Quick overview on how insurance industry is operating in India

1. Process Documentation
Inusurance Version 1
Monday, June 26, 2023

2. Process Documentation
Contents
Inusurance ................................................................................................................................................. 4
Policy value capped at 10% .................................................................................................................... 6
Registration failed .................................................................................................................................. 6
Individual Insurance Agents
and 7
B2C ....................................................................................................................................................... 7
B2B ....................................................................................................................................................... 7
Quote issuing Process ............................................................................................................................ 7
Issue polices and premium fixing ........................................................................................................... 7
Setting up Insurance Company .............................................................................................................. 8
Insurance Brokers - INR 7.5 M
Re-Insurance Brokers - INR 40M 8
No restrictions in policy value ................................................................................................................. 8
Documents Collected based on Life/General Insurance ............................................................................ 8
Request for Quote/Quote Approval .......................................................................................................... 8
Registration successful Regulatory body is IRDAI .................................................................................... 9
IRDAI ..................................................................................................................................................... 9
Insurance Approval Process based on credit worthiness and documents provided ................................... 9
Setting up terms and conditions for insurance ...................................................................................... 9
Verification/Approval/Activation .............................................................................................................. 9
Insurance Marketing Firms Perform surveys as well as sell Insurance along with Mutual Fund ............... 10
Calculate Price per Earning ratio(PR)
P/E= Stock price/Earning per share
Calculate Price to book ratio(PR) 10
Reinsurance Companies ....................................................................................................................... 10
Monthly or annual Premium paid .......................................................................................................... 10
Cash Inflow .......................................................................................................................................... 11
Third party Telemarketers and Document Verifiers ................................................................................ 11
Liquidate the cash ............................................................................................................................... 11
Reinsurance issued .............................................................................................................................. 11
Setting up Re-Insurance ...................................................................................................................... 11
Short term investment and Common Instruments ............................................................................... 12
Payment Gateway ................................................................................................................................ 12
Hold .................................................................................................................................................... 12
Claim process Intiated by customer ...................................................................................................... 12
Investments received (IPO) .................................................................................................................. 12
Calim amount dispatched .................................................................................................................... 13
Check for covered and uncovered items based on nature of the claim .................................................. 13
Claim Approval Process ........................................................................................................................ 13
Intiamation given with the reason of rejection ...................................................................................... 13
customer Helpline ................................................................................................................................ 13
Customer ................................................................................................................................................... 6
Insurance Company .................................................................................................................................... 6
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6/26/2023 7:50 PM 2/13

3. Process Documentation
Regulatory and Governing bodies functions ................................................................................................. 6
Third Party Services .................................................................................................................................... 6
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6/26/2023 7:50 PM 3/13

4. Process Documentation
Name Inusurance
Version 1
Author Mugesh R
Owner
Creation 2/7/2020 5:46 AM
Activation
Deactivation
Description
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6/26/2023 7:50 PM 4/13

5. Process Documentation
Diagram
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6/26/2023 7:50 PM 5/13

6. Process Documentation
Performers
Customer
Insurance Company
Regulatory and Governing bodies functions
Third Party Services
Pools, Tasks And Events
Inusurance
Policy value capped at 10%
Responsible Insurance Company
Registration failed
Responsible Regulatory and Governing bodies functions
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6/26/2023 7:50 PM 6/13

7. Process Documentation
Individual Insurance Agents and Corporate Insurance Agents
Responsible Third Party Services
B2C
Responsible Customer
B2B
Responsible Customer
Quote issuing Process
Responsible Insurance Company
Issue polices and premium fixing
Responsible Insurance Company
Want to control the execution of this process? Visit www.heflo.com
6/26/2023 7:50 PM 7/13

8. Process Documentation
Setting up Insurance Company
Responsible Regulatory and Governing bodies functions
Insurance Brokers - INR 7.5 M Re-Insurance Brokers - INR
40M Composite Brokers - INR 50M
Responsible Third Party Services
No restrictions in policy value
Responsible Insurance Company
Documents Collected based on Life/General Insurance
Responsible Customer
Request for Quote/Quote Approval
Responsible Customer
Want to control the execution of this process? Visit www.heflo.com
6/26/2023 7:50 PM 8/13

9. Process Documentation
Registration successful Regulatory body is IRDAI
Responsible Regulatory and Governing bodies functions
IRDAI
Responsible Regulatory and Governing bodies functions
Insurance Approval Process based on credit worthiness and
documents provided
Responsible Insurance Company
Setting up terms and conditions for insurance
Responsible Regulatory and Governing bodies functions
Verification/Approval/Activation
Responsible Customer
Want to control the execution of this process? Visit www.heflo.com
6/26/2023 7:50 PM 9/13

10. Process Documentation
Insurance Marketing Firms Perform surveys as well as sell
Insurance along with Mutual Fund
Responsible Third Party Services
Calculate Price per Earning ratio(PR) P/E= Stock
price/Earning per share Calculate Price to book ratio(PR)
P/B= Stock price/Book Value
Responsible Insurance Company
Reinsurance Companies
Responsible Regulatory and Governing bodies functions
Monthly or annual Premium paid
Responsible Customer
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6/26/2023 7:50 PM 10/13

11. Process Documentation
Cash Inflow
Responsible Insurance Company
Third party Telemarketers and Document Verifiers
Responsible Third Party Services
Liquidate the cash
Responsible Insurance Company
Reinsurance issued
Responsible Regulatory and Governing bodies functions
Setting up Re-Insurance
Responsible Regulatory and Governing bodies functions
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6/26/2023 7:50 PM 11/13

12. Process Documentation
Short term investment and Common Instruments
Responsible Insurance Company
Payment Gateway
Responsible Third Party Services
Hold
Responsible Insurance Company
Claim process Intiated by customer
Responsible Customer
Investments received (IPO)
Responsible Third Party Services
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6/26/2023 7:50 PM 12/13

13. Process Documentation
Calim amount dispatched
Responsible Insurance Company
Check for covered and uncovered items based on nature of
the claim
Responsible Insurance Company
Claim Approval Process
Responsible Insurance Company
Intiamation given with the reason of rejection
Responsible Insurance Company
customer Helpline
Responsible Insurance Company
Want to control the execution of this process? Visit www.heflo.com
6/26/2023 7:50 PM 13/13