A bancassurance system supports and automates business processes that are essential for the banking industry. There is a set of functions that are needed in such systems.

Here is the list of the key functions of the bancassurance software:

Definition of insurance products (according to insurance parameters, calculation of insurance premiums and bank commissions that are settled according to insurance company contracts):
- insurance products which are complementary to banking products
- separate insurance products

Registration of insurance data:
- insurance contracts (individual and group insurance)
- insurants, authorized persons, beneficiaries (insured customers & bank employees)
- facilitating the cooperation of insurance companies or agents (servicing of cooperation contracts: agency, distribution, marketing contracts)

Review of concluded insurance contracts
(registered policy searching according to chosen criteria)

Management of prompt premium payments & sales settlements

Registration of premiums & commission collections (premiums written according to insurance contracts, commission statements for bank employees)

Registration of accounting operations:
- preparation of main transaction system entries
- generation and issue of bank remuneration invoices

Generation of external & internal reports (including new insured reports on a monthly basis, gross written premium reports according to the concluded insurance contracts and to product line sales)

Operations related to insurance policy cession (generation of letters for an insurance company including information about accepting/ending cession, bank acceptance of claim payments)

Registration of insurance policy claims

Listing of work tasks – current customer service, servicing of insurance contracts

Integration with other banking systems

As a result, the system is able to collect all the insurance data related to insurance contracts in a single location. It generates faultless and complete information, enabling professional customer service. The system also supports optimal management of business processes on the "bank to customer" and "bank to insurance company" level.