Insurance (one time setup)
The Insurance module is available out of the box in Finflux. This module supports capturing policy details and claim management for Payment Protection Insurance (PPI). We need to do below initial setups to enable the module.
Configure Insurance Provider:
Financial institutes may have partnered with one or more insurance providers to cover the loan/credit with PPI products.
To configure the list of the insurance providers in the system, the user needs to raise a support request and the Finflux support team will do the needful.
Configure Deceased Reasons:
To configure the list of deceased reason, navigate to Admin>System>Manage Code then search for “Deceased Reason”, then click on the deceased reason code. Here you can enter the deceased reasons as code values.
Configure Death Proof Documents:
While the loan officer/field officer is marking the customer as deceased, he/she needs to upload the proof of death. To configure the list of valid “Proof of death” documents navigate to Admin>System>Manage Code then search for “Insured Deceased Document Tags”
The system allows configuring a different set of death proof documents for insured and co-insured.
Click on “Insured Deceased Document Tags” to update the list of supporting documents for death proof.
Similarly “Co-Insured Deceased Document Tags” needs to be updated.
Configure a list of supporting documents for the claim:
Once death intimation is approved branch needs to upload a set of supporting documents to process the claim. To configure this list of documents navigate to Admin>System>Manage Code and search for “Insurance Document Tags” then click on Insurance Document Tags to update the related document list.
Configure Insurance Premium Charge:
To configure the insurance premium charge navigate to Admin>Products>Charges then click on “Create Charges”
If you want to modify the charge as an insurance premium charge, then instead of create charge click on the charge you want to modify.
Either while creating or modifying the charge all the fields need to be filled like any other loan charges, to make this charge as insurance premium select change category type as either single insurance or double insurance.
Charge category type is a most important field unless you select the charge as single or double insurance charge, this charge will not be considered as insurance premium and at loan level system will not allow you to enter the policy details and system will show the error as “Loan is not insured”.