Excess Refund Settlement

Excess Refund Settlement

Excess Refund Settlement

During a policy premium payment cycle at a life insurance company, there may be instances of payment failure or incorrect amount being received from the customer leading to an outstanding or accrual balance. Post payment, the company assigns actions such as refund (in case of excess payment) or scrutiny (in case of payment failure) to each instance. Based on these actions the policies are segregated into multiple and shared with concerned stakeholders for further action. 


  • Multiple and complex criteria checking for assigning actions on a huge dataset daily.
  • Accurate tracking of refund amounts.

SK Methodology

  • Daily policies which are paid are fetched from a source file. Payment vendor name, bank account number, previous outstanding balance, and next payment date are mapped to create a working dataset.
  • Based on different criteria actions are mapped to each policy.
  • For Refund cases, if the refund amount is over a certain threshold then the refund is approved otherwise carried over to the next payment cycle.
  • A detailed summary report of the actions are created and are mailed to the stakeholders along with the multiple output files.

After Sheetkraft Automation

Impact of SheetKraft

Sheetkraft has been able to successfully create the application to generate the daily reports and dashboards in a scheduled, hassle-free, swift manner, automatic, error-free manner.

Total Effort Savings: From 4 hours a day to 4 minutes per day ~236 minutes daily

Quantum Phinance
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