Insurance

Most of the Micro Credit Organisations offer Health Insurance to the members and thus provide the community a sense of relief against the worry of taking care of treatment against critical illness and also of the others in the family incase of death of the earning member. Keeping track of the members holding such insurance poicies is an important factor since in  most of the cases the settlement of claim is done through the organisation even though it might be done directly by the principal insuring company.

The organisation is held responsible for all the policies taken up by its members individually or through their SHG.
Incorporating Insurance as another product can be customised in OurBank.

This option allows the user organisation to store various data like eligibility criteria, policy detail, settlement terms etc and record settlement detail.
Mostly these benefits are offered to the members through an arrangement with a principal insurance company. OurBank could be customised and for example, restrict the benefit to the members of the organisation only,

It would capture specific information and produce status even without third party system integration. third party system integration in general depends on the policy of the principal insurance company. The organisation could store all relevant information :

1.    Premium amount
2.    No of policies taken
3.    Date of payment of premium
4.    Date of commencement of the policy
5.    Type of product:( Life; General)
6.    Date of renewal
7.    Alert date
8.    Claim filing
9.    Nature of claim-(death, health)
10.    Claim register date
11.    Amount claimed
12.    Claim settlement date
13.    Amount settled

This information will help to furnish update on policy holder summary, Claim settlement detail, total coverage etc as and when required by the principal. OurBank can send an auto generated mail to the principal periodically or against each transaction between the organisation and the princpal.

Insurance module will help the organisation
To ensure that the  policy holders meet the criteria set by them.
To maintain history of claims and reason.
To plan for other health project based on data about the members.
To track premium payment.
To carry out transaction with the principal with transparency and without error.
To issue premium due notice to the member, ensuring collection on due date.
To send report to the principal. The format of the reort can be customised as per the requirement of the organisation or the principal.


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