Bancassurance is now an established and growing channel for insurance distribution across different markets. Banks are essentially looking for a solution which covers the entire journey of an insurance customer acquisition, selling, servicing and relationship manager metrics management.

The bancassurance solution offered by Finacle in partnership with Vymo helps banks expand their insurance offerings along with the insights on the customer and relationship manager metrics to drive business growth.

Solution overview

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Modular view

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Key Features:

• Flexible definition of life, non-life, white labeled, unit linked and loan linked products
• End-to-end processing of all insurance transactions
• Comprehensive commission processing and reconciliation capability
• Premium schedule set up and auto premium debits
• Premium rule maintenance across insurance products for premium inquiry
• Interface with multiple insurance houses for policy detail, commission reconciliation and transaction reconciliation

About Infosys Finacle

Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation, and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries, and serves over 848 million consumers – estimated to be nearly 16.5 percent of the world’s adult banked population. Over a billion bank accounts are powered by Finacle globally.

Finacle solutions address core banking, online banking, mobile banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 banks in the world reveals that institutions powered by Finacle enjoy 50 % higher returns on assets, 30 % higher returns on capital, and 8.1 % points lesser costs to income than others.

About Vymo

Vymo is a personal assistant app for enterprise sales / service teams. It predicts what a rep / manager should do next, detects whether this has happened and links this to downstream metrics to drive better predictions.

Vymo has helped some of the world’s largest enterprise field teams get almost 2X productivity uplift; resulting in 30-50% higher sales within 3 months of launch.

For more information, contact finacle@edgeverve.com