The following are some of the processes for our Risk management System.
- Customers are registered into the system and given customer numbers which contains all particulars of each customer as minimum requirement start date and end date being mandatory.
- Risk covers are defined in the system ready to be assigned to customers.
- Customers choose risk covers against loans, savings, staff and funeral.
- The premiums are determined by the rate per range is a table defined in the system.
- Customers pay premiums against the insurable amounts .These premiums are determined by the rate per range.
- The system has a capability to capture claims from customers when one of their esteemed members passes on. These claims are necessary when the system computes premium rebates.
- Client pays premium rebates of 45% of the premium if the is no claim launched.
- If there has been claim(s), then Client pays a premium rebate of 45% of (premium-claim) to that particular customer
- The system processes the premiums and issues a debt note to the customer(s).
- On paying the premium (which be done as lump sum or in installments) the system issues the customer with a receipt for that particular transaction.
- The system shall be integrated with General Ledger to allow seamless through of data and facilitate management reporting. The system shall be available to users online and shall have up to date information for reporting purposes
- The Risk module shall run the operation of the department from customer’s registration to policy documents generations, from issuing of debit notes and claims managements.
Once the data has been generated, the general ledger shall do the following;
- Generation of all payment vouchers including claim payments
- Management of account payables
- Cash and bank book management
- Receipts and Payment management
- Cheque generation and Printing
- Generation of both recurring and one off journal
- Bank reconciliation
- Work flow management
Cash Flow Statements
Statement of comprehensive income
Chart of account