The Smart Insurance Business concept of providing a paperless and cashless transaction solution is facilitated with the e-Cover’s Payment Module.

For the first time, e-Cover allows the insured to log on to the system and perform transactions such as policy search, renewals and make payments with just a few mouse clicks

 

  

The Insured
1. The insured logs in to the e-Cover Payment Module to make      payment or to renew his insurance policy.
2. e-Cover will send the information to the Bank/ Financial      Institution for verification.
3. Upon receiving information, Bank/ Financial Institution will      update the Insurer regarding the transaction.

The Agents
1. The insured approaches the agent to make payment for an      insurance policy.
2. The agent will log in to e-Cover to submit payment for policy      and submission online via Payment module.
3. e-Cover will send the information to Bank/ Financial      Institution for verification.
4. Upon receiving information, Bank/ Financial Institution will      update the Insurer regarding the transaction.

 

 

  Benefits

Principals

Agents

    Prevent roll-over of premium by Agents

    Reduce paperwork while improving traceability

    Compliance with CBC where applicable

    Enhance customer service

    Reduce Cash Control Procedures

    Create a paperless environment

    Reduce Credit Risk and reverse Payments - credit card
     companies pay first

    Provides full details of transaction records i.e. payment     and client history

    Enables immediate receipt issuance to Insured enhance     confidence and reputation

    Reduce delays in commission

    Improve efficiency tracking of policy to premium

    Enhance image of Agents

 
 
 
© Copyright 2007. All rights reserved. By Rexit Berhad
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