AGILIS BancAssurance

AGILIS Bancassurance is a comprehensive solution for banks that sell insurance products, both Life and Non-Life, to their clients. AGILIS Bancassurance manages bank’s entire insurance broking back-office operations, leaving its staff to focus on procuring more business and spending more time in the front office.

AGILIS Bancassurance allows creation and maintenance of comprehensive profiles of clients as well as Insurance companies/ branches. Client profiles broadly contain two knowledge / information base i.e. client's personal details and policy details. A client's Policy detail further contains a profile of all Insurance polices taken by the client, endorsement details and upcoming policy renewals/ premium due.

Profiles of Insurance companies contain detailed information of individual Insurance Companies and their branches such as their addresses, contact details and details of Insurance products, coverage and commission.

AGILIS Bancassurance geared to manage a Bank's back-office requirements for insurance business. Ranging from assigning targets to its channels, to tracking incentive earned by the Sales staff ultimately commissions earned by the recorded and monitored in the system.The system allows business transactions to be recorded from Bank's branch offices with built-in secure controlled access rights and permissions. AGILIS Bancassurance supports both Life and Non-Life Insurance.

Distinctive Features at a Glance

  • Front- and back-office integrated and web-enabled solution designed to effectively manage all Life and Non-Life insurance products, provides you with easy to use methods for configuration of new insurance products based of the market demands and offerings of your partners.
  • Workflow automation and decision support through entire bancassurance operations, including quotations, conversion into policy, easy data upload from insurance companies, claims registration, sales management, reconciliation and reporting. Thorough consolidation of all modules eliminates duplicate data entry and ensures data integrity

    Caters to all classed of Life and Non-Life insurance business:

    • Motor
    • Health (including medical and travel)
    • Property/Fire
    • Miscellaneous (including mortgage, engineering, marine, ets.)
    • Life
  • Effective management of all sales-related operations, including definition of business sources (employees, consultants, tele-marketing), sales targets, parameterized commission calculation engine for all business sources, income calculation.
  • Effective reporting: large number of pre-defined standard reports and ability to integrate with any third-party report-writing tool for ad hoc queries and reports.
  • Comprehensive third party and customer relationship management, including maintenance of exhaustive client and insurance company profiles.

Organization Setup

AGILIS BancAssurance supports defining bank’s organization setup - like channels, branches, zone, regions, sales staff along with their hierarchy. This setup is used in monitoring and reporting the performance of bancassurance business as per bank’s requirements.

Insurance Setup

The details include setting up Insurance company, Insurance company branches, Insurance products and coverage details. It also allows defining various types of commissions and charges payable by Insurance company to the Bank for the business generated.

Various types of commissions and charges include Basic commission, Bonus commission, Renewal commission, Top-up commission (for unit linked products), Marketing expenses and Sales incentive.

Integration with Insurance Companies

AGILIS BancAssurance integrates with Insurance Companies through data upload (spreadsheets) for various transactions from Insurance Company. It supports definition of upload templates for various transactions, mapping input file structure with AGILIS BancAussurance data structures and defining basic validation on the data. The process provides for handling exceptions.

Transactions

AGILIS allows recording sales transactions and tracks status of a policy based on the data feeds from Insurance Company, including Policy conversion (issuance), Endorsements, Renewals, Status of Installments, Lapse, Surrender, Cancellation, commissions and charges.

Renewal Processing

AGILIS BancAssurance provides for periodic processing for generating upcoming renewals, installments, commission and charges. Sales team uses this data for follow up with customers and back office operations uses it for follow-up on renewals, commissions and charges with the Insurance Company.

Reconciliation

In bancassurance two sets of data exists. While the Bank sells the policies, Insurance Company handles actual issuance of policy. AGILIS provides Reconciliation of these two sets of data to ensure the Insurance Company has accounted for all the transactions reported by the Bank. This includes new policies, renewals, installments, lapse, surrender, cancellation, commission and other charges.

Targets

In order to measure performance of channels, sales force and bancassurance business as a whole, AGILIS BancAssurance supports defining sales targets at all levels in the hierarchy that is later compared with the actuals to assess the performance.

Incentives

AGILIS provides for defining and calculating the incentives for its sales force.

USAP - User security authentication and profiling

User security authentication and profiling in AGILIS enables secure access to the application data by authorized users. It allows for defining and managing users, groups, access rights, authority and implements maker-checker and SOX compliance.

Auditing

Any change on the data is logged and available for Auditing. Facility is available to Archive old data to Archive DB and Purge the archived transactions from OLTP DB.

MIS
AGILIS BancAssurance provides comprehensive MIS on various aspects of the business across hierarchy (organization setup) with details up to individual transactions.

Why Soft Solutions Limited (SSL)?

Soft Solutions Limited (SSL) founded in 1994, has emerged as one of the leading IT solutions and consulting companies in Nigeria.

SSL helps customers address enterprise challenges by providing comprehensive solutions that combines innovative models and technologies with passion to solve business problems.

We deliver technology solutions that are cost effective, easy to use and adaptive to enable next level growth. Our solutions provide the platform for an agile ICT environment that drives an organization towards set objectives. They instantly transform any organization and deliver visible return on Investment.

At SSL, we are pragmatic consultants who bring an implementation perspective to all our work. We realize that elegant solutions are meaningless unless they can be translated into sustainable business value.

Soft Solutions Limited partners with AGILE Financial Technologies in Nigeria. AGILE Financial Technologies is one of the leaders in the Financial Industry. They offer customers solution that can automate Fund Management, Wealth Management and/or operations in Financial Planning, Capital Markets and BancAssurance
Email: marketing@ss-limited.com

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