Service Master Bancassurance Solution
Service Master Bancassurance Solution (MIBS) is a complete Motor,General and Life Insurance Brokerage Solution. It handles all aspects of Business Leads Management,Customer Relationship Management (CRM) ,Products Definition/Setup, Workflow,Insurance Companies Management, Quotations Preparation, Motor Certificate Printing, Policy Management (Endorsements,Renewals,Cancellations and Nullifications),Emailing of Policy Renewals, Accounting, Claims Management, Security and Disaster recovery among others.
A bank running the Bancassurance system will benefit as follows:
i) Diversification of non-funded income streams
Through automatic charging of commissions for every premium collected on behalf of the insurance company or companies.
ii) One stop-shop value proposition for Asset Financing
Bank customers are able to get Motor Vehicle insurance stickers under the same roof after getting Asset Financing.
iii) Mobilization of deposits
a) Funds collected are credited to the provider’s collection account held at your bank.
b) Bank’s customer loyalty resulting from the convenience offered by Bancassurance.
iv) Safeguarding the bank’s interests
a) The bank can ensure that customers who qualify for mortgage(s) also get life insurance through them.
b) Banks interest in all assets it finances is noted and protected.