Introduction to Insurance on Co-borrowers

Financial institutions offers insurance products to their borrowers and co-borrowers on line of credit products. Therefore, FIs shall be able to identify the customers as insured or not and store the insurance information per borrower or co-borrower.

The benefits of this functionality are:

• Automatic update of the customer information at the arrangement level.
• Ability to identify if the customers are insured or not.
• Ability to opt for the insurance option manually by the user at customer’s discretion.
• Validation on the business rules for opting life insurance and disability insurance for all eligible borrowers.
• Ability to search and inquire based on insurance fields.
• Ability to check for borrowers who have not opted for insurance & include insurance portion for those borrowers during renewal scenarios.