1. Policy Servicing PLI -McCamish

2. Policy Servicing PLI -McCamish
Policy Servicing is an activity that helps cater to various customer requests such as
changing the policies
increasing or decreasing their premiums
changing address
billing frequency
Loan, Surrender etc.,

3. Concepts of Policy Servicing
Provides Quote
Processes Policy Requests
Manages Customer Queries
Conducts Business Successfully
Supports Policy Maintenance

4. Policy Servicing
Policy Servicing
Financial
Non Financial

5. Financial and Non Financial Services –McCamish
Billing
Assignment and Nomination
Collection
Client Maintenance
Disbursement
Duplicate Policy Bond
Revival and Reinstatement
Nomination change
Commutation
Facilitation Notes:
Explanation: NA
More Information: NA
Facilitation Tips:
Read out the list and explain what could be difficult ones, and make more additions to the list.
At this point, you can encourage the class to list the various types of service and maintenance requests they can think of and share with the class.
Name Change
Conversion
Duplicate policy bond
Loan
Billing frequency/Method Change
Reduced Paid Up
Surrender
Assignment

6. Billing, Collection and Disbursement: Features
Billing allows customers to change the billing frequency and billing method. The billing function is to manage and operate the maintenance issues of the billing cycle.
Collection allows the payment of loan repayment, initial premium payment. Acceptable collection methods for payments are by Cash and Cheque.
Disbursement, which means making payments, is the department in India Post that looks after all the payout transactions for loan, surrender, claim, and investment payouts.
Facilitation Notes:
Explanation: NA
More Information: NA
Facilitation Tips:
Explain the features to the trainees.

7. Revival and Reinstatement
For polices < 3 years
Up to 6 months –Void lapse
After 6 months –Active lapse

8. Revival and Reinstatement
For polices > 3 years
Up to 12 months –Inactive lapse(Reinstate)
After 12 months –Active lapse(revival )

9. Commutation
Commutation feature allows the policy holder to reduce the premium paid at any time during the term of the policy.
This will cause a decrease in the sum assured

10. Conversion
Conversion means any change that affects the date of maturity of an insurance contract.
Conversion also results in increase or decrease of the policy premium.
At the time of Conversion, date of maturity can be ante-dated or post-dated.

11. Loan Endowment policies, after 3 years only
Whole life policies, after 4 years
Should not have been assigned
No loan for AEA policies/children’s policy

12. Loan Exceeding 3 years, but less than 5 years : 60% of surrender value
Exceeding 10 years : 90% of surrender value
per annum compounded half yearly

13. Reduced paid up
The Reduced Paid-Up feature allows the policy holder to stop further premium payments resulting in reduction in Sum Assured (SA).
The policy can be reduced paid up in Active and Active Lapse state
The Sum Assured gets reduced as per the premium paid till date, and the policy remains in the reduced paid up state till maturity.

14. Surrender
The Surrender value of a policy is the amount that is payable to a client for which the contingent benefit of the policy is given up and is surrendered for an immediate cash payment.
The Surrender value offered to the client depends on the insurance product and how long the client has had it.
To surrender the policy, the policy should have been in place for a minimum period of 3 years and the premiums paid up to date.

15. Policy servicing
The policy servicing request will be fulfilled in 4 different user levels in McCamish
Indexer
Data entry operator
Quality Cecker
Approver

16. Policy servicing
Approver enters the request and generates transaction ID
Automatically the request will go to Data entry operator
Data entry operator will enter the details in the module
Automatically the request will be available to Quality checker
Quality checker will check the data entered by DEO and submit

17. Policy servicing
On submission by Quality checker, the request will be automatically available to the Approver
Approver to login with his/her credentials and approve the same
In each level, the task should be reserved and then to be processed
The workflow of policy servicing is shown below through screenshots

18. Policy Servicing - Address change
Old address in the policy

19. Policy Servicing - Address change
Login screen for Indexer

20. Policy Servicing - Address change
Home page for Indexer

21. Policy Servicing - Address change
Select request type as address change, enter policy no. and click on next

22. Policy Servicing - Address change
Details of policy will populate, click on submit

23. Policy Servicing - Address change
A transaction ID will be generated, note down the same

24. Policy Servicing - Address change
The service request will then be available to data entry operator.
DEO will login with credential and click on inbox
Under pending the request will be listed, reserve the same by selected and clicking on reserver

25. Policy Servicing - Address change

26. Policy Servicing - Address change
As DEO select reserved, enter tran id and service request
The transaction will be listed, select the same

27. Policy Servicing - Address change
Click on tran id hyperlink and details of policy will appear

28. Policy Servicing - Address change
Change the address

29. Policy Servicing - Address change
Select the documents submitted for change of address and click on submit

30. Policy Servicing - Address change
On submission by DEO, request will be automatically available in Quality checker level user
Login with credentials of Quality checker

31. Policy Servicing - Address change
Under Inbox and status pending, reserve the task

32. Policy Servicing - Address change
Under status reserved, search the request with tran id or policy no.

33. Policy Servicing - Address change
Open with hyperlink

34. Policy Servicing - Address change
Check the correctness w.r.t. documents received and submit

35. Policy Servicing - Address change
On submission by Quality checker the request will be passed to Approver
Approver should login with his credential and check inbox

36. Policy Servicing - Address change
Reserve the task as done by Qualitychcker then under status reserve, search the request and open through hyperlink

37. Policy Servicing - Address change
Check the correct updation of details and submit

38. Policy Servicing - Loan
Indexer can generate the Quote for Loan

39. Policy Servicing - Loan

40. Policy Servicing - Loan
Quote can be given to customer

41. Policy Servicing - Loan
The required document will also be shown in quote

42. Policy Servicing - Loan
If customer submits a service request for loan, the Indexer can raise a tran id for same

43. Policy Servicing - Loan

44. Policy Servicing - Loan

45. Policy Servicing - Loan
Ticket no. will be generated

46. Policy Servicing - Loan
An acknowledgement will also be generated

47. Policy Servicing - Loan
On successful submission by Indexer, the request will be available to DEO
DEO to reserve the task and then enter the amount of loan required within eligibility limit
Select required documents attached and submit

48. Policy Servicing - Loan

49. Policy Servicing - Loan

50. Policy Servicing - Loan

51. Policy Servicing - Loan
On successful submission, request will be available in Quality checker level
Reserve the task in quality checker and check the correctness of the entries and submit

52. Policy Servicing - Loan

53. Policy Servicing - Loan

54. Policy Servicing - Loan

55. Policy Servicing - Loan
On successful submission, login to approver and reserve the task

56. Policy Servicing - Loan
Open the request, check the correctness
Approver can accept (submit), reject or redirect the request

57. Policy Servicing - Loan

58. Policy Servicing - Loan

59. Policy Servicing - Loan

60. Policy Servicing - Loan
Loan amount may be disbursed by Indexer after approval l

61. Policy Servicing - Loan

62. Thank you