Policy Servicing PLI -McCamish 1.2.1. Policy Servicing PLI -McCamish Policy Servicing is an activity that helps cater to various customer requests such.

Policy Servicing PLI -McCamish

1.2.1

Policy Servicing PLI -McCamish

• Policy Servicing is an activity that helps cater to various customer requests such as – changing the policies – increasing or decreasing their premiums– changing address – billing frequency– Loan, Surrender etc.,

1.2.2

1.2.3

Provides Quote

Processes Policy Requests

Manages Customer Queries

Conducts Business Successfully

Supports Policy Maintenance

Concepts of Policy Servicing

Policy Servicing

Policy Servicing

Financial

Non Financial

1.2.4

Slide 5Slide 5

Financial and Non Financial Services –McCamish

Billing

Collection

Disbursement

Revival and Reinstatement

Commutation

Conversion

Assignment and Nomination

Client Maintenance

Duplicate Policy Bond

Loan

Reduced Paid Up

Surrender

FINANCIAL SERVICESNON FINANCIAL

SERVICES

Nomination change

Name Change

Duplicate policy bond

Billing frequency/Method Change

Assignment

Slide 6Slide 6

Billing, Collection and Disbursement: Features

Billing, Collection and Disbursement

Billing allows customers to change the billing frequency and billing method. The billing function is to manage and operate the maintenance issues of the billing cycle.

Collection allows the payment of loan repayment, initial premium payment. Acceptable collection methods for payments are by Cash and Cheque.

Disbursement, which means making payments, is the department in India Post that looks after all the payout transactions for loan, surrender, claim, and investment payouts.


For polices < 3 years

Up to 6 months –Void lapse

After 6 months –Active lapse

1.2.7


For polices > 3 years

Up to 12 months –Inactive

lapse(Reinstate)

After 12 months –Active

lapse(revival )

1.2.8

Commutation

• Commutation feature allows the policy holder to reduce the premium paid at any time during the term of the policy.

• This will cause a decrease in the sum assured

1.2.9

Conversion

• Conversion means any change that affects the date of maturity of an insurance contract.

• Conversion also results in increase or decrease of the policy premium.

• At the time of Conversion, date of maturity can be ante-dated or post-dated.

1.2.10

Loan

• Endowment policies, after 3 years only Whole life policies, after 4 years• Should not have been assigned• No loan for AEA policies/children’s policy

1.2.11

Loan

• Exceeding 3 years, but less than 5 years : 60% of surrender value

• Exceeding 5 years, but less than 10 years : 80% of surrender value

• Exceeding 10 years : 90% of surrender value• Interest @10% per annum compounded half

yearly

1.2.12

Reduced paid up

• The Reduced Paid-Up feature allows the policy holder to stop further premium payments resulting in reduction in Sum Assured (SA).

• The policy can be reduced paid up in Active and Active Lapse state

• The Sum Assured gets reduced as per the premium paid till date, and the policy remains in the reduced paid up state till maturity.

1.2.13

Surrender

• The Surrender value of a policy is the amount that is payable to a client for which the contingent benefit of the policy is given up and is surrendered for an immediate cash payment.

• The Surrender value offered to the client depends on the insurance product and how long the client has had it.

• To surrender the policy, the policy should have been in place for a minimum period of 3 years and the premiums paid up to date.

1.2.14

Policy servicing

• The policy servicing request will be fulfilled in 4 different user levels in McCamish– Indexer– Data entry operator– Quality Cecker– Approver

1.2.15

Policy servicing

• Approver enters the request and generates transaction ID

• Automatically the request will go to Data entry operator

• Data entry operator will enter the details in the module

• Automatically the request will be available to Quality checker

• Quality checker will check the data entered by DEO and submit

1.2.16

Policy servicing

• On submission by Quality checker, the request will be automatically available to the Approver

• Approver to login with his/her credentials and approve the same

• In each level, the task should be reserved and then to be processed

• The workflow of policy servicing is shown below through screenshots

1.2.17

Policy Servicing - Address change

• Old address in the policy

1.2.18

Insured Details

Permanent Address:

SCIENTIFIC ASSISTANTBUILDING NO.8,BARC, RMPP.O YELWALMYSOREKA 571130

Employer:

Phone Number:

Designation: SA

Email-ID:

Correspondence Address:

SCIENTIFIC ASSISTANTBUILDING NO.8,BARC, RMPP.O YELWALKA 571130


• Login screen for Indexer

1.2.19


• Home page for Indexer

1.2.20


• Select request type as address change, enter policy no. and click on next

1.2.21


• Details of policy will populate, click on submit

1.2.22


• A transaction ID will be generated, note down the same

1.2.23


• The service request will then be available to data entry operator.

• DEO will login with credential and click on inbox

• Under pending the request will be listed, reserve the same by selected and clicking on reserver

1.2.24


1.2.25


• As DEO select reserved, enter tran id and service request

• The transaction will be listed, select the same

1.2.26


• Click on tran id hyperlink and details of policy will appear

1.2.27


• Change the address

1.2.28


• Select the documents submitted for change of address and click on submit

1.2.29


• On submission by DEO, request will be automatically available in Quality checker level user

• Login with credentials of Quality checker

1.2.30


• Under Inbox and status pending, reserve the task

1.2.31


• Under status reserved, search the request with tran id or policy no.

1.2.32


• Open with hyperlink

1.2.33


• Check the correctness w.r.t. documents received and submit

1.2.34


• On submission by Quality checker the request will be passed to Approver

• Approver should login with his credential and check inbox

1.2.35


• Reserve the task as done by Qualitychcker then under status reserve, search the request and open through hyperlink

1.2.36


• Check the correct updation of details and submit

1.2.37

Policy Servicing - Loan

• Indexer can generate the Quote for Loan

1.2.38


1.2.39


• Quote can be given to customer

1.2.40


• The required document will also be shown in quote

1.2.41


• If customer submits a service request for loan, the Indexer can raise a tran id for same

1.2.42


1.2.43


1.2.44


• Ticket no. will be generated

1.2.45


• An acknowledgement will also be generated

1.2.46


• On successful submission by Indexer, the request will be available to DEO

• DEO to reserve the task and then enter the amount of loan required within eligibility limit

• Select required documents attached and submit

1.2.47


1.2.48


1.2.49


1.2.50


• On successful submission, request will be available in Quality checker level

• Reserve the task in quality checker and check the correctness of the entries and submit

1.2.51


1.2.52


1.2.53


1.2.54


• On successful submission, login to approver and reserve the task

1.2.55


• Open the request, check the correctness• Approver can accept (submit), reject or redirect the request

1.2.56


1.2.57


1.2.58


1.2.59


• Loan amount may be disbursed by Indexer after approval

• l

1.2.60


1.2.61

Thank you

1.2.62

Policy Servicing PLI -McCamish 1.2.1. Policy Servicing PLI -McCamish Policy Servicing is an activity that helps cater to various customer requests such.

Documents

policy premium

policy holder

disbursement billing

surrender value

surrender financial

features billing

billing cycle

billing method