FAQ : Insurance Agency

Owned by Vivi Lye (Unlicensed)
Last updated: 2015-May-28 by l (Unlicensed)
2 min read
  1. Does Wavelet has Front to Back end system for insurance agency?
    Wavelet Management Suite is a system that is linked from Front to Back end.

  2. Do you have CRM system that able to manage end customers and agents?
    Wavelet Management Suite equipped with Customer Module where "end customers" (also known as "Customer") records can be keep in Wavelet Database, while for "Agents" are "users" in Wavelet System.

  3. Insurance agency products are non-tangible, such as Policy number/ End customer Details/ Agents Details/ Expiry Date/ Sum Insured/ Premium Rate/ Renewal Date/ Commission to Agent/ Discount/ Deposit/ Transfer Fee/ Stamp Duty & etc.
    Wavelet Management Suite allow "users" to fill in the excel worksheet, and then upload this to the invoice / job sheet as attachment for reference purpose.

  4. How will the workflow goes if GST calculation is based on commission from Principle and not premium collection?
    Step A - Billing 
    Insurance Companies - Issue invoice for the premium (use service type item code) and attach insurance policy soft copy
    Customers - issue job sheet to the customers, adding item type (GL code) as PayableToInsuranceCompany. When creating GL code type item code, one may specify the next service Day/Month/Year (For the purpose of calculations for the reminders etc).

    Step B - Collection
    Received Collection from insurance companies - knock off the normal invoice.
    Received Collection from Customers - go to cash sales screen and load the job sheet into cash sales screen then issue the receipt.
    If customers pay directly to insurance company, do not convert job sheet to invoice. 

    Step C - Payment to Insurance company (only applicable if customer pay through agent to insurance company)
    "Agent" which is "User" will create a payment voucher paying to insurance company and change it to the same GL code item for job sheet issued to the Customer.

    Step D - Payment of Sales Commission to "Agent" ("User")
    Potentially be charged out as salary or as supplier invoice. Please note that GST is applicable if charge out as supplier invoice while GST does not apply if  charge out as salary.

  5. If "user" upload excel worksheet, is there any way for "user" to minimize human error in data entry?
    "user" may make use of Excel Macro or VBA

  6. Can "user" search Policy Expiry Date by using EMP Warranty Expiry Date?
    Still under development.

 

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