In this guide 6 sections
Choose by what the software must record around your licensed platforms: dues, receipts, papers, approvals and statements. GullySystem offers a loan product and separate chit and insurance products. Wealth, broking, distribution and payment businesses are built to order. None of it places trades or makes you compliant.
Decide what stays on the licensed platform
The insurer’s portal, the exchange, the payment gateway, the bank and your back-office package already do their jobs. Keep them. Software for this group does not replace them.
Write down what each platform holds. What remains is the manual part: due dates, field receipts, documents, approvals and statements to be matched.
List the dues that must never lapse
Income comes from a book that stays alive. A failed SIP debit, a lapsed policy, a missed instalment or a held KYC file is a loss that shows only later.
Ask any vendor to show how each of these appears as a list, by date and by officer, before the date passes.
- Instalments and EMIs by bucket
- Premium due dates and revivals
- Failed SIP debits and held KYC
- Chit dues by ticket
Check how receipts and approvals are recorded
Collectors and agents hand over cash and slips days later. A sanction is agreed on a phone call. Ask how a receipt is entered at the door and how an approval is saved with a name and a time.
Also ask what is held until papers are complete, such as a payout or an account activation. An auditor, a lender or a partner may ask for that trail.
Ask how statements are matched
Insurers, lenders, brokers and partners pay commission, sharing or settlement in their own formats. Short payments pass unless each line is paired with what was sold.
Ask whether the vendor can import your statement files, list the lines that disagree and keep the reason against each one.
Test a ready product against a built one
A ready product is the better choice when it covers your products and reports. The loan product suits smaller lenders, and separate products exist for chit companies and for life and general insurance advisors.
Wealth, broking, distribution and payment businesses are built to order around their platforms. Ask to see the walk-through on one of your own accounts first.
- Does it cover my products and reports?
- Who may open PAN, KYC and bank papers?
- What happens to my data if I leave?
Vendor question sheet
Use five headings: platforms that stay, dues to list, receipts and approvals, statements to match, and data hand-back. Write two or three questions under each and score every vendor against them. Compare the scores before the demo.
Open a blank worksheet to printQuestions owners ask
Is a ready product or a custom build better?
A ready product, when it covers your products and reports. Custom work makes sense where your process is genuinely different from what the product assumes.
Will the software make us compliant with a regulator?
No. It records what you enter and what was done, when and by whom. Returns, licences and compliance stay with you and your advisers.
Can it place trades or pull bureau reports?
No. Order routing, payment processing and credit bureau checks stay on the licensed platforms. The software holds the records around them.
Is it worth it for a small book?
Maybe not yet. With a few dozen policies or a couple of chit groups, a careful sheet and the insurer’s portal can serve for now.