Ability to define Insurance Companies, Products, Riders and Insurance operational parameters Defining Insurance Products – Ability to define various Insurance products belonging to the different Insurance Companies including the various features of the product such as the sum assured rules, age definition rules, premium payment rules and frequencies, Delinquency rules, Riders applicable, product benefits and product options which support capture of Insurance information which is not generic in nature and supports external validation routines. System also supports flexible definition of the Personal Details and Advisors report formats as defined by the different Insurance Companies.
Premium and Rebate Tables
Allows the capture of the premium and rebate tables as published by the Insurance Companies and the linkage to the respective Insurance Products. The system provides a Premium calculator function where premiums as applicable to different products can be calculated on enquiry.
Enquiries are available to compare like products in terms of premium calculations, benefits and the various rules associated with the products.
Proposals & Policies
The system supports separate functions for proposal capture/ amendment /cancellation and Policy capture/amendment/cancellation. Different rules apply at each stage and the system marks the appropriate statuses at each stage. At the policy activation stage the system also supports the generation of the premium payments due as per frequency defined in the proposal. The system maintains a complete history of proposals and policies including the cancelled ones. Maintaining the different statuses allows the tracking of a proposal from the application stage to the policy ‘issue status’.
Premium reminders & lapsed Policies
Based on the rules set by the Insurance Company for grace periods allowed from due date for effecting payment, the number of premium(s) unpaid based on which the status of the policy is determined viz. lapsed etc. the system will track the status of a policy and generate the required reports for the User for follow up and letters/e-mails for the customers. In addition to the Insurance company defined rules for lapsed policies, the system provides internal rules for tracking and additional status marking on unpaid premiums.
The system is configurable to handle the various commission receivables such as the Agent Commission including Bonus (set usually as a % of the Agents Commission), Volume commissions, marketing commissions and Persistency commissions payable by the Insurance Company, for specific products and frequencies. Flexible rate structures can be maintained including the periods for which they are effective.
The system maintains statistical data and allows the tracking of sales done at a Customer level, Sub- broker/Agent/Executive level, Branch/regional level and consolidated sales.
MIS Reports, Enquiries, Report Generator and Report Scheduler
One of the strongest features of the system is the flexible report generation facility where selections and grouping are user defined on almost all the reports. Scheduling of specified reports on defined frequencies is also supported.