Pre & Post Insurance Solicitation Procedures, Process and Timelines
In terms of Clause 15(4) read with Schedule II of the Guideline on Insurance e- commerce guidelines issued by IRDAI on 9th March 2017. Finzoomers Services Private Limited (“Company”), as an ISNP follows the following service Turn-around- time (“TATs”) for online sale of Life, Health & General Insurance Products.
HEALTH & LIFE
Sr. No Service Procedure TAT 1 Filling up the Proposal Form The users willing to purchase insurance from Indmoney can do so by navigating to Health/Life Insurance section, wherein necessary basic information is required to be submitted by the user (Such as gender, name and mobile number) to move to the next page, Post OTP verification and submission of required details (such as family member, age, area pin code, confirmation on pre-existing disease etc) the user is moved to e- quotes page, wherein the quote of best suited products of different insurance companies with their basic product features are generated and displayed for comparison. Upon E-Quote generation customer can check the Quotes from various insurance companies and select any insurance company’s plan that the customer wishes to purchase, he/she will then be redirected to product page for that insurer which lists down all the details of the plan selected and gives option to select riders. Post comparing and selecting the policy, the user will be directed to the next page i.e. filling proposal form wherein, the user is required to fill and submit the details as required by the selected insurance company for underwriting the policy.
Real- Time basis 2 Compliance with KYC norms If required, the team will coordinate with the user for providing the same. It is covered as part of on-boarding journey Real- Time basis 3 Payment of the Premium After filling all the necessary information as per the application/ proposal, User would be redirected to the payment gateway and would be required to choose a payment mode using one of the following payment options: Credit Card, Debit Card, Internet banking, UPI or etc. This might change from time to time. After choosing the payment mode, customer would need to enter the payment details and proceed to make the payment. Upon successful completion of the payment, user would be redirected to a payment confirmation page Real- Time basis 4 Written communication of decisions on the proposal / raising additional requirements on the proposal Post making the payment, the proposal form is shared with respective Insurance Companies for their evaluation and decision i.e either acceptance; or rejection or raising additional requirements. Post receipt of decisions or advice of insurance company, the same is communicated with the user via registered email id or registered mobile number. Within 7 working days of receipt of information from Insurance company 5 Medical examination Insurance company evaluates the proposal and triggers the medical examination request, if required. The same is intimated to the user Within 7 working days of receipt of information from Insurance company MOTOR
Sr. No Service Procedure TAT 1 Filling up the Proposal Form The user is asked to fill his/ her vehicle details such as (Registration Number). For this vehicle the details such as fuel type, make and model, variant etc are fetched from partnered Third party services. On clicking the “Get e-Quotes” tab, the user is then redirected to Motor Insurance E-Quotes page, wherein the quote of best suited products of different insurance companies with their basic product features are generated and displayed for comparison. Customers can check the Quotes from different available insurance companies and select any insurance company’s plan that the customer wishes to purchase.
Real- Time basis 2 Compliance with KYC norms If required, the team will coordinate with the user for providing the same. It is covered as part of on-boarding journey Real- Time basis 3 Payment of the Premium After filling all the necessary information as per the application/ proposal (such as owner details; previous/current motor insurance policy details etc.), User would be redirected to the payment gateway and would be required to choose a payment mode using one of the following payment options: Credit Card, Debit Card, Internet banking, UPI or etc This might change from time to time. After choosing the payment mode, customer would need to enter the payment details and proceed to make the payment. Upon successful completion of the payment, user would be redirected to a payment confirmation page. Real- Time basis 4 Written communication of decisions on the proposal / raising additional requirements on the proposal Post making the payment, the proposal form is shared with respective Insurance Companies for their evaluation and decision i.e either acceptance; or rejection or raising additional requirements. Post receipt of decisions or advice of insurance company, the same is communicated with the user via registered email id or registered mobile number. Within 24 working hours 5 Refund of premium amount post cancellation/rejecti on of proposal In case, the proposal gets rejected by the respective Insurance Company, the deposit shall be refunded to the user within the prescribed timelines 7-10 business days Post-Sale Solicitation Procedures; Process and Timelines
In terms of Clause 15(9) read with Schedule III of the Guideline on Insurance e- commerce guidelines issued by IRDAI on 9th March 2017. Finzoomers Services Private Limited (“Company”), as an ISNP follows the following service Turn-around- time (“TATs”) for online sale of Life, Health & General Insurance Products.
LIFE
Sr. No Service Procedure TAT 1 Issuance and crediting of the Policy document / Certificate of Insurance / Proposal form Post acceptance of proposal form by respective Insurance company, the policy gets issued to the Customer and copy of the same gets delivered to the customer (hard copy to registered address and soft copies to registered email id) Within 15-20 days of Issuance of Policy 2 Organizing medical checkup and submission of medical reports Medical check-ups are required by the Insurers as per the plan that the customer has procured. In case the plan requires a medical check-up: - once customer has made the payment of the recently purchased online plan, he/she would be routed to complete the next steps i.e. Schedule Medical (if applicable). Within 15 working days 3 Issuance of endorsement/Chang e in policy terms and conditions/Change of nomination In case of any change in the policy the customer may write to us at insurancesupport@indmoney.com . In case of the financial endorsement, the customer is being assisted for the payment of additional premium. There are 2 types of endorsement 1. Financial Endorsement (add more coverage, add add-on or change in scope of policy; increase of premium due to change in DOB etc) 2. Non- Financial Endorsement (Address, Mobile Number, change in nominee details etc) The endorsement requests are forwarded to respective Insurance Companies within 24 working hours. The customers are kept updated of actions on their request. 4 Collection of renewal premiums and remittance to insurers The premiums of the renewed policies shall be collected from the policyholders. The premium so collected shall be transferred to respective Insurance company Within 24 hours (excluding bank holidays) 5 Requests for refund towards free look cancellation, surrender and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any In case the customer wants to get his/her policy cancelled, they can raise the request for the same either through us by writing us to insurancesupport@indmoney.com or they can directly raise the request with respective insurance company Within 10-12 working days 6 Grievance redressal In case of any issue/any grievance, the customer can reach to our customer service section and raise their grievances All the grievances would be resolved within 14 days of receipt of the grievance. 7 Death/Maturity Claims Company directly is not involved in the claim settlement process, this decision is purely taken by respective insurance companies. In case, customer raises any request for claim assistance with the Company, the company shall provide all the required and possible assistance to the customer. Within 30 working days HEALTH
Sr. No Service Procedure TAT 1 Acceptance of the proposal form and Issuance and crediting of the Policy document Post acceptance of proposal form by respective Insurance company, the policy gets issued to the Customer and copy of the same gets delivered to the customer (hard copy to registered address and soft copies to registered email id) The soft copy of the policy is being shared within 1 working day. The hard copy of the policy is delivered by Insurance Company within 15-20 days 2 Issuance of endorsement/Chang e in policy terms and conditions In case of any change in the policy the customer may write to us at insurancesupport@indmoney.comIn case of the financial endorsement, the customer is being assisted for the payment of additional premium. There are 2 types of endorsement 1. Financial Endorsement (add more coverage, add add-on or change in scope of policy; increase of premium due to change in DOB etc) 2. Non- Financial Endorsement (Address, Mobile Number, change in nominee details etc) The endorsement requests are forwarded to Insurance Companies on real time basis. The customers are kept updated of actions on their request 3 Collection of renewal premiums and remittance to insurers The premiums of the renewed policies shall be collected from the policyholders. The premium so collected shall be transferred to respective Insurance company Within 24 hours (excluding bank holidays) 4 Grievance redressal In case of any issue/any grievance, the customer can reach to our customer service section and raise their grievances. All the grievances would be resolved within 14 days of receipt of the grievance 5 Death/Maturity Claims Company directly is not involved in the claim settlement process, this decision is purely taken by respective insurance companies. In case, customer raises any request for claim assistance with the Company, the company shall provide all the required and possible assistance to the customer. Within 30 working days
MOTOR
Sr. No Service Procedure TAT 1 Issuance and crediting of the Policy document / Certificate of Insurance / Proposal form Post acceptance of the proposal form by the respective Insurance company, the policy gets issued on a real time basis and is sent to the user on their registered email ID within 24hrs from the time of receipt of payment. In case of any pendency of document/information, the policy is sent to the user within 15 working days from the date of receipt of complete documents.
In case of successful acceptance: 48 working hours In case of any pendency: Requirement is raised accordingly by respective Insurance Co. and/or by us. 2 Issuance of endorsement/Chan ge in policy terms and conditions In case of any change in the policy the customer may write to us at insurancesupport@indmoney.com. In case of the financial endorsement, the customer is being assisted for the payment of additional premium. There are 2 types of endorsement 1. Financial Endorsement (add more coverage, add add-on or change in scope of policy etc)
2. Non-Financial Endorsement (Address, Mobile Number, change in nominee details etc)
Average Turnaround time in case of Financial endorsement is 5- 7 working days from the date of receipt of complete required documents
Average Turnaround time in case of Non- Financial endorsement is 3- 4 working days from the date of receipt of complete required documents.
3 cancellation of policy /refund/Duplicate policy The customer may write to us at insurancesupport@indmoney.comregarding the cancellation/issuance of duplicate policy/refund. On the receipt of request, the team immediately acknowledges the request and intimate the same to the insurer for further processing . Average turnaround time is 15-20 working days from the date receipt of request/necessar y documents. 4 Collection of renewal premiums and remittance to insurers In case of an existing customer, our team sends the renewal reminders 60 days prior to the expiry of policy and sends a link to renew the policy after filling up necessary details as asked by the respective insurer for renewal. Upon the submission, the customer redirected to the payment page, wherein the customer can pay the renewal premium through internet banking, debit card, credit card, etc Reminder is sent, 60 days prior to the expiry of policy 5 Inspection In case the policy is expired or due to any other reason like claim in previous policy term, switching of plans, etc. the users are required to go through the process of Inspection. In this regard the user is moved to the inspection page of the respective Insurer via the link directly sent to the user on mail, wherein the user can go for vehicle inspection. 6 Appointment of surveyors/ Claim settlement Standard Claim Process: 1. Initiate Claim: Call the helpline or use the insurer's website
2. Submit Documentation: Complete the claim form and upload or submit the necessary documents
3. Damage Assessment: An inspection will be conducted, which may include self-inspection or a survey by an agent
4. Repair Approval: The insurer will provide approval for repairs, either cashless through their network garages or non-cashless (reimbursement).
5. Final Assessment: A final assessment of the repair costs will be made
6. Payment: Settlement will be processed as per the chosen mode —cashless or reimbursement