5. Payout and Compensation Preparation
The Payout and Compensation Preparation process ensures that insurance-related payments are correctly processed, documented, and communicated to relevant recipients. The process involves identifying payees, verifying payment details, and coordinating with the company’s finance department to execute the transactions.
Process Steps
Identifying Payees and Payment Details
If a case requires insurance-related compensation, the Agent determines the necessary payments.
Payments may be made to: The Insured, who incurs the costs directly; Institutions providing services to the Insured (e.g., hospitals, repair shops).
The Agent lists all payees on the case file card, including: Recipient’s name, Payment amount and Required payment details (e.g., bank account information)
Forwarding Payment Information to Finance Department
Once the payment details are confirmed, the Agent submits the information to the company’s finance department.
This is done via email to [email protected].
The email includes: Recipient information, Payment amount, Payment purpose
Notifying the Payee
After submitting payment information, the Agent notifies the payee about the transaction.
The notification is sent via email through the Company DESK Application.
The notification is generated in the "Recipients" section of the case file card.
If required, a Payment Guarantee Letter (GOP) or a Payout Notice is sent from the same section.
Payment Processing and Case Closure
The finance department confirms the transaction by sending an email update.
Payments for some Clients (physical persons) are processed at the end of each working day.
The payment file is sent via email and can be imported into Bank online banking.
Monitoring Payment Status
The Agent can monitor the payment status in the case card.
The system updates whether the payment has been included in the payment file and sent to the bank.
If any discrepancies or delays occur, the Agent coordinates with the finance department for resolution.
Key Responsibilities
Agent: Identifies payees, prepares payment details, and submits information to finance.
Finance Department: Processes payments, sends confirmation, and manages payment file transfers.
System Automation: Closes cases and updates payment statuses accordingly.
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