How the system works?


Easy Set-Up - The insurance company or Principal would need to carry out a one-time set-up of the agents’ codes, and the underwriting and credit rules.  Once these have been done, and the agents have been registered and provided with their User IDs, the agents can start carrying out their business on-line.

Once logged in, the agents are able to carry out end-to-end transactions for new insurance policies or for renewal cases.  The agents can view completed transactions as well as policies due for renewal.

The e-Cover system allows the agents to transact all approved classes unless there is a breach in the set business guidelines, for example non-payment of premiums, Cash Before Cover violation, breach of authority limits or credit terms, etc, or any combination thereof.  The e-Cover system can help to immediately prevent the Principal from further exposure by the action of errant agents.

The e-Cover system can be easily integrated to any back-end system to allow straight through processing of policies, thus eliminating the need for double data entry.

e-cover diagram

The policyholder will approach the agent who will then log into the e-Cover system using his unique ID and password.  If the policyholder is the agent’s existing customer, the agent can quickly recall the policyholder’s details and carry out the required transaction.  Otherwise, the agent will need to create a new unique Customer Profile using the Identity Card (IC) number or Company Number for individuals and companies respectively.

The agent will then select the desired class and proceed to issue the policy.  As an example, the system has a number of built-in checks to ensure that back-dating of policies cannot be done.  Other checks on outstanding claims and unpaid premiums can also be incorporated. 

The Black Box underwriting capability will ensure that risks falling outside the insurer’s underwriting guide will not be accepted.  The premium will be calculated according to the insurer’s rating table. 

The insurer can opt to allow underwriting intervention for non-standard risks.  During this exception handling process, the underwriter can be given an e-mail alert if there is a risk pending his attention.  The underwriter can then log into the e-Cover system to review the rates and terms for acceptance.

Once the risk has been bound, the agent can then proceed to make payment for the premium.  On-line payments can be accepted using credit cards, as the e-Cover system can be connected to the bank’s payment gateway.  The system can also provide a payment confirmation to the policyholder, if required.  The e-Cover system can also send mobile receipts via SMS right to the policyholder’s phone.  Mobile receipts are timely and sent to the intended party.

Once payment has been approved, the agent can print a soft copy of the new policy in PDF format and e-mail to the policyholder – a process that can be completed in minutes.

Upon the completion of the transaction, the e-Cover system will then send the insurance and payment details to the insurance company’s backend system for posting to the statement of accounts. 

The end-to-end processing capability ensures minimum account reconciliation problems.

© Copyright 2015. All rights reserved. By Rexit Berhad