UL3: software for life insurers
The UL3 software, in-house developed at Vereycken & Vereycken, is an extensive underwriting and policy administration system for life insurances and pension insurances. In Belgium, it is currently used by 12 life insurance companies. In UL3, it is possible to manage the whole lifetime of an insurance contract, from quote to disbursement and everything in between: precontractual information, underwriting, premium collection, reporting, fiscal statements, claims handling, …). All aspects of insurance contract management can be done in one integrated way of working.
Furthermore, UL3 is easily integrated with in the ecosystem of software applications at the life insurance company. To do so, powerful API’s are developed and Vereycken & Vereycken would be happy to support your IT services in doing so.
our strengths
The benefits of UL3
Legendary calculation engine
The most common types of personal insurance are supported, as well as all existing tax regimes existing in Belgium, like saving insurance, investment insurance (branch 21/23/44), mortgage insurance, (life) annuities, second and third pillar arrangements, disability insurance, capitalization products, …
The actuarial calculation engine of UL3 is legendary and supports all of the regimes existing in Belgium. Thanks to an innovative “merge concept”, it becomes possible to do a fiscal optimization over different regimes, while keeping it simple for your clients.
At Vereycken & Vereycken, we are sure we can tackle all needs for a life insurance company by offering flexible insurance products that are easy to maintain and to adjust.
Built-in workflow
The built-in workflow facilitates the communication between insurer and broker to advance in different processes during the lifetime of a life insurance contract. Also, other administrative processes with other parties (employer, affiliates, …) can be easily integrated. UL3 offers to all users the support they need to work on contracts by providing transparent overviews and just-in-time and just-in-place information.
UL3 pushes the life insurer to the highest level of operational excellence, not only for the process of underwriting, but also for all other processes during the lifetime of an insurance contract (such as changes, switches, advances, …) and of course as well with disbursements (surrender, termination, pension, decease, …)
Your front office employees will be capable to finish most of the administrative processes autonomously. The concept of Straight Through Processing is implemented nowhere as efficient as in UL3.
Always up to date and compliant
By providing monthly releases, it is assured that everyone using UL3 is always up to date with the latest legislation. All compliance standards are implemented proactively and new commercial opportunities are deployed fast.
The implementation of all of this is not only done in a timely manner, but also in a commercial friendly and easily manageable fashion. Legislation such as anti-money laundering legislation, GDPR, fiscal obligations, social legislation, DB2P statements are not only implemented to be compliant, but are also converted into valued assets that are welcomed by all parties. We strive to integrate all legal obligations in a user-friendly software.
Next to aforementioned obligations, UL3 is also fully compliant with all requirements of an audit. Thanks to the embedded so-called Generation History and Audit Trail, it is possible to always know who has changed what and when.
The art of software-development
V&V does believe in the art of high-end software development, specifically built for the typical needs of the life insurance sector. Our developers are ally highly educated professionals with loads of experience in the life insurance sector. They know how this world spins. Their functional knowledge is the key to success for our software. They work with insight, perseverance and a lot of discipline on their common piece of art.
Yes, we believe that software development is a craftmanship. No, you cannot make a comparable system in just a couple of years, even with the newest software hypes. We are in this business developing our software for more than 30 years. You can be sure that ‘developing’ here also means improving: with modern software techniques we can provide a versatile, robust and long-lasting software.
The software developers at Vereycken & Vereycken all have a profound functional expertise. They think along, they understand the needs of life insurers and how the UL3 software should support them in these.
The software developers at Vereycken & Vereycken all have a profound functional expertise. They think along, they understand the needs of life insurers and how the UL3 software should support them in these.
A distinctive quality of the approach of V&V is that all software modules can and will be changed, improved and renewed when necessary. Even though the foundations of the UL3 software are there for over 30 years, it is still brand new, cleverly thought out and way ahead of the competition.
We dare to change for the better instead of holding on to the past. We evaluate modern software techniques to improve the software. This might be the single most important reason that Vereycken & Vereycken is known as a market leader in Belgium.
Innovative and successful in migrations
Unfortunately, everyone in this sector knows that portfolio migrations are often doomed to fail in the sector of life insurances. We can honestly claim that this has never ever happened at Vereycken & Vereycken. Moreover, we dare to claim this publicly on our website and we will stick to it.
Our successful track-record was made possible because UL3 can handle all types of personal insurances existing in the Belgian market. Furthermore, the functional knowledge of our migration team is outstanding: migration is a lot more than only a technical conversion!
Over the years, we have established best practices and we have gained a lot of experience in this field. Our successful migrations from classic life insurance portfolios towards UL3 proves that it is possible for all types of life insurances and all process to be managed automatically in a uniform fashion.
