Development of a digital insurance calculator
The project Allvisa Consult includes the development of two cutting-edge core applications specifically designed for the insurance industry:
Coverage calculator (DK)
This application enables pension institutions to precisely determine the necessary cover capital for existing pensions. Put simply, the DK calculator calculates how much capital an institution must provide to ensure future pension payments.
Using public statistics, the calculation takes into account various probabilities with regard to death rate, gender, age and year of birth. Data is input and output seamlessly via dynamically generated Excel tables, which makes data management much easier.
Highly configurable and performant
The coverage calculator offers flexible configuration options so that users can individually adjust various parameters. For example, you can choose which life expectancy statistics to use or set specific weightings for factors such as the probability of disability.
Processing data sets for tens of thousands of people was a demanding challenge, as the calculations are very complex. In order to still ensure fast results, the calculations were parallelized where possible and the algorithms were optimized together with Allvisa to reduce calculation complexity. This maintains the high performance of the application without sacrificing usability.
Intelligent process support with real-time feedback
During calculation, the application provides continuous real-time feedback on progress and provides helpful warnings and tips. This proactive communication enables users to immediately identify and correct potential discrepancies in input data. Even with incomplete inputs, the software completes the calculations and generates an initial result and a list of necessary adjustments so that decisions can be made promptly.
Insurance Services (IAS)
Pension providers are required by law to charge certain service costs. This functionality was integrated into the Allvisa Consult application to enable institutions to plan their insurance services more efficiently and precisely.
Efficiency through reuse of calculation bases
The calculation of service costs is based on the probabilities and inventory figures determined in the DK calculator. As a result of this efficient reuse, development costs could be reduced and synergies could be exploited. Data input and output are also carried out using Excel tables, which simplifies handling and supports integration into existing systems.
Transparency and traceability
In order to ensure a deep insight into the calculation processes, the application offers the option of outputting individual cases separately. This provides access to detailed interim values and calculation details, which are essential for well-founded analyses and decisions.
Past calculations are historicized in the application. A clear history makes it possible to understand at any time which calculations were carried out with which input parameters for which customers. Similar to the DK computer, the calculation is completed even if values are missing in order to provide an initial result and a complete list of input information and assumptions made.