Insurance SOP preparation India

The word ‘Standard Operating Procedure’ in short the SOP, possibly originated in military or healthcare domains to set up best practices in performing a specific function. SOP is a written document that has step-by-step instructions to guide the performer of a process or a function or an activity. The function of SOP is not just to teach someone how to do a work or to impart a skill, but also to imbibe best practices that guarantees some sort of standardization in performing a work in a most optimal manner.
For instance, take a SOP ‘Operating a Car’. This SOP will not teach you how to drive a car, but it does teach you the best practices that should be followed while operating a car like wearing a seat belt, never moving the car while the passengers are within 5 m radius etc.

Need for Standard Operating Procedures (SOP) in Insurance in India :

  1. Brings clarity and transparency on the way organizations and its various departments/processes function
  2. Provides an opportunity to review the internal control mechanism and also identify gaps in internal controls.
  3. Smoothens  the progress of building up strong Information Technology (IT) and Enterprise Resource Planning (ERP) systems
  4. Opportunity for benchmarking against good prevailing practices in the industry.
  5. Standardisation of all systems and procedures, documentation, MIS, etc. across the entire organization.
  6. Enables valuable corporate governance practices to enhance management’s contribution
  7. Grants an effective tool for management control.

How AdWISE Assure can help

AdWISE Assure  review its clients’ operations with a overall view to understand their unique processes, controls processes , identify the gaps and suggest personalised solutions  to formalize the processes and related controls.

The usual contents of AdWISE Assure SOP Manual would cover the following:

  • Overview and synopsis of business process cycle
  • Organization structure of every functioning department
  • Overview and control of roles and functions of each department
  • Internal and external policies and the best ways to be adopted by the department
  • Processes and internal control modus operandi’s to be followed by various departments
  • Authorization procedures for different processes, transactions and documents.
  • MIS requirements
  • Basic statutory compliance checklist
  • Forms and paper work to be used by the departments.
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