Insurance and Finance Management System for IWFL -- 2
Budget: $250 – $750 USD
1. Introduction
I Will Finance Ltd. (“IWFL”) seeks to develop a secure, scalable, and efficient software system to manage its core operations in overseeing a large portfolio of motor vehicle hire purchase agreements issued to members of the Teachers Credit Union (TCU). IWFL is responsible for managing all insurance matters, arrears recovery, claims, repossession, and vehicle disposal, and must provide comprehensive reporting to TCU. This system must automate workflows, centralize data, account for compliance and support transparent reporting.
2. Business Overview & Workflow Summary
2.1 Entities Involved:
• Member: The individual teacher receiving financing via TCU, buying the motor vehicle via a hire purchase agreement.
• Vehicle: Motor vehicle provided to the Member under the hire purchase agreement.
• Hire Purchase Agreement: Executed between the Member and TCU.
• IWFL: Manages the operational and administrative lifecycle of each motor vehicle within the portfolio.
2.2 Key Workflows:
1. Onboarding:
a) Register Members and their vehicle details.
b) Assign the insurance provider and upload the policy
c) Track time stamps
2. Insurance Management:
a) Maintain and track policy details: insurer, premium, policy period.
b) Alert system for policy expiry or lapses.
c) Enable uploads of digital policy certificates.
d) Generate monthly invoices to TCU for premiums paid.
3. Arrears Management:
a) Automatically detect missed payments.
b) Trigger escalating communication sequences (SMS, call logs, emails).
c) Log all communication attempts with timestamps.
d) Offer structured payment proposals and track acceptance.
e) Trigger default if member’s account exceeds 90 days in arrears.
4. Default & Repossession:
a) Create default notices.
b) Record last attempts at resolution.
c) Trigger repossession workflow with task checklists and document upload (e.g., court orders, repossession notices).
5. Claims Management:
a) Log claim incidents.
b) Upload relevant documents: damage reports, images, copies of parties’ identification.
c) Track settlement progress.
d) Record funds received and remitted to TCU.
6. Vehicle Disposal:
a) After repossession, trigger valuation requests.
b) Record valuation reports.
c) Log marketing activity and offers.
d) Record final sale price and remit net proceeds to TCU.
7. Reporting & Audit:
a) Generate monthly reports: arrears, repossessions, and insurance activity.
b) Generate quarterly reports: portfolio performance, default trends.
c) Generate annual summaries.
d) Enable TCU staff to read-only access to view and export reports.
8. Document Storage:
a) Securely store agreements, insurance documents, repossession reports, valuations, and financial correspondence.
9. Compliance & Data Protection:
a) Role-based access controls.
b) Data encryption in transit and at rest.
c) Audit trail for all changes and actions.
d) Compliant with applicable data protection laws.
3. Functional Requirements
3.1 Dashboard & Navigation
• Summary widgets (Active policies, Upcoming Renewals, Accounts in Arrears, Claims Pending, Vehicles Repossessed).
• Filterable lists with export functionality.
3.2 Role-Based Access Levels
• Admin: Full access.
• Staff: Entry and update access (limited by department).
• Auditor/TCU: Read-only view and report downloads.
3.3 Triggers & Alerts
• Insurance renewal alerts (30, 15, and 5 days).
• Arrears notifications (automated sequence: Days 1, 15, 30, 45, 60, 75).
• Default status after 90 days with final notice generated.
3.4 Reports
• Monthly, Quarterly, and Annual formats in Excel and PDF.
• Real-time arrears dashboards.
• Claims settlement logs.
• Repossession and disposal outcomes.
3.5 File Management
• Upload and view PDFs, Word, and images.
• Tag files to Members, Vehicles, or Claims.
4. Technical Specifications
Component Description
Frontend React.js or Vue.js or similar
Backend Django (Python) or Laravel (PHP)
Database PostgreSQL or similar
Authentication Role-based login, password reset, activity logs
Hosting AWS Lightsail / DigitalOcean / Local VPS or similar
Security SSL, daily backup, role permissions, file encryption
Data Import/Export Excel CSV import for legacy data; export of reports
5. Deliverables
• Wireframes and UI Mockups
• Complete system with all modules operational
• Administrator and User Manual
• Developer Documentation
• Training Sessions for IWFL staff (up to 3)
• 1 year of Maintenance and Bug Fixing post-launch
6. Project Timeline
Phase Duration
Requirements & Design weeks
Core Development weeks
Testing & Revisions weeks
Final Deployment & Training week
Total: Approx. (TO BE DETERMINED) 2 months ideal
7. Budget Estimate
Item Estimate
Design & Planning
Core System Build
Claims & Arrears Modules
Reporting Engine
Excel Integration & Imports
Hosting & Deployment
Maintenance (6 months)
Total $
8. Intellectual Property
All source code, workflows, and documentation are the exclusive property of I Will Finance Ltd. The developer must sign a confidentiality and IP ownership agreement.
9. Evaluation Criteria
• Experience building financial or insurance software
• Understanding of arrears workflows and data compliance
• Ability to deliver on time and support scaling
• Proven security practices and documentation standards
I Will Finance Ltd. (“IWFL”) seeks to develop a secure, scalable, and efficient software system to manage its core operations in overseeing a large portfolio of motor vehicle hire purchase agreements issued to members of the Teachers Credit Union (TCU). IWFL is responsible for managing all insurance matters, arrears recovery, claims, repossession, and vehicle disposal, and must provide comprehensive reporting to TCU. This system must automate workflows, centralize data, account for compliance and support transparent reporting.
2. Business Overview & Workflow Summary
2.1 Entities Involved:
• Member: The individual teacher receiving financing via TCU, buying the motor vehicle via a hire purchase agreement.
• Vehicle: Motor vehicle provided to the Member under the hire purchase agreement.
• Hire Purchase Agreement: Executed between the Member and TCU.
• IWFL: Manages the operational and administrative lifecycle of each motor vehicle within the portfolio.
2.2 Key Workflows:
1. Onboarding:
a) Register Members and their vehicle details.
b) Assign the insurance provider and upload the policy
c) Track time stamps
2. Insurance Management:
a) Maintain and track policy details: insurer, premium, policy period.
b) Alert system for policy expiry or lapses.
c) Enable uploads of digital policy certificates.
d) Generate monthly invoices to TCU for premiums paid.
3. Arrears Management:
a) Automatically detect missed payments.
b) Trigger escalating communication sequences (SMS, call logs, emails).
c) Log all communication attempts with timestamps.
d) Offer structured payment proposals and track acceptance.
e) Trigger default if member’s account exceeds 90 days in arrears.
4. Default & Repossession:
a) Create default notices.
b) Record last attempts at resolution.
c) Trigger repossession workflow with task checklists and document upload (e.g., court orders, repossession notices).
5. Claims Management:
a) Log claim incidents.
b) Upload relevant documents: damage reports, images, copies of parties’ identification.
c) Track settlement progress.
d) Record funds received and remitted to TCU.
6. Vehicle Disposal:
a) After repossession, trigger valuation requests.
b) Record valuation reports.
c) Log marketing activity and offers.
d) Record final sale price and remit net proceeds to TCU.
7. Reporting & Audit:
a) Generate monthly reports: arrears, repossessions, and insurance activity.
b) Generate quarterly reports: portfolio performance, default trends.
c) Generate annual summaries.
d) Enable TCU staff to read-only access to view and export reports.
8. Document Storage:
a) Securely store agreements, insurance documents, repossession reports, valuations, and financial correspondence.
9. Compliance & Data Protection:
a) Role-based access controls.
b) Data encryption in transit and at rest.
c) Audit trail for all changes and actions.
d) Compliant with applicable data protection laws.
3. Functional Requirements
3.1 Dashboard & Navigation
• Summary widgets (Active policies, Upcoming Renewals, Accounts in Arrears, Claims Pending, Vehicles Repossessed).
• Filterable lists with export functionality.
3.2 Role-Based Access Levels
• Admin: Full access.
• Staff: Entry and update access (limited by department).
• Auditor/TCU: Read-only view and report downloads.
3.3 Triggers & Alerts
• Insurance renewal alerts (30, 15, and 5 days).
• Arrears notifications (automated sequence: Days 1, 15, 30, 45, 60, 75).
• Default status after 90 days with final notice generated.
3.4 Reports
• Monthly, Quarterly, and Annual formats in Excel and PDF.
• Real-time arrears dashboards.
• Claims settlement logs.
• Repossession and disposal outcomes.
3.5 File Management
• Upload and view PDFs, Word, and images.
• Tag files to Members, Vehicles, or Claims.
4. Technical Specifications
Component Description
Frontend React.js or Vue.js or similar
Backend Django (Python) or Laravel (PHP)
Database PostgreSQL or similar
Authentication Role-based login, password reset, activity logs
Hosting AWS Lightsail / DigitalOcean / Local VPS or similar
Security SSL, daily backup, role permissions, file encryption
Data Import/Export Excel CSV import for legacy data; export of reports
5. Deliverables
• Wireframes and UI Mockups
• Complete system with all modules operational
• Administrator and User Manual
• Developer Documentation
• Training Sessions for IWFL staff (up to 3)
• 1 year of Maintenance and Bug Fixing post-launch
6. Project Timeline
Phase Duration
Requirements & Design weeks
Core Development weeks
Testing & Revisions weeks
Final Deployment & Training week
Total: Approx. (TO BE DETERMINED) 2 months ideal
7. Budget Estimate
Item Estimate
Design & Planning
Core System Build
Claims & Arrears Modules
Reporting Engine
Excel Integration & Imports
Hosting & Deployment
Maintenance (6 months)
Total $
8. Intellectual Property
All source code, workflows, and documentation are the exclusive property of I Will Finance Ltd. The developer must sign a confidentiality and IP ownership agreement.
9. Evaluation Criteria
• Experience building financial or insurance software
• Understanding of arrears workflows and data compliance
• Ability to deliver on time and support scaling
• Proven security practices and documentation standards