at Group Customer level

Currently there are three levels of activity filters, they are filters at the Client, Policy, and Plan levels and it is time consuming for users to find specific activity from a Group policy that had over three hundred thousand individual policies under it, and over two million activities. With this feature enhancement the existing OIPA features includes Activity Filter at Group Customer level.

  • To access the Group Customer Activity Filter, in the Rules Palette, go to the Admin Explorer > Administration > Activity Filter

  • The Group Customer Activity Filter node enables configuror with an additional override level to define the Activity Filter at Group Customer Activity Level

  • This new Group Customer Activity will be a Customer level override and behave and follow Client Activity level definition

Ability to use Product level Funds at a Group Plan Level

This enhancement is the first step in multiple steps to incorporate Funds into the Group set-up so that Group insurance/annuities/pensions can issue products with cash value. Rules Palette users can associate the Primary Company's defined Funds to the Product Level through the Product List and Product Status List nodes. In OIPA, the Product assigned Funds and their attributes can be copied to a Plan as it is dynamically created during its Group business setup process. All Product level funds are copied to the newly create group Plan. With this set-up, group Policies and their activities have access to fund processing features (Policy Allocation, valuation and assignment in activities, activity/transaction allocations) as it has existed in non-group related plans.