Life Insurance ERP Solution

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Life Insurance ERP Solution is a web based solution for Life Insurance Companies; contains 23 modules and provide automated sms and email services to employees, employers and customers. The investment module directly integrates with Dhaka Stock Exchange to collect real data real time. It has been designed extensively to cover all the aspects and activites for any Life Insurance Company, which can control their business for individual and any number of branches from anywhere in the world. It can also be customized to inherit similar business area or single or multiple modules.

The Online Payment System implemented for Sonali Life Insurance Company made it Bangladesh’s first company to support online payments from its customers world wide. Now their website also supports not only policy and claim applications online, but also customer login as well.

Apart from many unique and innovative features it also consists of many reports which present the company’s past and present business and financial status along with all future liabilities, such as, maturity payments.

   Special Features

  • Designed as per Local Life Insurance Industry requirements & regulations
  • Comprehensive, Customized, Integrated & Web based Solution
  • One solution for entire Life Insurance Process and Company Operations
  • Auto Updates for 5 Years
  • Built-in Document Management
  • Inherent Robust Rule-Engine
  • End to End solution
  • Fully automated at real time
  • Free from nightly batch runs
  • Fast, Robust & Secure
  • Implementation in 12 months
  • Unlimited Branches (No extra or hidden charge for an additional branches)
  • Unlimited Users (No extra or hidden charge for any additional users)
  • Complete Training on ERP provided.

   ERP Solutions

  • Fully Integrated, Real Time Upto 24 modules
  • Manage & Maintain Total Business Operations
  • Auto SMS & e-mail Notification from Each Required Points
  • Auto Process Matured Policies on Time
  • Auto Prepare IDRA year-end Documents in a Single Click

   Fully Integrated Company Website

  • Online Policy Application
  • Make Premium Payenents Online (New/Renewal)
  • View Payment History & Receipts Online
  • View Policy, personal and Nominee Details Online
  • Apply for Policy Alteration Online

   AUTO SMS SERVICES (Local & International)

  • After PR
  • After FPR
  • After Renewal
  • Before Premium Due Dates
  • After Alteration
  • After approval of Matured Policies .(provided before the maturity due date)
  • Birthday Wishes to policy holders
  • Bulk SMS Service to Send SMS to All Policy Holders
  • SMS Log
  • SMS Status Monitoring System

    Integrated SMS Push & Pull Service

  • Verify Agents
  • Premium Amount, Next Premium Due Date & Maturity Date
  • Nominee Name
  • Policy Status
  • Apply for Policy Alteration
  • Bank Account Details to make payments
  • BKash Number to make payments
  • Mobile Banking Number to make payments
  • Website / e-mail address
  • Customer Care Number

Modules for Life Insurance ERP

  • Policy
  • Underwriting
  • Accounts
  • Human Resource – HR
  • Agency
  • Payments
  • Agent Commission
  • MIS
  • Policy Services
  • Utilities
  • Claim
  • Chat Room
  • Approval
  • Asset Management
  • Re-Insurance
  • Expenses
  • User Activity
  • Group Policy
  • Investments
  • Pay Roll & Attendance
  • Maturity Claim
  • Training
  • Access Control
  • POLICYDynamically calculates policy premium details with applicant’s age (auto-calculated from date of birth) according to Actuary Premium Rate SheetCalculates premium accuratelyAuto Calculates applicant’s sum at risk, either for single or multiple applications of an individual applicantAuto reduce or increase sum at risk for multiple applicants when a policy is approved or matured.Modification of Applicant’s entry only before the application is processedMultiple Reports to view Policy Summary
  • PAYMENTS/ RECEIPTSOne Single platform to accept payments/receipts for PR, OR, MR, Policy Alteration Payments, and Group Policy Alteration PaymentsAuto Process applications to Underwriting for approval; e.g. Auto Sets paths for approval directly to Underwriting or to Medical if medical conditions met, according to IDRA’s Rules and regulationGenerate instant Receipts, and statementsAuto Calculate Agent Commission/earning according to actuary chart for any PR, Deferred or OR PaymentsOnly proceed when an agent chain is completeAuto Accounting integration and journal entryAuto email and sms notifications sent to applicants instantly after every payments made
  • EXPENSESDaily Expense Management with accounts integrationDaily, monthly, or specific date range reportsAgent wise Expense CostingBranch wise Expense Costing
  • REINSURANGEAuto Calculated Re-insurance policies according to IDRA Rules and RegulationRe-Insurance Premiums according Re-insurance contractGenerate Re-Insurance Details quarterly to send to Re-lnsurance CompaniesAuto Generate Re-lnsurance Claims List after claim is processedMultiple Reports for Re-Insurance Summary is also generated
  • AGENCYData entry for Agent Basic InformationAgent Type CreationAssign Agents to particular agent’s designation, accepts and verifies IDRA’s Agent Registration Number and expiry dateAgent Chain CreationAuto Agent Achievement as per targetAuto Agent’s Rating & RankingComplete Agent’s history including promotions & demotionsMultiple Reports for Agent Hierarchy, business and agent details
  • CLAIMClaim Process is Robust & FasterEasy Integration with Investigation TeamAuto Claim amount calculation for different types of claims through the actuary sheetQuick disposal of ClaimsClaim settlement and reconciliation with Reinsurers is fully automatedKeeps records of investigations, and settlements for individual and group claimsRequires approval for each claimAuto Re-lnsurance integration for all claimsComplete tracking till dispatch and Receipt of Claim amounts by claimants
  • LOANAuto Calculate loan amountAuto Process Loan installment payments through individual OR paymentsAuto Loan Integration with individual/multiple Policies of individual or multiple applicantsAuto Generate Re-lnsurance Claims List after claim is processedMultiple Reports related to Loan also provided
  • COMMISSIONCommission or Agent Earning is auto calculated after any premium payment is received as per scheduleCommission payments by group/individual for any FYP (First Year Premium) or OR by individual paymentsEarning payments auto-adjusted or monthly payments also availableMultiple Reports for Agent Commission and earning details
  • POLICY SERVICESAuto-Calculation for Alteration PremiumGenerate Advanced Receipts, EndorsementsView Policy Hold-er details for Customer SupportsMultiple Reports for Due lnstallments, Renewal Status, Lapse Policy Status and Application DetailsGenerate sms, e-mail or notificationsProcess Bulk sms to all/individual applicants or at any mobile number
  • GROUP POLICYAllows to create a group, add contacts and employees within the groupsMultiple entries of large number of Employee details, at a time through an excel sheetCalculates group premium according to the premium rate sheetAllows to change group member details at any point whenever it requiresAutomatically generates group related reportsPayments, Accounting Journal Entry, claims and alterations of Group Policies are dynamic and integratedAll necessary Report and Certifications are integrated and customizable according to requirements
  • UNDERWRITINGEasy ln-Built Rule EngineApplications after the first payment proceed to either Underwriting approval or Medical Examination automaticallyApplications are updated after medical examiner approves and queue for underwriting approvalApplications can only proceed to FPR after the underwriting approves the applicationAccepts application entry Modification, and document ID or Passport sized Photo uploads for any applicantsAuto-Generate Policy ScheduleIntegrated reports for Policy Schedule Delivery, Revenue Stamp, Policy Holder details, Policy Stamp and delivery etc.
  • INVESTMENTLayered approach to Investment instrument creationKeeps inventory of Investment transactionsSupports multiple investments including Share Trading, FDRs, Bonds, and Property etc.Automatic FDR RenewalFDR interest receivable dates and amounts are shown as per the preset interest frequency of FDRHistorical data provides business intelligence, aids decision makingComprehensive reporting and charting to visualize investment performance
  • MATURITY CLAIMAuto Calculate and process maturity ClaimsAuto send for approval for maturity ClaimsAfter approval, email, sms and notifications automatically sent to policy holdersOnly after the maturity claim application, check and payment is processedAuto Bonus Calculation as per Approved PercentageMultiple Reports for maturity list and policies are at a single click
  • UTILITIESProduct List, Supplementary lists, Application status details, Commission Schedule, all the rate charts are availablePremium CalculatorAgent Commission CalculatorForce Logout ManagementWeb ManagementIntegrated Surveillance Camera Management
  • APPROVALEvery process either in HR, Loan, Requisitions, Claims or any other required modules goes through Approval processHigher Authorities can approve, Reject or Request to another employees/employer in order to approveNotifications are stack under specific users basket and can be retrieved by the specific user in order to notify whether the request has been approved or rejectedRequests tracker
  • TRAININGTraining presentations can be uploaded and available to all usersEvery user can go through the training process and take examination through the ERPExamination questions are random to different users every timeExamination marks and certification are auto generated