PMBY
Overview
BankFlex® Prime Minister Bima Yojana (PMBY) is a highly sophisticated solution that allows the banks to deliver Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to their customers.
BankFlex® PM Bima Yojana can also be deployed as a standalone solution to augment the bank's existing infrastructure.
Using BankFlex PMBY solution, the bank’s customers can register for these Yojana using any of the digital channels—Mobile Banking Apps, Internet Banking, branch, business correspondent being few of the choices.
BankFlex® Prime Minister Bima Yojana (PMBY) is highly automated. It processes new policies in real-time, identifies eligible customers and renews their policies without any manual input. The process of tracking due dates and sending alerts to customer for insufficient funds are all carried out, all without involving manual intervention. The system performs fully automated reconciliation and generates daily payment and policy files for both banks and insurance providers.
Solution
Highly configurable Solution, using which Bank staff can setup policy terms and conditions and premium applicable for a policy.
Realtime posting of transaction to bank’s core and issuance of registration of the policy to the bank’s customer.
Automatic identification of eligible customers for policy renewal.
Automatic renewal of the policy for eligible customers.
Automatic notifications to the bank customers for due date, insufficient funds, etc.
Automatic generation of payment and policy issuing file on daily basis (or as per frequency set) for the bank staff and for third party application to upload.
Automatic reconciliation with the bank’s and Insurance company’s data on the said policies.
Customised reports for the Bank staff for issuing of the policy, renewal, and termination.
As a standalone solution, BankFlex will interface with the Bank's core banking systems. BankFlex well defined Interfaces will allow the bank’s existing digital channels to integrate and provide registration and optout facility for these Bima Yojana to the bank’s customers.
To know more about our BankFlex® Prime Minister Bima Yojana solution. Request a call back today Contact Us