Categorize your Intermediaries as per your company’s model. Classify as Bank, Individual Agent, Broker, etc. and label them as Commission Agent, Direct Agent, Sub- broker, Associate Agent etc. based on commission. Identify each with a unique Intermediary identification.
Track every intermediary and their business through analytic reports. Configure and transact commission for each line of business for different types of intermediaries.
New Intermediary
Helps in registering the Intermediary info like details of Agent, Broker, Corporate Agent or Direct Sales in the
system.
Update Intermediary
Helps user to modify the details of existing Intermediary in the system.
License Renewal
Helps Insurer to monitor the license details / update Renewals of Intermediary (Agent / Broker).
What’s Unique?
Document Management
The world is advancing with its digital presence and digital documentation, so what is the need for hard copies and manual maintenance. Upload multiple documents for an intermediary at once in any format.
Track these documents with a unique reference id and uploaded user details.
With SOHAMGENI ,
managing customer data is much more than storing data. Capture every minute detail as per KYC – Personal Details, Address, Communication information, Bank details and National Id of the customer.
Validation of a customer with the same National Id or Mobile No. allows Insurer to eliminate the biggest problem of customer duplication.
In addition, status of a customer i.e., Active, Inactive, Blacklist state determines if customer is eligible for transactions i.e., Proposal or Policy Issuance and the same can be tracked.
New Customer
Helps user to add new customer with all KYC details, by validating the duplicate entry of the customer. Every Customer/Client is given a unique ID in the required format of Insurer.
Update Customer
Helps user to modify or update existing customer details in the system, prior to issuance of policy.
Customer Statement
Customer can have multiple policies with Company in different lines of business. Customer statement shows all debits/credits statement of all policies/claims in a single view.
What’s unique?
No more duplicate customers
Customer identification in SOHAMGENI is more than a mere KYC form. Track down every customer based on unique identification of National ID (NIN), Tax Identification No (TIN), Mobile No
SOHAMGENI provides a collaborative environment where underwriters can verify quotation sheets and issue policies.
With an integrated workflow process of Submission, Acceptance & Policy Issuance, SOHAMGENI stands out in evaluating a Proposal with integrated DMS.
Document management system (DMS) helps you to reduce paper work & seamlessly track the documents submitted by client (includes license, legal documents, medical documents, photographs, signatures etc …)
Allows authorized user and underwriter to issue policy after analysis and confirmed Premium calculation
Debit Note/Invoice
No more manual creation of invoice once policy is issued. SOHAMGENI System automatically generates debit note/invoice for the client with appropriate premium including VAT, Fees (in any).
Print Policies
System validates printing of a Policy Schedule/Contract/Document only after payment, as firm assurance to customer. This document can be tailored to meet Insurers needs with appropriate excess, policy wordings, interested party details.
What’s unique?
Integrated Reinsurance at UW
Risk is evaluated & apportioned with treaty at Underwriting level.
System validates issuance of policy based on complete placement of risk based on facultative too.
SOHAMGENI has a comprehensive policy administration system that provides full life-cycle processing capabilities for all lines of business.
Manages all policy level transactions – renewals for individual & fleet, suspension/reinstatement of policies, cancellations and various endorsements like change in Sum Insured, Exclusion / Inclusion of Discounts, Geographical extension of cover etc…
With inbuilt capability to calculate Additional/refund Premium (Pro-rata basis, Short rate method etc.) and generate an automatic debit /credit note,. SOHAMGENI fulfills all criteria.
Policy Endorsements
SOHAMGENI allows user to perform various endorsements. Each endorsement can be classified as Additional / Refund or NIL (No premium change) endorsement
Policy Suspension / Reinstatement
Can suspend a policy for a specific period of time.
Helps to reinstate a policy with configured pro rata based premium calculation
Policy Renewal
Helps to renew the policies which are eligible to be renewed. System validates and alerts policies which cannot be renewed like Marine, Travel.
What’s unique?
Endorsement Premium
Additional/Refund/Nil endorsements can be done in the system. System will automatically calculate additional and refund premiums based on pro rata, 1/8th , 1/24th methods.
System shows pre endorsements and post endorsement premium and sum insured values for every endorsement made on the policy.
Heart of the system – Product Management; SOHAMGENI’s powerful configuration tool supports the creation of a product with Rates, Covers, Loads, Discounts, Reinsurance, Min & Max Sum Insured, Policy terms etc., within minimal time and in simple steps.
Built on modern architecture with standardization, Product Management offers an intuitive experience to the user. Also, define insurable items, subject matters (Vehicle No, Tin No, Plot No, Make, Model etc…) in quick steps.
Insurable Items
Configure type of Motor vehicles, goods, industrial property, residential property, plants, machinery etc… to be insured
Risks/Perils & Rates Configuration
Create
risks for all classes of business. Mention the min and Maximum Sum Insured for each of the risk. Classify them as Claimable risk or Proposal level risk. Also, configure rates for each of these risk based on Insurable item & if it is Flat rate or Percentage.
Subject Matter
Capture
the details required for Insurance to be allowed. Allows user to configure various subject matter like make, model, engine number, chassis, property details, stock details etc…
Loads/Discounts
Configure various loads or discounts, give a competitive price based on type of vehicle, stock, property etc. for age of vehicle load, age of property load, tax etc… and discounts like No Claim Discounts, special discounts etc…
What’s unique?
Commission
Configuration
Commission
can be configured differently for each distribution channel (Intermediaries)
for each product in a specific line of business.
SOHAMGENI suite has a fully integrated Accounting system, eligible to transact and track Insurance Accounting & General Accounting.
From automating Debits & Credits to payment in installments, SOHAMGENI has it all. Controlled with high-level accounting architecture, all premiums, payments, receipts, balances are tracked offering business users a time saving & efficient experience.
Chart of accounts for both Insurance Accounting (Premium accounting, commission, claims, reinsurance accounting etc…) and General accounting (Management expenses, salaries, Operation expenses etc…). Trial Balance, Ledger Reports, Balance sheets can be generated.
Account Codes
User can create, modify any account code and specify their type, category, status. Various Account Types such as Asset, Liability, Revenue etc… can be created or updated
Receipt Voucher
Without automatic calculation of Due Balance for every customer based on installments, SOHAMGENI allows user to collect premiums, and generates a unique Receipt ID for each transaction, which can be printed immediately
Payment Voucher
Track all claims expenses to be paid using payment voucher. Mention all details of payment with option of cash/bank transfer, cheque . System generates a unique Payment ID for each transaction
What’s unique?
Journal Voucher
Used to generate Journal Voucher for single entry transactions, reversals etc…like operations voucher, voucher for third-party expenses, vendor expenses.
Along with Debit & Credit feature, all Account reports can be fetched from SOHAMGENI integrated Accounts system,
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Entire cycle of claims from Intimation/Registration to Approval & Settlement, business user can register all types of claims along with all available data and documents -First Information report (FIR), Claim form, registration certificate etc…
Validations for claims raised on the same day as inception, multiple claims registered for a policy on the same date, claim loss date and time within Policy period are alerted to the user.
Approval of claims based on hierarchy levels/role in the organization are controlled here.
Register Claim
Register different types of claims and specify details like nature of loss, place of loss, damage details, passengers’ details etc…
Review Claim
Claims officer can review the claims, estimates along with the documents and can also leave his review comment. System alerts all outstanding claims due for review at specific intervals
Approve/Reject Claim
Claims can be approved or rejected by the user after verifying the reasons of claims. If there are multiple claims on the same day, system alerts the user and helps in validating the case
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What’s unique?
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Claim Approval Limits
Control the hierarchy of Claim Approval by specifying limits based on roles of Claims officer for every product. System alerts if the approved amount is beyond the approval limit.
Automatic Creation of Credit Notes for every claim expense is another unique capability of SOHAMGENI system along with Reinsurance.
SOHAMGENI suite covers all areas of reinsurance business at Underwriting, Policy Administration and Claims. Process both Proportional – proportional quota, surplus, quota-surplus and Mon-Proportional – excess of loss treaties with all parameters – treaty limit, retention limit, surplus limit, surplus lines, sp cedant commission, etc…
Reinsurance transactions and reports with quarterly bordereau. Quarterly/Half yearly bordereau report can be generated based on the treaty terms.
Risk profiling and risk alerting based on the treaty terms alerted by the system during new business also.
Reinsurer
Configure different reinsurers that the company is dealing with; along with contact person details.
Treaty Category
Treaty categories for both proportional and non-proportional can be configured.
Treaty Setup
Configure a treaty with all the treaty limits, terms, reinsurer sharing with broker details.
Bordereau Setup
Bordereau can be configured for a specific period, mostly for a quarter. Treaty is linked with bordereau.
Reports
Generate reinsurance report based on Apportionment for a specific bordereau. Extract reinsurance recoveries for all motor claims of a non-proportional treaty
What’s unique?
Share Percentage apportionment
Apportion the share percentage for every Reinsurer of every Treaty. Mention the VAT & WHT percentages based on Reinsurer
Configure all master data used across the system in a quick – easy way -Company, Branches, Currencies, Countries, Currency conversion rates …
Company
Define company details with a unique Company Id. And capture contact details, address, website, TIN no, details which shall be displayed on all reports & documents
Branch/Locations
For an Insurance company situated at multiple locations, branch details can be configured. Analytic reports of business done for every branch can be generated
Country/Districts
Country where the insurance company is located is specified here, along with Districts/Zones
Currency Code
Currency used in the specific country is mentioned here. Based on which, currency is displayed in premiums
What’s unique?
Currency Converter
Dealing with multiple currencies, SOHAMGENI has the solution to cater to this need. SOHAMGENI system allows conversion of rate from one currency to another based on the conversion rate defined in our Currency converter.
With Security Management master business user can manage the complete set of modules, features, permissions, roles and users.
Create multiple users and define create, edit, view permission for every user based on feature and module. Based on hierarchy, user level security roles can be specified.
Modules & Features
Configuration of all modules & features is done here and is uniquely identified by an Module Id & Feature Id
Access Permissions
Admin/Master user can define create, edit and view permission for every user for every feature and module
Security Roles
Based on the hierarchy level in the organization, Admin/Master user defines set of roles like underwriting officer, claims officer, accounts department etc…
User Details
All the details of users working in the insurance company are registered here along with identified by a unique Id
Change Password
User can change his/her password here to maintain authenticity and security to the system
What’s unique?
User Sessions
SOHAMGENI
system does not allow multiple logins from various systems or multiple browser
windows maintaining the data integrity via a session.
SOHAMGENI reports are more than just data.
Every report is detailed, presenting adequate information on various aspects of the business.
SOHAMGENI reports can be tailored as per Insurers requirements and can also be fine tuned to meet the formats of insurance regulatory.
- Customer Details Report
- Customer Policy details Report
- Customer Statement Report
- Intermediary Commission Report
- Premium Production Report
- Class-wise premium Report
- Branch Business Report
- Product-wise Business Analysis
Report
- Fleet Proposal Report
- Renewal Policies Report
- Renewal Notice Report
- Endorsement details report
- Unearned Premium Report
- Registered Claims Report
- Claims Activity Report
- Claims Outstanding Report
- Cumulative Debtors Summary
- Monthly Premium by Broker
- Trial Balance
- Balance sheet
- Profit & Loss
- Ledger Report
- Debtors Aging Report
- Tax Report
and more….
