Business Analysis - Digital-Ba, Consulting - Digital

Should have a detailed understanding of the post issuance life cycle process:

• Should have detailed understanding of the different transactions 
• Policy Add (EA)
• Remittance/Premiums (NA,MA)
• Surrenders (TA), Withdrawals (TB,TW)
• Payouts (TK)
• Loans Processing (TL). Different Kinds of Loans ( Participating, Non Participating, ZIL etc.)
• Lapse Pending , Lapse , Paid UP etc 
• Different Kinds of Disability/ Waiver Claims (Waiver Of Premium, Waiver Of COI, LTC etc.)
• Death Claim (DP, PA and DBA) etc. etc.
• Basic Understanding of Minimum Required distribution RMD (US), 2 Pot Withdrawals (South Africa) i.e. understanding of early withdrawal concepts for retirement products etc. etc.   

The Candidate should have proper understanding of above transactions for example for surrender and withdrawals they should have understanding of surrender charge/Penalty Rules(How they are driven based on Business Rules Tables) , Rules For Free Amount etc.

Differences between Lapse Pending , Lapse , Paid Up should have comprehension skills to understand different rules 

What is the difference between Cost Of Insurance , Rider Fee, Benefit Charges, Premium Load etc.

Life and Annuity Policy Admin Systems like Vantage , WMA ,ALIP etc are driven around business rules instead of Hard Coding. In Vantage there are various db2/VSAM (In Old Instance Of Vantage) Tables where the Business Rules are defined instead of doing hard coding. Few examples are:

• What are the business rules tables to set up a new product /Plan code (Ex T03,T04 etc). How the relational logic works  
• How are different Declared Interest Rates , Guranteed Rates determined for Fixed ,Money Market Funds etc.
• How are the admin charges ,rider charges defined. For Example there is one table T33 which defines the admin charges to administer fiffrent transactions like 
• Surrenders
• Withdrawals.
• Loans
• Annuity Payouts 
• Paid Up (Reduced Coverage) Charges etc

Note: It is not mandatory for the Candidate to know all the Tables since these tables are highly customized/and vary on the versions of vantage instance and also vary on what kind of products Insurance carrier have. But they should have a reasonable understanding of how the business rule table works and they should be able to explain it how they have used it in their previous projects with different clients