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OVERVIEW
Bancassurance is the marketing of insurance products by banks. Apart from their regular products of deposits, loans, investments etc,banks are also engaged in selling insurance products for both life and general insurance on behalf of insurance companies.
ServiceMaster™ Bancassurance System is a complete general and life insurance brokerage/agency solution.It handles all aspects of customer information management,products/policy classes definition,insurance companies management, quotations preparation,motor certificate printing, policy management (endorsements, renewals, cancellations),commissions,accounting, workflow,claims management,reporting and disaster recovery among others.It will help you gain and sustain a competitive advantage.
KEY FEATURES
- Multi-user access
- Very user-friendly and easy to use graphical user interfaces
- Workflow-based
- Alerts generation on critical tasks like renewal of insurance covers, claim launches etc
- Has a document management module e.g. Claims register
- Integrates with Active Directory
- Use of electronic signatures
- User tasks are role based
- Fully parameterized to cater for business growth
- Enhanced security for user passwords, application and database.
- Audit trails on all transactions
- Error log file maintained on a daily basis
- Ability to interface it to any core banking and other systems
- Has system performance-tuning utilities
- Reports generation, viewing and printing
- Online user help
MAIN BENEFITS
- Diversification of non-funded income streams
- Through automatic charging of commissions for every premium collected on behalf of the insurance companies
- One stop-shop value proposition for Asset Financing
- Bank customers are able to get Motor Vehicle Insurance Stickers under the same roof after getting Asset Financing
- Mobilization of deposits
- Funds collected are credited to the provider’s collection account held in your bank
- Bank’s customer loyalty resulting from the convenience offered by Bancassurance
- Safeguarding the bank’s interests
- The bank can ensure that customers who qualify for mortgage (s) also get life insurance through them
- Bank's interest in all assets it finances is noted and protected
- Enhances teamwork through collaboration and information sharing
- Timely and reliable 24x7 local customer support
- Standard and customized management reports
- Gives you a competitive advantage