G-Life: An All-In-One Platform for Marketing Financial Products

1.  Background

G-Life is a unique solution, providing structured and complete answers for marketing and sales of life insurance plans.

The G-Life software provides professional expert answers for a reality in which an insurance broker is required to completely examine the client profile, and pay attention to a wide variety of products and carriers.

This is an expert solution, which was developed by many experts of insurance and software development enables any insurance broker to explain complex issues in the world of insurance in a simple way.

G-Life is the leading solution for sales conversations, and includes all the methodic stages required. The system produces all the required paperwork to make the deal happen as a built-in part of the process.

The software includes a complete pension plan for the client. This plan takes into consideration all the existing assets of the client, including existing insurance policies of any type and/or carrier.

Through analyzing the goals and pension needs, in comparison with the existing situation, the insurance broker finds the most appropriate solution, based on a wide variety of products. The simplicity of use, the convenient display and the logical process enables the client to easily understand the most complex concepts, and to take a part in planning his own future.

2.  Software Structure

  1. Layer-Based Design
    The system was designed and developed while separating between logical layers: 
    • A basic layer which includes the database.
    • The calculation engines layer, including the variety of products existing in the market.
    • The application layer, which enables the operation of engines and business logic.
    • The user interface.
  2. Writing the system modules: the system includes a wide variety of business modules carefully developed, while keeping the separation between various types of activities, enabling the detachment and transfer of major modules between sub-systems of various types.
  3. The calculation engines: a central component of this solution is the calculation engines module. Its development was based on close acquaintance with the insurance and finance market. This solution aims to implement, in an easy-maintenance manner, an engine calculating of the entire variety of products and updating the new products added along the way.
  4. A user interface: graphic designers, product designers, and marketing and sales people from the world of insurance and finance put their minds together to design the user interface of the software. Their objective is to create a user interface which best and most conveniently fits the needs of insurance and finance brokers.

3.  2Team: The Best Platform

The system combines working as an application with internet capabilities, the best possible way.
Field work has contradicting demands of the speed of displaying the calculation results in real time, and the abilities to update the Great-Life software with back office systems on-line.
Speed is a crucial matter in the sales conversation. Waiting for calculations in order to present the results is intolerable, and this makes the entire software irrelevant.
2Team offers a winning combination: both a local application and quick response times. Web update of the Great-Life software in all the parameters, as well as an update of the back office after the meeting.

4.  Product Calculation Engine

At the heart of the G-Life system lays the product calculation engine. Here are a few major characteristics of this module. 
  •  Individual with a savings 
  •  Individual without a savings 
  •  Short- medium- and long-term savings 
  •  Health
  •  Insurance for freelance employees
  •  Pension funds
  •  Life insurance
  •  Annuity
  •  Provident funds
  •  Golden age products – financial products for long-term saving.
  1. This calculation engine enables to perform calculation procedures consisting of an integration of different engines and a variety of additional services, including: premium calculations, insurance and annuity sums, forecasts to the end of term, distributed by lump sum and annuity, target annuity, comparisons, mobility, feasibility of change, calculation of forecasts to end of term without the additional payment.
  2. SLA time for product update – the time needed for the addition / update of a product is extremely short and it can last only a few days. The update time is depending on the type of product and the complexity of the required calculation.
  3. The types of products which are supported by the calculation engines:

5.  Applicative Modules

  1. Specification of the applicative modules supporting the sales process which is conducted by the G-Life system.
    •  Full support in existing plans with the ability to compare with new plans.
    •  Calculation engines for plans, including the carriers' codex.
    •  Plan mobility module – support in mobility between all types of plans, including a calculation of the feasibility.
  2. Risk level calculation module and a financial simulator including comparison of different portfolios in various risk levels, and an easy to use option to mobilize all of the funds from an existing portfolio to a recommended one.

  3. A holistic portfolio module – a module analyzing the portfolio by subjects, and presenting the insurance portfolio by different filters, insurance security, and financial savings in the past and present. This module enables to understand what the insured has and what is missing in a single colorful main screen, which is clear and simple. This screen has several categories.

  4. Pension planning module – calculating the needs of the insured in terms of life insurance, disability and pension, presenting the existing situation, comparison to the required situation, and calculation of the lacks, if those exist, while recommending required additions.

  5. Smart graph – a module comparing plans in a graphic way, enabling the comparison between each two plans and the presentation of the saving development and the risk all along the policy lifespan

6. Infrastructural Modules

The infrastructure of the system enables to conduct and/or to interface with a variety of existing systems, as well as core systems of organizations implementing the entire G-Life platform or a part of it. Here follows an example of possible infrastructural services:
  1. Support in digital signature software and sending the signed forms directly to the various carriers: insurance, pension and provident funds.
  2. A module sending signed forms by e-mail to the insured / the employer.
  3. A module sending interfaces in XML format to CRM and back office systems.
  4. A central database module, which enables sales monitoring in flexible filters and via business intelligence (BI) tools.
  5. Filling in parameters during the sales conversation and sending them to a form generating applications.
  6. Interfaces:
    • The software enables export and import of XML files in any format needed to integrate with other systems.
    • The software can interface with any of the authorized firms for digital signature.
  7. Version updates:
    The software is equipped with an automatic update component which refers to a web server, to check for various updates, such as software updates, parameters updates, form updates, etc. and downloads the appropriate updates.