This facility caters for products that have a high number of employers where the relationship between employer and employee is, in many cases, one to one (e.g. domestic workers, farm employees).
It provides for the processing of individual policyholder applications from employers, the printing of policyholder certificates, the collection of monthly contributions from all employers at the same time, and the payment of broker commission.
Each product has a set of plans that determines the compulsory contribution amounts and benefits. These plans are set up as contribution and benefit membership groups. The contribution amount for each plan is set up as the contribution amount for each contribution membership group, and the insured cover amounts are set up in the benefit packages for each benefit membership group. This allows for easy updating of plan contributions and benefits, which can then be applied to all policyholders linked to each plan. For more information on membership groups, refer to Product Update Type: Membership Group under
Product Launch Requirements
Product Launch
Product Update
The collection of contributions is initiated each month for all relevant policyholders. The process generates a debit order file for linking to the specified banking system. This file contains all the contributions to be collected from each employer's bank account, as well as the bank account details. It also includes the calculation of administration fees, commission, premiums and total cost amount to be deducted from the policyholders’ contributions.
There is a facility to suspend contribution collection for an employer (e.g. where correct bank details are not available), and to cancel the suspension when contribution collection should re-commence.
A commission billing process will calculate commission due to brokers, unions, employer provincial regions, etc., and if necessary, the amounts can be split among the various entities.
Commission expenses are differentiated from administration and premium expenses by using the global group COMM EXPENSE. For more information, refer to Global Data Type under
Infrastructure
System Data
System Data
For information on the various steps that need to be followed when launching a retirement annuity product, refer to
Product Launch Requirements
Product Launch
Endowment Product Launch
For details of the calculation and processing for Expense Billing using the JU3BH_BILL Expense Billing batch job, refer to Processing under
Processes
Expense Billing
Expense Billing
New
For details of the calculation and processing for Expense Billing using the JU3BR_COMM Commission Billing batch job, refer to Processing for commission billing under
Processes
Expense Billing
Commission
New