A good call: using mobile phones to improve premium collection and data quality
Replacing manual, paper-based recording of premium collections with a mobile phone-enabled solution allowed UAB Vie to simplify administrative processes and enhance data quality for its savings-linked life and disability insurance product. The product consists of a contractual savings schemethat features daily collection ofpremiums by UAB Vie staff.
Previously, staff collected and recorded premiums manually, at the client’s business location, and later deposited them at UAB Vie’s central office. These premiums were first recorded in a ledger and then recorded in the information system, typically one to two months later.
The implementation of the mobile phone technology has resulted in an improved process and better data quality. Field staff still face connectivity issues in the field from time to time, but the mobile phone solution allows them to record premiums in real-time, and without paper, through use of an application on their phone. The central office knows the premium amount to expect when the field staff come to deposit the daily collection. A new auditor's post has been created to validate the premiums recorded online with those actually brought in by the field staff.
Real-time monitoring enables UAB Vie to keep policy status and savings balance current, and helps to identify errors immediately, instead of allowing errors to accumulate as under the previous system. Further, up to date information on premiums paid per client makes it possible to more accurately calculate the financial reserves needed for the scheme.
To learn more, see UAB Vie’s Learning Journey.
The Facility is celebrating five years of pushing the innovation frontiers with a campaign to showcase lessons we've learned on how to make microinsurance work for both providers and clients. For the month of June, we focus on "technology". Click here to watch a webinar recording on this topic.
We are also preparing for a panel discussion with webcast in July on "Putting Clients First". Click here to participate.