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Grow Product Changelogs for 22nd May, 2023

10 months ago by Saviour Dzage
  1. We have updated the Grow API to accommodate a new product type - Investment + Life Insurance.
    With this insurance type, customers can make periodic payments, and at the end of a pre-determined time, they get back their total payments with some interest.
    The product also has a Life Insurance component such that when the policyholder does not survive the plan, the investment, interest, and an extra amount are paid to a beneficiary.
  2. The following requirements are necessary for the Investment + Life product type:
    1. General KYC of the insured
    2. Next of Kin Details (Name, Phone Number, and Email Address)
    3. Policyholder Type (Single or Group)
    4. Beneficiary Details (Name, Phone Number, and Email Address)
      Up to 5 beneficiary details can be added with a % share for each.
    5. Premium Calculation: Monthly premium with a minimum of 5k/month
    6. Premium Frequency (Monthly, Quarterly, Half-Yearly, Yearly, One-off)
    7. Minimum duration of Plan
    8. Life Cover Chosen
    9. Life Cover Premium (1% of Life Cover Chosen)
    10. Frequency of Life Cover (Same as Frequency of Investment Premium)
    11. Current Health Condition of the Insured
  3. We have updated the Grow API to accommodate a new product type - Life Insurance.
  4. The following fields are required for Life Insurance policy purchases
    1. General KYC,
    2. Life cover chosen
    3. Duration
    4. Current health condition
    5. A beneficiary in case of demise (can add up to 5 persons with a % share for each)
    6. Beneficiary details (Name, Phone no, Email)
    7. Premium Calculation: 1% for covers not more than 5,000,000 Naira
  5. A new interface has been introduced on the Grow Dashboard for Investment +Life Insurance purchase

  1. A new interface has been introduced on the Grow Dashboard for Comprehensive Motor Insurance purchases.

  1. The endpoint for registering customers has been updated to accept both individual and business KYC information. This allows policy purchases for businesses as well.
  2. We have updated the Grow API to accommodate a new field for products to accept installment payments or not.
  3. Automatic re-debit for orders with recurrent payments, when the next payment is due based on the saved cycle and last payment, has been implemented.
    NOTE The purchase of Investment + Life and Life Insurance are restricted to card only. Partners must have a card saved before they can buy Investment + Life and Life Insurance.
  4. To streamline payments and reduce failure rates, we have set up email communications to automatically notify Partners/users on installment payments at the below cadence.
    1. One week prior to the payment due date, notifying partners of impending payments and ensuring their selected medium of payment is well-funded
    2. Payment due date, to notify partners of the status of payment
    3. 2 days after the payment due date for failed payments (due to insufficient funds), reminding them to fund their selected mediums.