1- Creating an Insurance Policy
Mobiloan Insurance Setup
Last updated
Mobiloan Insurance Setup
Last updated
Mobiloan empowers you to create tailored insurance policies that align with your specific loan products and branches.
To get started:
Access the Insurance Configuration: Navigate to the appropriate section within Mobiloan's settings.
Create a New Policy: Click the "+" button located in the top right corner.
Define Policy Details: Specify the policy's name, coverage terms, and associated fees.
Assign to Loan Products/Branches: Select the loan products or branches where this policy will apply
Mobiloan currently allows you to choose between Groups R US, ASPIS, and Guardrisk. Please click on the links below to view the requirements for each policy:
Item | Description |
Service Provider | Select the registered Financial Service Provider (FSP) offering the insurance product. This must be an accredited institution under South African regulations. |
Policy Name | Enter the name of the specific insurance policy linked to the loan. This should match the official policy issued by the FSP. |
API Username | Input the API username provided by the FSP for system integration, allowing secure communication between the insurance system and your platform. |
API Password | Input the corresponding password for the API username, enabling secure access to insurance-related services. |
FSP Appointed Intermediary | Select the intermediary that has been appointed by the FSP to handle this insurance policy. This is mandatory for compliance with South African FICA rules. |
FSP Representative Name | Enter the full name of the FSP’s representative responsible for managing this policy. This person must be an accredited representative under FAIS regulations. |
FSP Representative Email Address | Provide the official email address of the FSP representative for any communication regarding the policy. |
Credit Life Commission Percent | Input the percentage of the premium that constitutes commission for the FSP due to the provision of credit life insurance. |
Voluntary Life Commission Percent | Enter the percentage of the premium related to the commission for voluntary life insurance policies. This relates to non-mandatory insurance on the loan. |
This workflow is designed to be configured exclusively by the FSP Administrator, meaning only this user can modify or adjust the settings. Mobiloan enforces this restriction by requiring the FSP Admin to unlock these settings using the admin password.
