2.4 Maintain Insurance Company Details

This topic describes the systematic instructions to maintain insurance company details.

An Islamic LC, as an instrument of international trade involves the shipment of large merchandise over long distances. To cover the loss or damage of the goods during transition, most merchandise traded under an Islamic LC is covered with an insurance policy.

You can maintain the details of different Insurance Companies in Oracle Banking Trade Finance Cloud Service.

At the time of capturing the details of an Islamic LC contract in the system, you can associate the appropriate Insurance Company Code with the contract. Upon selection of the code, all the details maintained for the selected code will be automatically picked up by the system. Subsequently, on receipt of the insurance policy from the company, the insurance policy number can also be captured in the relevant contract.

Specify User Id and Password, and login to Homescreen.
  1. On Homescreen, specify BCDINSCO in the text box, and click next arrow.
    Bills & Collections Insurance Company Maintenance screen is displayed.

    Figure 2-4 Bills & Collections Insurance Company Maintenance


    Trade
  2. On Bills & Collections Insurance Company Maintenance screen, specify the details.
    For more information on fields, refer the field description table below:

    Table 2-4 Bills & Collections Insurance Company Maintenance - Field Description

    Field Description
    Insurance Company Code Specify a unique code for each insurance company being defined in the system. The insurance company will be identified by this code throughout the system. This is mandatory information and if not provided, you will not be allowed to save the details of the company. You can use a maximum of 9 alphanumeric characters to create the company code.
    Insurance Company Name After specifying a unique code for the company, you can also specify the full name of the insurance company.
    Address Specify the mailing address of the insurance company being defined. You can maintain a maximum of four lines of address. Each line of address can accommodate a maximum of 105 alphanumeric characters.
    Telephone Number Capture the telephone number of the insurance company.
    Fax Number Specify the Fax Number of the insurance company
    Customer Specify the customer identification number of the insurance company. The adjoining option list displays all valid, open and authorized customers maintained in the system. You can select the appropriate one.
    Account Specify the customer account number of the insurance company. The adjoining option list displays all valid, open and authorized customer accounts attached to the chosen customer identification number. You can select the appropriate one.

    Based on the account specified, the branch in which the account resides is displayed alongside.

    Note:

    The insurance company will be available for association with Islamic LC contracts only after you authorize the company details.

Parent topic: Islamic Letters of Credit - Maintenance