Credit Life Insurance Flow
Customer subscribes for the Credit Life Insurance Plan on any lending app or Bank operation staff signs up customers on a microfinance bank software.
Payment for the Credit Life Insurance is calculated as part of the disbursed loan to the borrower and simultaneously remitted to Insurpass upon the disbursement of the loan to the borrower.
Through the API integration, customer's transaction details are passed to Insurpass via an API endpoint.
Borrower receives SMS, email, policy certificate to confirm the purchase of the Credit Life Insurance plan.
Claims will be paid should there be a default on a borrower's loan due to a borrower's death, critical illness or permanent disability after claims documents are duly verified. Claims is initiated by the offer of the MFB or Online lending application.
Last modified 2yr ago