Postal Life Insurance (PLI) IT Modernisation Project

Transcription

1 Postal Life Insurance (PLI) IT Modernisation Project FREQUENTLY ASKED QUESTIONS Part I 1. What is the PLI project? PLI project is a part of the Financial Services System Integration (FSI) solution (IT Modernisation Project) It is a part of the overall solution planned for IT Modernisation project. A graphic representation of the same is given below:

2 2. What is the need of PLI project? The need of this project is as follows: To do all work relating to PLI/ RPLI, from issuing of policy documents to settlement of claims including collection of premium, disbursement of loans, payment of claims etc., through one integrated software of Department of Posts To update all transactions of policies of PLI/ RPLI including collection of premium, payment of claims, loans etc. on real-time basis in the accounts of respective policies. Presently, such transactions are updated on monthly basis by uploading softcopies of schedules received from HOs by Circle Office To get correct information relating to policies on real time basis To minimize manual intervention once the data is entered into the system To capture and store images of documents relating to a policy in the software To provide access to the customers and agents/ sales force to see details of their policies and business done by them 3. What are the objectives of this project? The objectives of the project are as under: Become the first choice insurer for the eligible customers Develop a fully integrated life insurance platform to enable efficient and cost effective service to existing and new customers Improve the quality of service being offered to the customers. Achieve financial inclusion of the un-insured rural population, while minimizing the cost of operations 4. What will be the benefits arriving out of this project? Benefits of the project will be as follows: Faster turn-around time / Faster go-to-market Better customer service / Lesser grievance Better auditing and efficiency in operations Anytime anywhere policy and better fund management Financial inclusion of weaker sections who are un-insured Customer knowledge and better customer interaction channels Automated claims management and renewal notices Better manpower utilization Employees satisfaction due to simpler processes

3 5. Please specify the major process changes that will take place with this project? The key process changes are as below: Policy service requests can now be submitted through multiple channels like online, Post Office, CPCs and customer call center Every Head Office will have an attached Circle Processing Center (CPCs) wherein all types of functions relating to servicing of policies will take place. Around 809 Central Processing Centers (CPCs) would be set up Introduction of a system which will help in identifying potential customers Introduction of a system which will help in managing all the agents like disbursement of their commissions, performance tracking etc. Hand held device will be an interaction channel for customers for transactions such as payment of premiums, query, grievance, policy service request, and request for an agent etc. Any type of customer related query can be resolved by calling at the call center 6. What is the roll out plan? (Implementation approach and timeline) Roll out will be done in three stages, Pilot, Phase I and Phase II. Pilot Project will be rolled out in 8 HOs of eight Circles (Delhi, Karnataka, Maharashtra, Rajasthan, UP, TN, Assam, and Andhra Pradesh), all SOs (i.e. 191 SOs) under those 8 HOs, their Divisional Offices, Regional Offices and Circle Offices. Phase 1 Project will be rolled out in 6 Circles (Karnataka, Maharashtra, Rajasthan, UP, TN, Assam) with ~11059 POs besides the Regional Offices and Divisional Offices falling within these Circles other than the ones covered under Pilot. Phase 2 Project will roll out in remaining 17 Circles (including Base Circle) with more than 9773 POs. The Regional Offices and Divisional Offices falling under these Circles shall also be covered under this phase. 7. What will the structural changes be in the entity structure due to the implementation of the PLI project? (Ex. HO s, SO s etc.) After the implementation of the project, HOs will be the processing centres where all work relating to PLI/ RPLI from issue of policy documents to settlement of claims will be done. Only those cases will go to Divisional Superintendent Regional PMG or PMG in Circle, where their approval is required depending on the sum assured/ amount of claim involved, through the system. There will be no movement of physical file. Further, Proposal forms and service requests will also be taken at any Post Office direct from the proposer/ proponent and Post Office will forward the same to its CPC (HO) for processing.

4 Thus, need of staff at Circle/ Regional/ Divisional Offices for processing the cases will not be there. 8. Which existing roles will be impacted due to the implementation of the PLI project? Please also explain the process changes for these roles. CPC shall become the hub of all the activities for PLI/RPLI instead of Circle and Region. Handling and processing of proposals/claims and service requests will be discontinued at Divisional/ Regional/ Circle level. This work will now be done at CPCs Powers for acceptance of proposals and sanction of maturity claims which are presently with Superintendent for upto `5 lakhs of sum assured, and above 5 lakhs with PMG, will be revised and Head of CPCs will be authorized upto certain limits. Powers for settlement of death claims will be revised and delegated up to certain limits to Head of CPC and Divisional Superintendent as well. 9. Will new roles be introduced? If yes, then please explain these roles Head of CPC (viz Directors GPOs, Chief Postmasters, Sr. Postmasters and Postmasters) will be empowered to accept proposals upto certain limits of sum assured. Heads of CPCs will be competent to sanction various type of claims (maturity, death etc.) upto certain limits of sum assured. Heads of CPCs will issue policy documents to the insured after the approval of the proposal by the competent authority in the system. Sanctions of claims will be issued by Head of CPC after the approval of the competent authority in the system. All service requests relating to policies of PLI/ RPLI will be processed at CPCs. Proposal forms and service requests will also be taken at any Post Office direct from the proposer/ proponent and Post Office will forward the same to its CPC (HO) for processing. For any feedback, please write to us at [email protected]

5 Abbreviations Abbreviation PLI RPLI FSI CPC HO PO SO Description Postal Life Insurance Rural Postal Life Insurance Financial Services Systems Integrator Circle Processing Center Head Post Office Post Office Sub post office