| MICRO INSURANCE POLICY ADMINISTRATION |
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| Micro-insurance, the insurance for the low-income people, is different from insurance in general. It is a low value product (involving modest premium and benefit package) which requires different design and distribution strategies such as premium based on community risk rating (as opposed to individual risk rating), active involvement of an intermediate agency representing the target community, and so forth. Although the type of risks faced by the poor from rural areas such as that of death, illness, injury and accident are the same as those faced by others, they are more vulnerable to such risks because of their economic circumstances. Although micro-insurance in India was initiated either by NGOs or by the trust hospitals, IRDA regulation has made it mandatory for all insurance companies to operate among the rural population with micro-insurance product offerings. |
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A successful offering for automation in micro-insurance must address the following – |
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Offline data entry . |
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Simplified mechanism to capture data at point of sale . |
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Compute premiums at sites that are remote with limited resources . |
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Flexible policy terms due to seasonal income of rural population . |
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Support Individuals as well as Group insurance |
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Way to record payments at sites . |
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Mechanism to transfer data to central system . |
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Robust backend processing of policies . |
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Easy way to report policy statuses at remote sites . |
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Comprehensive but light-weight system for remote sites . |
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Exhaustive and integrated system at central office . |
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Metalogic solution for Micro-Insurance comprises of two systems – |
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| 1. The Carrier system – for the central office of the carrier . |
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| 2.The Agent system – for the remote locations . |
| All facilities listed above are built into the solution. |
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Salient features of Metalogic’s Micro-Insurance solution – |
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Agent System |
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Self installation pack for a web based system on a personal computer.
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Capturing proposal data through data entry screens . |
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Capturing proposal data from smartphones with browser support . |
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Capturing proposal data offline using Excel templates . |
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Transferring proposals to Carrier System once connected . |
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Automated retrieval of feedback and results from Carrier System . |
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Record payment of premiums . |
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Report policy status and history . |
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Insured Individual and members of Group are uniquely identified . |
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Provision for amendment – add/remove named insured, change other information Carrier System . |
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Carrier System |
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Web based Java/ JEE application with RDBMS backend database . |
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Agents Management – store agent information . |
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Receive proposal and payment data from Agent Systems . |
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Process proposals to generate policy contracts . |
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Transfer policy and payment data to Agent Systems on demand . |
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Fully featured Policy Administration – new business, amendments, renewals, cancellation, reinstatement, policy contract generation . |
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Easy search by a number of criteria . |
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Complete policy history Metalogic’s end to end policy lifecycle management for Micro Insurance makes it a unique offering of its kind . |
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