Version 1.0
Prepared by: @Lorraine Sebata
Approved by: @Nocyia Saunders
Reviewed date: 2025-09-12
Next review date: 2026-09-11
This SOP details the procedure for processing and managing monthly insurance renewals provided by Shield Insurance Agents and Brokers. It ensures all steps are taken to correctly identify eligible customers, add the insurance premium to their loan accounts, and ensure timely payment to Shield Insurance.
This SOP applies to all staff involved in the monthly insurance renewal process, specifically those who manage the Shield listing, cross-check against the EP system, and update customer loan accounts.
Loan Officer: Responsible for executing the steps in this SOP, from receiving the Shield listing to confirming entries and communicating with Shield.
5.1.1 Receive and Save Listing: Each month, receive and save the monthly Excel listing of insurance renewals from Shield Insurance. The listing includes both comprehensive and third-party insurance.
5.1.2 Filter Listing: Divide the list by coverage type. Note that only comprehensive insurance should be considered for this process.
5.1.3 Prepare for Cross-Checking: Save the filtered list for the cross-checking and comparison steps.
5.2.1 Generate EP List: Generate a list of current loans from Easyterms Ltd (EP) to cross-check against the Shield listing.
5.2.2 Confirm All Customers: Confirm that all customers on the Shield list are accounted for in the EP system.
5.2.3 Check for Closed Loans: Check which loans on the Shield list have been closed in EP, as insurance should not be added to these accounts.
5.3.1 Generate Monthly Report: Go to Insurance Tracking in EP, select the calendar, and choose the 1st to the last day of the month being processed.
5.3.2 Export to XLSX: Click Export to XLSX to generate the monthly Excel report from EP.
5.3.3 Integrate Data: Copy the information from the EP report and paste it into the saved Shield listing to create a unified tracking document.
5.4.1 Qualify Customer: Before adding insurance, confirm that the customer qualifies by checking their age, place of employment, and remaining loan term.
5.4.2 Search for Customer: In EP, go to Insurance Tracking and use the search bar to find the customer's name.
5.4.3 Select Renewal Date: Select the renewal date for the current year from the list of the customer's yearly insurance renewal dates.
5.4.4 Add Insurance Details: Click Add Insurance. Most fields will auto-populate, but manually enter the following:
Policy number: Copy and paste from the Shield listing.
Premium: Enter the premium amount shown on Shield's list.
5.4.5 Set Effective Dates: Set the Effective From date to today's date and the Effective To date to the expiration date/year.
5.4.6 Attach Documentation: Attach a screenshot of the Shield listing to the customer's record in EP.
5.4.7 Save and Verify: Click Save. Verify that two entries are automatically generated: one adding the premium to the customer's account (this may appear higher due to mitigation) and a bill for Shield. If these entries do not generate, enter them manually.
5.5.1 Email Shield: Once all additions and updates are complete, email Shield with the list of customer names whose policies have been renewed to ensure they are processed.
Monthly Shield Insurance listing (filtered and consolidated with EP data)
EP system records and automated entries
Screenshots of EP entries for verification
Emails to and from Shield Insurance
All staff involved in this process must be trained on this SOP and the correct use of the EP system to ensure accurate and compliant insurance processing.
This SOP will be reviewed annually by the Operations and Finance Departments to ensure its continued effectiveness and to incorporate any changes in the process or system.