Insurance Policy Underwriting

Insurance Policy Underwriting
Standard Operating Procedure Prepared By EIP-Insurance-ISD, dated August-2018

Sno Index Page No. Sno Index Page No.
Insurance Policy Underwriting – Index Sno Index Page No. 1 Insurance Modules 3 2 Brief – About Claim 4 Policy Underwriting Process 5-6 Insurance - Policy Types 7 5 Flow chart – Insurance claim process 8-13 6 Sample Screen Shots with notifications. 14 Sno Index Page No. 7 Policy Request creation 18-26 8 Proposal (Offers) Creation 27-28 9 Quotation creation by Insurer 29-36 10 Comparisons 37-42 11 Recommendations 43-45 12 Premium Payment schedule 46-48 13 Extensions 49-50 14 Reports 54-57 15 Features 58-59 Please Note: Regarding Access of the options can be initiated in Access module to access the module. If any assistance can check with respective IC-ISD team Prepared By EIP-Insurance-ISD, dated August-2018

Policy Underwriting Policy Extensions
Insurance Policy Underwriting – Insurance Modules In EIP Insurance applications have three modules. Policy underwriting & Extension module is been described in this presentations START Policy Underwriting Policy Extensions Claims END Prepared By EIP-Insurance-ISD, dated August-2018

EIP - Insurance Policy Underwriting – About (in brief)
Underwriting is a term used by life insurers to describe the process of assessing risk, ensuring that the cost of the cover is proportionate to the risks faced by the individual / Project concerned. Module have provision from Policy underwriting request by project initiator to Insurance company registering & premium payment through internal approvals & scrutinize Prepared By EIP-Insurance-ISD, dated August-2018

EIP - Insurance Policy Underwriting – Process
Project initiate Policy request with required inputs. After successful Policy request – forward to BU’s acknowledgment. Through Policy Request - Edit filter option, using workflow link , the document has to forward for acknowledgement After BU successful Acknowledgment – Document will flow to IC Approver by auto workflow. System have predefined workflow - IC wise After IC successful approved , document will be enabled for DC-Insurance team to scrutinize the Policy request. Document will be available in workflow window, Scrutinizers needs to scrutinize the document in respective page After successful scrutinized, Document is available for Proposal (Offer to Insurer) to multiple Insurers. After successful Policy Proposal to insurers, Quotation inputs will be enabled to respective Insurer. Comparison enabled for DC-Insurance team to compare & option to award the policy underwriting to specific insurer with breakup of premium payment schedules. Recommendation approvers needs to be approved (with four level predefined workflows), with Provisions to provide co-insurer by approve level-3 & 4 Policy Premium payment initiation by DC-Insurance team (Work order request followed by Work order approvals at Work order module) , subsequent schedule premium payment initiation by DC-Insurance team followed by Work order bill & further payment disbursement process in Work order module & Finance module respectively Policy Extension can generated and further process will remain same as policy request process. (Proposals to only specific insurer) Complete Policy request details are available in Excel under Report option Attachments provision available in all transactions & additional attachment(s) / queries can be updated in LOR (Letter of Requirement) option . Send back, auto s are available where’re required. Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Policy Underwriting – Process
Sno Document / Transaction Responsible 1 Policy Request / Extension Request By Project 2 Policy Request Acknowledgment By BU 3 Policy Request approve By IC 4 Policy Request Scrutinize BY DC-Insurance Policy Request Intimation Proposals , Quotations, Comparisons Recommendations Sno Document / Transaction Responsible 4 Proposals to Insurers by DC-Insurance 5 Quotation Creation By Insurer 6 Comparison & Recommendation Sno Document / Transaction Responsible 6 Premium schedule & Payment Initiation By DC-Insurance Premium Payment Schedule & Payment Initiation Sno Document / Transaction Responsible 6 Letter of Requirements Stake holders LOR Prepared By EIP-Insurance-ISD, dated August-2018

Project Specific Policy
Insurance Policy Underwriting – Policy types Sno Policy Types 1 Engineering Policy Contractors All Risk Policy (CAR) Erection All Risk Policy (EAR) 2 Marine Cum Erection All Risk Policy Project Specific Policy Sno Policy Types 3 Contractors Plant & Machinery Policy (CPM) 4 Fire/Burglary Policy 5 Group Personal Accident - Staff Policy (GPASP) 6 Group Personal Accident - Workmen Policy (GPAWP) 7 Group Term Life Policy (GTLP) 8 Contributory Group Term Life Policy (CGTLP) 9 Miscellaneous Policy Annual Policy Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Underwriting process – Overall Process
Start Insurance Underwriting Claims Premium payment applicable for > 12 months valid period Extension options will be Enabled. One time payments, period valid for only 12 months. Engineering Policy Annual Policy FIRE MARINE CPM End Prepared By EIP-Insurance-ISD, dated Mar-2018

Start Extension New A Request & Proposal Select Valid Request No Valid – Extension is valid before the Insurance Policy expires Update the respective Values and submit for Extension B BU Approval Prepared By EIP-Insurance-ISD, dated Mar-2018

Can initiate from Project/Cluster/BU – based on Access Send back by Scrutinizer Request & Proposals D F LOR On Successful Request Creation, auto will send to BU Approve and DC Scrutinizer with Attachments Cluster/BU Approve B Cancel Will send back to initiator with auto & remarks, initiator can take action accordingly Extension If Approve End Send back On Successful Approve ,auto will send to IC Approve and DC Scrutinzer with Attachments. Approved IC Approve Will send back to initiator & BU approver with auto & remarks, initiator can take action accordingly If IC Approve Send back On Successful Approve , auto will sent to DC insurance for Scrutinize with Document Attachments Yes C Prepared By EIP-Insurance-ISD, dated Mar-2018

If cancel the Request fully closed the Requested and auto mail will send to Request Creator, BU Approver and IC Approver and DC Approver . DC Scrutinize During Scrutinize, will have provision to Edit contents of the request & Proposals documents. Request & Proposals D Will send back to initiator with auto & remarks, initiator can take action accordingly If Scrutinize Send Back End Cancel On successfully scrutinize, auto will send to Initiator, BU approver & IC approver and DC Approver Yes For New Request Provision provided to select the multiple insurance companies to enquiry the quotations with predefined parameters. Auto will trigger to participants. For Extension : Quotation will forward to specific insurance company which was awarded in the exists request document. Auto will trigger to Insurance company. Enquiry for Quotations Quotations by insurance Insurance company can be edited the quotations within validity period and can view their quotations alone whenever required. Insurance Company will receive the Request from DC Insurance . Insurance company will have provision to provide the quotation as per the predefined inputs which was provided in the underwriting request document. Comparison by DC Insurance Insurance company’s quotations can be viewed and do the comparison statement based on the predefined comparison logic E Prepared By EIP-Insurance-ISD, dated Mar-2018

Premium Payment Schedule Initiation
Insurance Underwriting process – Overall Process E Digital Signatures as per the Number of approvals defined. As per current scenario, Three approval is mandatory from DC-Insurance Digital Signatures Premium Payment Schedule Initiation Initiate WOR Creation Auto Standard Deduction WOR Approval Flows WOR Authorization & Work order creation Auto Bill Generation Bill Deduction Bill Approval Invoice Registration Bill Scrutiny SJV creation Payment Disbursement cash / Bank Payment End Prepared By EIP-Insurance-ISD, dated Mar-2018

Start Letter of Requirements with document Attachment provisions F Request & Proposal LOR Creation LOR can be updated by Claim Initiator / DC Insurance wherever applicable Based on the claim’s predefined document attachment list, Claim initiator or DC-Insurance can upload the relevant attachments against document details. Query Creation /Response with remarks from Both Claim Initiator and DC-Insurance Review Details Attachments Document attachment status can be reviewed. Like total no. of documents required Vs document attached End Prepared By EIP-Insurance-ISD, dated Mar-2018

SOP- Insurance-Claim - Sample Screens
Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Policy Claim process– EIP Login Credentials
1 2 3 Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Policy Claim process – Main Menu - Insurance

Insurance Policy Request – Landing Page (Dash boards)

Policy Request Creation

Insurance Policy Request – Insurance Document  Policy Underwriting (Creation) 1/8

Insurance Policy Request – Insurance Document  Policy Underwriting - EAR (Creation) 2/8

Insurance Policy Request – Insurance Document  Policy Underwriting - CAR (Creation) 3/8

Policy Proposals Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Policy Request – Insurance Document  Policy Proposal (Creation)

Policy Quotation Creation

Insurance Policy Request – Insurance Document  Quotation (Creation) 1/7

Insurance Policy Request – Insurance Policy Underwriting  Quotation (Creation) 2/7

Comparisons Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Policy Request – Insurance Policy Underwriting  Comparisons 1/5

Recommendations Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Policy Underwriting  Recommendation 1/2

Insurance Policy Underwriting  Recommendation (Co-Insurer Updates) 2/2

Premium Payment schedule

Insurance Policy Underwriting  Premium Schedule Creation 1/2

Insurance Policy Underwriting  Premium Payment Creation 2/2

Policy Extension Creation

Insurance Policy Underwriting  Extension Creation 1/1

Reports Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Policy Request  Reports

Insurance Policy Request
Standard Operating Procedure Thank You Prepared By EIP-Insurance-ISD, dated August-2018

Insurance Policy Underwriting

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