Welcome to our third Newsletter. We have some exciting news to share on initiatives with our industry partners and friends, which will make your use of ClariNet™ richer and make your business management more efficient. We’ve also just released Version 1.3 of ClariNet, which has a number of feature enhancements – notably to bid management and the integrated pricing model – and now includes the ability to transmit Case information to users outside ClariNet over email, using the Common Case Standard XML file format.
We are delighted to announce that from January 2010, ClariNet will offer integrated life expectancy report ordering and delivery from both 21st Services and ISC Services. In addition, approved subscribers to ClariNet will be able to employ mortality tables from 21st Services and ISC Services within ClariNet’s integrated portfolio pricing and risk analysis tools. Click here for more information on our initiative with 21st Services and here for more information on our initiative with ISC Services.
We are very excited to announce the results of work undertaken jointly by 21st Services and ClearLife – the Life Settlements Impairment Grid or “LSIG”. LSIG has been developed as an easy way for investors to measure the diversity of medical impairments, using a series of categories and sub-categories to collect impairment data across a portfolio of life settlements and then report that data at different levels of granularity.
LSIG provides investors with a common language to communicate impairment diversity – and then goes further still. In conjunction with its Medical Advisory Board, 21st Services has developed for each sub-category of impairment an Impairment Risk Measure, or “IRM”, which assigns a measure of volatility to the prognosis surrounding that impairment. This is the first time that an industry participant has developed a means for expressing the degree of risk surrounding the prognosis for impairments and ClearLife is delighted to be offering such a powerful tool through ClariNet.
LSIG will be available in ClariNet from January 2010. Click here for more information on LSIG and how it can help you analyze the impairment diversity within your portfolio.
Version 1.3 introduces several new features to ClariNet and improves the user interface:
- External Case Transmission: We have added the ability to transmit Cases to market participants outside ClariNet using electronic mail. Accessed from the Cases page, this feature allows you to transmit redacted or unredacted Case information and documents to third parties. Documents are retained within ClariNet and accessed with a temporary login to ClariNet’s Document Verification Tool, together with an access code which you convey to your recipient. Logins to the Document Verification Tool can be tracked from your ClariNet user account. Click here and select “*NEW* Emailing Cases” to watch a video outlining the new email integration.
- Enhanced Bid Management: The new email integration has been carried into the Bid Management screen, so that you can now submit Cases to – and track bid progress with – prospective buyers outside ClariNet, as well as other ClariNet subscribers. You can now view the current bid from all prospective buyers, both inside and outside ClariNet, on the same screen. You can also record any competitive bid information on the Bid Management screen, as it is communicated to you by the seller’s representatives. Click here and select “*NEW* Bid Management” to watch a video presentation of the new Bid Management interface.
- Changes to Workflow: In response to user feedback, we’ve changed the way that LE report ordering and document redaction are made available as part of a Case. LE reports can now be ordered at any stage of the Case’s life cycle, directly from the Insured Lives tab on the Case Summary screen. Document redaction is no longer a required step in the Case setup process – it can be done at any time.
- Improvements to the Documents Screen: You can now add documents directly from the Documents tab on the Case Summary screen. You can also redact information from documents from within this tab and delete redacted and unredacted versions of documents separately.
- COI Curve Extrapolation: ClariNet’s integrated pricing model now incorporates COI curve extrapolation to address situations in which your account information is missing or inadequate or your illustration is too short. The pricing model now detects a negative COI at the front end of the curve and recalculates account values to bring the COI back into line with early periods. At the back of the curve, the pricing model extrapolates the COI curve out beyond the end of your illustration, using your choice of either the 2001 or 2008 VBT mortality tables.
- Valuation Template and Premium Calculator: We’ve simplified the user interface for the Valuation Template and Premium Calculator to use drop-down options for the various parameters. We’ve also added NDB lag as a parameter in the Valuation Template and added several parameters to the Premium Calculator to support the new COI curve extrapolation feature in the pricing model. Click here and select “*NEW* Pricing Model Changes” to see how ClariNet’s pricing model has been adapted to include these changes and the new COI curve extrapolation tool.
- User-defined life expectancy: We’ve added the ability for you to specify your own life expectancy information, to cover situations where you don’t have an underwriter report or where you want to blend extra life expectancy information. You can express your life expectancy as a fixed number of months, or apply your choice of mortality factor to either the 2001 VBT or the 2008 VBT to derive a number of months.
ClearLife is exhibiting at the LISA Fall Conference at the Marriott Marquis in New York from November 8-10 2009. We will have our demonstration kiosk available showing Version 1.3 of ClariNet. During the conference, Mark will be participating in a panel discussion on privacy and confidentiality (from 1pm to 2pm on November 10). We look forward to meeting you and discussing how we can help you grow your life settlements business.