Insurance (Operational)
Updating Insurance Policy details at Loan label:
Go to the loan account details for updating the insurance policy details.
Update the insurance policy details by clicking to the “Add” button
Select the insurance provider
Enter the policy number and COI number and
Give submit
Intimation Process:
The initial claim settlement process is to be done by the Loan Officer or Branch Manager at the Branch level.
The first step to initiate the insurance claim settlement is to “Mark the client as deceased” under the marked deceased tab along with the cause of death and place of death. This step is supported by relevant documents.
Example: Dead certificate of the client and other related documents
The date of intimation of the claim will be the same as the date on which the client is marked as dead in the system.
Marking of Insured/Co-insured as deceased:
Select the deceased person (Insured/ Co-insured) by uploading the relevant document
Updating the cause of death and place of death.
Update the contact no. of nominee/Family member and
Then give submit
Intimation approval:
Select the particular client at the intimation approval pending step.
After selecting the client, it will move to the Intimation Approval step, where documents uploaded for deceased clients need to be verified and then approved.
Document Upload:
The initial claim initiated or submitted by the loan officer is approved by the Branch Manager for further processing of the insurance claim.
Once approved at Branch Level, the Loan officer then filled the client’s nominee detail (name, relation with the deceased, bank’s detail, and contact number) and then give submit.
To avoid fraud cases, the nominee’s detail submitted needs to be cross-verified at the Branch Level before approving it and passing it to the HO level.
Example: Acceptance of digital/computerized dead certificate, Verification of nominee’s bank detail.
Claim Verification Pending:
HO team will re-verified all the documents submitted which are approved at the Branch level.
These claims which have been approved at the Branch Level are dumped under the claim verification pending tab, here the HO can segregate the claims based on branch or division.
Submitted claim documents are checked and if there is an issue with any of the submitted documents, the claim is returned to the Branch level for re-submitting the documents.
Verified Claim:
Select the client, export to get the Insurance verified claim data, and then give submit.
Settlement Pending:
Claimed settled and accepted by the Insurance company, is then updated in the system into two different categories.
To Organization - update the settled date, settled amount, claim no. and Cheque/UTR number on submission, then the client loan will be closed with an outstanding amount as nil.
To Nominee - balance settled amount will be credited to the nominee’s bank provided during the initial claim process.
Closing of the loan in the system after claim settlement:
Upon settlement of the outstanding amount, the particular loan is closed.