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Tax Workstation

 

 


Text Box: DemonstrationThe KCI Tax WorkstationTM system is a web browser-based application for servicing life insurance policies.  It connects to administrative source systems to provide real-time policy information over the intranet or internet.  This allows insurance companies to provide timely, accurate advice to their policyholders.

With the KCI Tax WorkstationTM system, users can immediately perform policy inquiries, perform ‘what-if’ analyses, and print policyholder letters.  Other capabilities include producing tax related reports (e.g. recent MEC failures), updating policies with special handling alerts, and making various corrections to policy tax data and 1099 data.

Inquiry

Inquiries include current policy values (tax and non-tax related information) and a display of all policy history.  This enables an easy and accurate response to questions like:

  • “How much more money can I pay into my policy?”
  • “What is my current cost basis in the policy?”
  • “What will I get for a 1099 this year.”

What-ifs

What-if analyses can be performed allowing you to evaluate the impact of:

  • premium payments
  • withdrawals / partial surrenders
  • loans
  • policy changes
  • surrenders / 1035 surrenders

Typical questions answered by “what-ifs”:

  • “How much will my tax be if I surrendered?”
  • “What is the impact of my planned reduction in coverage?”
  • “How much money can I withdraw without having to pay tax?”

Letters

The KCI Tax Workstation provides automatic policyholder letter generation, merging policy information into pre-defined letter formats. 

All quote transactions utilize the KCI Tax ServerTM system, thereby subjecting the quote transaction to 7-Pay Testing, Necessary Premium Testing, Guideline Premium Testing, Recapture Ceiling, etc.

This distributed application provides a web browser interface (deployable on intranet and/or internet), a business object application server, and connections to sources of policy information and the KCI Tax ServerTM system.

Reports

A variety of reports are available, including:

  • MEC failures
  • DEFRA failures
  • Tax Distributions (i.e. 1099s)
  • Necessary Premium Test Failures
  • Pending MEC refunds

User Alerts

Special handling alerts can be added to policies to alert servicing personnel about special situations related to the policy.

Tax Data Corrections

Corrections to policy tax data and 1099 data can be made by authorized users.  An audit trail of all changes made is maintained.

Sample screens

Technical Features:

  • Built in J2EE on IBM WebSphere®
  • Integration with IBM MQSeries® messaging and relational databases (e.g. DB2®, Oracle)

Design & Source Code Option:

The Design & Source Code option includes:

  • Use cases
  • Object models and diagrams (in UML)
  • HTML, Java source code

Skills transfer, training, and mentoring are also available.

The KCI Tax WorkstationTM and the KCI Tax ServerTM systems are built by Koehler Consulting, Inc., a recognized leader in providing component based solutions to the insurance industry.

Koehler Consulting, Inc.
Holliston, Massachusetts
Phone: 1-508-429-1589
E-mail: info3@koehlerconsult.com

 

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Last updated: December 29, 2017