Policy Capture

Capture method available:

  • Manually
  • Via External Interface from a 3rd party (who is selling on your behalf)
  • Bulkloaded from bordereaux / flat file

Low fulfilment costs due to automated electronic communication.

Policy Inception / Administration / Servicing / Termination can be performed on the system. All with automated premium raise adjustments, refunds and communications (if desired).

Policy Renewals

Renewals can be done as and when required by forcing a re rate of premium based on product rules. Batch communications can be automatically generated and emailed. Policies without emails can be downloaded and printed for posting.

Premium Rating

Rating can be configured on a product option level. This allows for a policy to have a specific premium with whatever cost (below gross premium) / fee (on top of gross premium) structure required.

Premiums can either be fixed or manually inputted when capturing the policy, or a combination of both.

Automated Premium Reconciliation

Premiums are automatically reconciled with the bank through host to host connectivity. Successfully collected premiums, failed premium collections and failed payments are all imported seamlessly into the system. Commissions are posted based off pre-configured rules allowing for automated commission payments and remittances. Cash allocations for unreferenced bank statement transactions are accommodated via a manual allocation.

Policy Groups

Policies can be grouped by any type of entity, for example employer. This allows the employer to be debited (or cash transfer) once for all their employees. This debit amount will include all premium and adjustments for all the policies within that group. The individual policies can also be debited (as opposed to the group) should this be required. 15 days prior to the debit being processed, the group receives a pro forma invoice so that they are able to verify which active policies are on their group and what they are going to be debited.