Life On-Line

Life On-Line: Simulation Engine Description


1.  Background

2Team was established out of the need of the insurance market to have a simulation tool that knows how to analyze the clients' existing portfolio and recommend appropriate and relevant alternatives.
As a part of our sales platform, we have also developed pension & insurance calculation engines for most of the insurance carriers which exist in the Israeli market.
The software includes calculation engines for products and the ability to perform calculation procedures which are a combination of various engines, in accordance with the demands of our clients. The integration of the engine service in 2Team's selling platform promises complete functional answers, as well as excellent response times.
As a part of the overall maintenance service provided by the company, 2Team performs constant update and maintenance of their engines.


2.  Required Calculations

The search engines enable 2Team to perform a wide variety of required calculations: premium calculations, sums of insurance, sums of annuity, forecasts for end of term divided to capital and annuity, calculation of the forecasted accumulation by the end of term without the fixed payment (paid off value), target annuity, comparisons, mobilizations, feasibility of changes etc.
We integrate the specific carriers' tables of profession and occupation as a part of the solution we supply.


3.  Additional Issues

Calculation levels


The engines support a variety of calculation levels (for instance: a monthly premium, an accumulated cost, saving for the end of a period, old age, disability and beneficiary pension). In addition, there is a module which conducts complete pension and financial plans for the insured individual and his family. There is also a unique financial simulator, which enables a choice of products according to the risk level desired by the insured individual.
Product Support
The calculation engines are providing an accurate support of most of the existing products in the Israeli market. Since the engines are used by many clients, we constantly receive, from a variety of channels (insurance brokers, carriers, investment houses, the internet, data from the Ministry of Treasure, experts that are part of 2Team Development team) the required updates and changes for the various engines.

2Team has developed a flexible platform that enables the implementation of these changes and the addition of new and varied products.
Product Types 
The calculation engines support the following product types: individual insurance, pension (both comprehensive pensions and complimentary pensions), life insurance (classic, whole life, universal life), annuity, study funds, provident funds, risk, health, nursing, care benefit, accidental benefit, disability and others.
Additional Activities 
The calculation engine service also includes functions of business logic (BL) which is implemented as a part of the variety of services enabled by us. These services include, among other things:
  • Presenting a comprehensive view of the client's status, using realization methods which are clear to the client.
  • Pension plan: calculating the existing needs and the gaps.
  • Pension plan: closing the gaps within a click.
  • Comparison of products and coverages.
  • Recommendations for mobilization between products.
  • Automatic choice of the required forms and an automatic fill in of these forms.
  • Digital signature.
  • Calculation of products based on deposit history – for data cleansing purpose.

4.  Technology

The calculation engines were developed in c# Dot Net 4, on a unique platform, which enables to easily update and add calculation engines. This infrastructure enables huge flexibility in updating tariffs and in implementing regulatory changes. On the basis of current experience, the addition of a new product requires just a few days.
The engine service operates by activate APIs, through a fixed and predefined interface. The interface is using DTOs for the simplicity of development and communication between the server and the client. The client can be any browser or any smart device. The engine service can be operate as SAAS (Software as a Service) or at the client site.
The graph on top demonstrates the way the engines are integrated in an inclusive applicative solution.
Life On-Line