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Insurance Application
Distribution/ Agency/ Branch Offsite Report
  • Branch Subscriber Analysis based on the details of total policies classifying in required groups like Premium Paying, rejected, Not Taken, Lapsed alongwith percentage.
  • Cash spilt policies of Subscribers making multiple payments.
  • Agent-wise cheque bounce details alongwith percentages and past trends.
  • Subscriber-wise Cheques bounce details alongwith percentages and past trends.
  • Delay in banking in case of cheques and cash collection, possibility of fund diversion or rotation of premium.
  • Cases where agent himself or Service Manager is the owner of the policy.
  • Subscriber having multiple policies under same plan. Analyse for total amount insured and premium paid.
  • Cases where payments were made using same cheque series.
  • Cases where same Subscriber having multiple policies, analyse for total amount insured and premium paid and branches from where policies are issued.
  • Policies where more than one agent is attached for the purpose of commission sharing. Also find their commission percentage and amount paid.
  • Details of policies where agents sell policies after the expiry of their license, termination of contract or before their contract starts.
Centralised Risk Monitoring   Anti-Money Laundering and Fraud Management

Same Subscriber ID allotted to more than one subscriber or Same Subscriber allotted more than one Subscriber ID.

Find out policies where top-up amount is greater than specified percentage of the annual target premium amount.

Cases where the agents are doing deliberate sourcing of policies in such a way that the policies are split to avoid submission of financial documents or to avoid medical examination of the Subscriber to meet the targets.

Cases where one subscriber had more than one policy and one of the policy is in-force and other declined.

Cases where the lapsation date/ surrender date of the existing policy is before the issuance date of the new policy for the Subscriber.

Analyse abnormal increase/ decrease in business of a branch and the possible causes for it.

Ascertain and analyse the high risk Policy Owner Service requests and any negative trends emerging out of these.

On cancellation of policy, verify the return of commission from the agents bank account.

Analyse the policy cancellation which pass their due date of cancellation. Aging of such cancellation for favoured agent analysis.
 

Freelook cancellations with refund premium greater than specified limit.

List of policies with Initial premium greater than specified limit.

List of all policies with Single Premium greater than specified limit. Spilt policies are to be consolidated.

List of all policies with top-up greater than specified limit.

List of policies with cancellation refunds greater than or equal to NPW (Not Provided With).

Overpayment of premiums with a request for refund of the overpaid amount. Trend analysis of Subscriber to trace reasons and deliberate payment.

List of all policies with premium greater specified limit (on random basis select samples for physical checking of the hard copy records) where KYC requirements are not fulfilled and policies are in force.

Initial Premium payments by a third party with no apparent relationship to the policy holder/ policy.

Assignment of policies to unrelated parties without valid consideration and their current status.

List of all policies where renewal premium method chosen is other than cash and the renewal premium is paid in cash greater than specified limits.

 
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