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PREMIA Astra Billing

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Overview

As digitalisation transforms the way we interact with the world, financial institutions like insurance and fund management companies need to incorporate innovative technologies in their processes. They need solutions that enable easy customisation for a more customer-centric view while empowering cost optimization. Insurers of today, also need to be more data driven and enhance investments in their digital capabilities to improve customer value, and build back-end processes that support platform scalability.

3i Infotech offers a complete Insurance Management Suite, PREMIA® that today empowers over 115 Insurance companies to deliver best in class solutions across multiple Insurance verticals. With strong domain capabilities in Life, General, Health, Group Life and Islamic Insurance, the solution offers powerful and flexible product configuration, enabling businesses to launch new products with speedy go-to-market tools and drive new business acquisitions through a digital ecosystem 3i Infotech also offers a comprehensive application, MFund® Plus, a powerful automation tool to various financial institutions undertaking Fund and Asset Management activities.

Key Features

Direct Bill - It’s a single invoice for a single policy. Direct Bill is defaulted, unless a different type of Bill is selected

List Bill - It is a single invoice to a mortgagee, agency, or other third-party payees for multiple clients and multiple policies

Combined Bill - It combines multiple policies of a single customer on a single physical invoice

Payment Plan Setup: Define various payment plans with respective installment percentages and due dates. Based on the due days defined for each installment, the due date is calculated

Key Benefits

Delinquent Premium Management: PREMIA offers Delinquent Premium Management which refers to the management of following types of premium payments:

 Late Payment

 Short Payment

 Non-Payment of premium

Provision to handle short payment

Provision to define threshold limit (in percentage/amount) for short premium payment is available. It is handled in the following ways:

 If the short premium is greater than defined percentage/amount, notice of cancellation will be generated and sent to the customer. This is applicable to both down payment of premium and payment of subsequent installments

 If the short premium is lesser than the defined percentage/amount, then the short premium amount is billed in the next installment

 If it is the final installment, and the short premium is greater than the defined tolerance limit, then the policy would become liable for cancellation. If it is lower than the defined tolerance limit, then the short premium can be ignored by the authorized user, upon his discretion

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