What are the operational benefits of the bancassurance system?
Among the operational benefits of the bancassurance system are improved information flow, automation of processes and settlements, comprehensive reports generation and early events monitoring.
Here is the list of the operational benefits of the bancassurance system:
- Automated information flow between a bank and an insurance company
- Effective flow of information among bank offices (insurance information in one place)
- Automation of external & internal settlements
- Improved control of settlements through prompt information about premium payments
- Quick and accurate generation of lists, including:
- booked and due premiums
- insured customers & employees
- new included & excluded customers - Automatic premium collection from a customer’s bank account
- Automatic corrections
- Automatic generation of reports including key information:
- monthly summary of product sales
- collection settlements
- current information about sales volumes
- bank employee sales reports - Reporting of insurance premiums according to arrangements made with an insurance company
- reporting periods
- reported data format - Collecting error free and complete information about:
- insurants
- products
- insurance contracts - Essential support for insurance product vendors (aggregative information about insurance products & services)
- The flexibility to respond to changing regulatory and market conditions
- Monitoring of events which can result in the modification of an insurance contract:
- early repayment of credit
- insured person exceeds the age limit
- change of an insured object
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