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What is the business process in Life Insurance?

Updated: 9/14/2023
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Krishnapunekar

Lvl 1
14y ago

Best Answer

By name, process are:

-New Business- receiving policy applications for new policies

-Policy Underwriting- when an insurance company accepts a policy

-Renewal -

-Death Claims

-Agent Management, bonuses and commissions payment

Items for Cash Value Life Insurance (when it is an investment)

-Top Up, aka Sub Payments - Paying more into your policy

-Partial Surrender - taking money out of your policy

-Surrender - taking it all out

-Customer Service - administrative changes like change of address, esp non money items

-Annual Reports

-Letters Output- sending email to policy holders

-Annuity payment

-Fund switching

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14y ago
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