INSURANCE PREMIUM BILLING SYSTEM

Endeavours mandate was to provide Insurance Premium Billing system along with other back office operations which should help to carry out business operations in life-cycle of an insurance policy and help to meet the regulatory requirements enforced by FSA for one of the largest insurance service provider in India for its UK branch. The application is developed in ASP .NET 2.0 platform and MS SQL Server 2005 as backend.

HIGHLIGHTS
Industry: Insurance Customer : UK Branch of one of the largest insurance service provider in India Technology Domain: ASP .Net Web 2.0 (AJAX) MS SQL Server 2005 Active .Net Reports 3.0

Business Challenge

The primary objective of the Insurance Premium Billing system was to architect and develop the system, which will help to generate the premium bills required for collection of installments from the customers depending on the premium installment submission day. The billing system is the core module for the collection of revenues for the insurance service provider and comes with complexities that are manifold because of the core business processes. Some of these complexities are: Legal and regulatory aspects. Product sold once but billed over the term. Complex product definition - premium billing events to be recorded accordingly e.g. Unit linked products. Growing customer base. Defining accurate workflow rules for the premium billing. Change in premium billable amount. Awarding bonus on the Policies with profit products sold to the customers depending on the premium amount Consequences for failure to collect the premium installment. Straight through processing for accounting Customer failing to pay the premium and relevant recording mechanisms. Reinstatement of policies and billing methodologies in such cases. Management of Agent commission based on the premium bills received. Accuracy in generation of bills. Bill Reporting.

BENEFITS
Endeavours team of insurance domain experts and techno-functional consultants build this insurance system for the client was a complete success. This system has helped client to cut down the cost of managing the daily operations. It also helped client to focus on marketing rather than daily operational issues.

Software Solution

Scheduled task at the back end for generation of the premium bills. Automated business process. Risk mitigation through creation of bills in advance. Creation of easily readable format for collection of bills through Direct Debit. Endeavours Role The overall objective of the Insurance system for insurance service provider was to architect and develop the system, which will help to complete the daily business operations and help to meet the regulatory requirements. Endeavours responsibility was to provide techno-functional consultancy to choose right technology, procuring proper hardware and software and architecting and developing the application, which will enable client to focus more on marketing front rather than on daily operational issues. Endeavours primary focus was to: Architect and develop the insurance business solutions which will help to complete clients daily business operations in life-cycle of policy and help to meet the regulatory requirements imposed by financial authorities. Migrate the existing data from current service provider to the our database. Train the business users to complete the daily business operations using our system.

W: www.techendeavour.com M: info@techendeavour.com

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