Straight Through Processing (STP)

The IMS STP module works in conjunction with IMS’s Workflow component, thereby allowing someone from outside your organization to build and submit an application entirely through IMS – no paper. Coupled with additional components such as risk analysis and various forms of supported premium collection by IMS, a product provider can roll out a true e-App solution, thereby facilitating a straight through process (STP) for new business.

Electronic Application (E-App)

The e-App module is a set of pages that guide the user through the rules and requirements of investing in a given product. Since IMS is already the source system for product rules such as available funds, minimum investment amounts, etc, these rules are used during the application process to ensure an in-good-order application. The e-App is built using a wizard which guides you through the multiple steps of the new application process, thereby making it easier to enter and record data. The steps can be customized for each product and distribution channel the product provider is targeting.

Risk Analysis

IMS contains a risk analysis engine to help your sales team or end investors find a suitable investment profile. The engine is a questionnaire-based tool in which responses are tallied and matched against a predefined set of risk category and weightings. The risk categories can be matched against allocation models available as investment options within specific provider products, further enhancing the investment selection experience.   The questions and tally process are customized for each carrier to ensure specific goals and objectives are recorded for each product.

Credit Card/Direct Debit/Auto Bank Withdrawals

The IMS platform is designed to handle several forms of premium collection, apart from traditional methods such as wire transfer or check processing which are handled via connectivity to the banks that house the premium accounts or manual processes for premium matching. Depending on the product and market, options such as premium collection via credit card are possible. This process typically involves establishing a relationship with a credit card processor and deciding whether online or offline card transactions will be used. In addition, we can work with corresponding banks to perform direct debit processing from the clients’ accounts. Direct debit rules vary greatly by jurisdiction, therefore customization will be required to ensure the implementation of an accurate direct debit process. A last form would be via auto bank withdrawal, which is most suitable in a bancassurance type model, and is similar to direct debit however allows us to collect the clients’ premium via a more integrated relationship with the product providers’ partnering banks. Once coupled with our electronic application process, the product provider can truly provide a straight through processing solution to their clients.

IMS System

To learn more about the individual IMS modules click on an icon below.