Insure IV – Short Term Web App · Training Manual – Insure IV –Short Term Web App V7.15209.1637 4 | P a g e For ease of creating a new Short Term Product, these templates can

Teessen Consulting

2016

Elsabe van der Merwe

Teessen Consulting

10/2016

Insure IV – Short Term Web App

Teessen Consulting

Training Manual – Insure IV –Short Term Web App V7.15209.1637

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Contents Introduction ............................................................................................................................................ 3

Short Term .............................................................................................................................................. 3

Short Term Product ............................................................................................................................. 3

Sections ........................................................................................................................................... 5

Capture Accessory list (when applicable): ...................................................................................... 8

Capture Extensions applicable to this Risk Type: ............................................................................ 8

Capture the Security List (when applicable): .................................................................................. 9

Capture Endorsements (when applicable): .................................................................................... 9

Capture Property Fields: ............................................................................................................... 10

Product Linked Risk: ...................................................................................................................... 10

Rate Maintenance ......................................................................................................................... 11

Fees ............................................................................................................................................... 11

Sasria Groups ................................................................................................................................ 12

Estimate Types .............................................................................................................................. 12

Short Term Policy .............................................................................................................................. 13

General Information ..................................................................................................................... 13

Policy Fees ..................................................................................................................................... 15

Location ......................................................................................................................................... 16

Capturing a Risk ............................................................................................................................ 16

Contract Roles ............................................................................................................................... 18

Linked Policies ............................................................................................................................... 20

Authorizing changes ...................................................................................................................... 20

Cancelling a Policy or Risk Item ..................................................................................................... 20

Reinstate Policy ............................................................................................................................. 21

Policy Schedule ................................................................................................................................. 22

Policy Summary Page .................................................................................................................... 23

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Introduction The Short Term Insurance module is a plug and play module that plugs into the Contact Management module. Together with the Financial- and Collection module it forms an integrated Policy Administration solution that can be used by the Short Term Broker, Administration House and Underwriter for both Personal and Commercial Products. The Short Term module can be used on 3 different levels: Tier 1 - Only attach policy schedule without capturing risks whilst still managing Claims Tier 2 - Capture risks per policy and manage claims per risk Tier 3 - Capture risks per policy, manage claims per risk as well as collection of premium

Short Term You will find the Short Term tab on the navigation pane:

After selecting the Short Term module all the functionalities required to administrate a short term policy will become available. In order to start administering any short term policy, you have to specify the details for:

Short Term Product

Payment Frequency

Area List

Claim Categories

Cause for claims

Claims estimate categories

Claims status

Recovery

Short Term Product You will find both a Commercial Multi-Mark III Template and a Personal Lines Template already available on the system:

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For ease of creating a new Short Term Product, these templates can be cloned (copied) and modified for your own purposes. 1. Open either one of the templates and click on the Clone button on top left of your screen:

2. Rename the template to your required Product and Save 3. You are now setting up your own Product and need to enter the following General Information:

Fieldname Description Required Name Name of the Product you are creating Product Provider Select the Provider details from your Contact list Description Simplified description of the Product Product Type Select the product type from the drop-down menu Minimum Premium Enter minimum premium (if applicable) Insurer Select Insurer details from your Contact list External Scheme Code Enter your external scheme code (if applicable) Discount Rate Enter discount rate Area List Select Area List from drop-down menu or create new if

not existing

Commission Calculated Before VAT

Tick the box when applicable

Is Active Mark your Product as Active in order to capture policies

Compliance Change Tracking Compliance Change Tracking will prompt you to enter details of changes made to any policy

Enable Collections Transaction history and pro rata premiums will be generated when selected. All changes on Risk as well as policy will have to be authorized before collection of premium.

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4. Create the content of your product

Sections

The basic sections per Personal Lines policies, as well as for Commercial Lines, have already been created on the template. You can now customize your product using the pre-set sections as well as adding or deleting sections to your requirement. The setup will depend on the level of detail you require (Tier 1 – 3). In order to change the Product contents, you have to first select ‘Edit’ from the Action bar:

Create a new Section by selecting ‘New’ or edit an existing section by selecting “Edit”

Description - i.e. All Risks Priority - You can specify the sequence of your Sections Sasria Group - Link section to appropriate Sasria Group as defined on Short Term

Product Screen (if applicable)

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Create Risk Types applicable to this Section:

Fieldname Description Required Risk Type Choose from various templates created with more

specific detail with regards to a Risk Type

Description Auto populate from Risk Type description, but can be changed manually

Item Definition List Various specification lists have already been setup for selection or create a new unique list to choose from.

Active Must be ticked in order to capture details. Auto Complete Description As the description of the Risk Type and the description

of the item may differ, the system allows you to enter a different value in this field. By selecting this option the system will default to Risk Type Description entered.

Mandatory Tick when applicable Is Extension Tick when applicable Max Occurrences Enter maximum occurrences as per underwriting

criteria

Priority Prioritise the sequence in which the Risk Types will display

Supplier Select supplier where applicable Default Insured Amount Enter when applicable Minimum Insured Amount Enter when applicable as per underwriting criteria Maximum Insured Amount Enter when applicable as per underwriting criteria Default Premium Enter when applicable Allow Discount Tick when applicable to enter the Maximum Discount

value percentage

Allow Loading Tick when applicable to enter the Maximum Loading percentage

Calculate Sasria Tick when applicable to activate Sasria fields Sasria Mandatory Tick when applicable Sasria Value Enter value

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Apply Sasria as Select either percentage or cost Sasria Commission % Enter value Commission Enter commission value as per product specifications Class Code Enter when applicable Cessionary Details Select when applicable Inflation Escalation Details Select when applicable Allow Lifespan Options Select when applicable Specify Risk Location Tick when you require the risk address to be selected

on this specific risk

Allow Multiple location Select when applicable Print Location When selected, the risk address will appear on the

policy schedule

Example of risk template (Motor screen):

To complete the Risk Type details, you need to capture:

Excess structure

Accessories (when applicable)

Extensions

Security List

Endorsements

Properties (when applicable)

Linked Risk Types (when applicable)

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To capture a new excess, click on the ‘New’ button. The next screen will open:

Capture Accessory list (when applicable):

Capture Extensions applicable to this Risk Type:

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Capture the Security List (when applicable):

You may choose to add Additional Info to a Security object by using either a free text field or pre-populated list

Capture Endorsements (when applicable):

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Add Endorsement wording. You can copy this wording from a MSWord document.

Please note that each screen has a Wording and Translation tab where you need to capture the specific wording and translation of that wording applicable to that specific screen

Capture Property Fields:

Property fields will be used when you need additional details on this specific risk type which may not be catered for in the system. Various property categories are pre-set but you are able to create your own unique category on Administration.

Product Linked Risk:

The linked risk types are used for those risks where another risk is insured seperately, but is part of the original risk item. An example of this is a watercraft (motorboat) where the engins are insured seperatly, but are also part of the craft. Each engin is therefore a risk in its own right.

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After you have completed the detail of your Risk Type you will notice that a Property List for this specific Risk Type is now available on the main tab:

Rate Maintenance

You may now add a Rate structure applicable to your Risk Type:

Once all Sections and Risk Types have been created, the Fee structure and Claims Estimate types can be defined and then policies can be captured against this product.

Fees

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Create the Fee structure as applicable to this product:

Sasria Groups

Pre-set Sasria Groups as per Sasria table:

Estimate Types

Create the Claims Estimate Types as applicable to this product:

Select Claims Category from drop-down menu or create a new category as required.

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You will notice that all fields captured during the creation of your product are now available on the policy screen either by drop-down or selection. You may want to attach the master policy to your documents which will then always be available as reference whilst capturing a policy or registering a claim.

Short Term Policy Create a new policy by selecting the ‘New’ button on the Action toolbar:

Note that the action bar has changed and has different action buttons relevant to short term. This manual will cover each of these action buttons.

General Information

The New Policy screen is divided into 4 sections: 1. General Information

Fieldname Description Required Owner Select the owner of this policy from the drop-down menu as

captured or create a new record

Product Select relevant Product from drop-down menu Policy Number Capture the unique policy number Reference Number You may select to have a reference number in addition to the

policy number.

Insured Insured field will default to the display name as selected on Owner field but may be changed as this is a free capture field.

Inception date Inception date of policy Payment Frequency Select frequency from drop-down menu Status Select policy status from drop-down menu Intermediary Select intermediary from drop-down menu

1 2

3 4

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Anniversary month Anniversary month will pre-populate from information provided on inception date and payment frequency. You can select a different anniversary month.

Policy Renewal Date

Policy renewal date will pre-populate from information provided on inception date and payment frequency.

Premium status Select premium status from drop-down menu. Consultant Select consultant from drop-down menu or create new.

2. Premium Summary

These fields are automatically updated when risks are being captured. Please select if this policy is commissionable:

3. Address Information Select address details, as captured in Client Contact, from drop-down menu. 4. Account Information

Payment type defines the amount of detail required: o Premium collected by Insurer and Cash – no premiums are collected thus all other fields

will be greyed out as they are not needed o Invoice does not require banking details but do require a Debit Order Account o Debit order – premiums are collected thus banking details as well as Debit order account

details are required.

Invoice To: Select the client record who will be responsible for paying the premium

Debit Order Account: Create new Debit Order Account

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Owner - Select owner of the account from the drop-down menu

Account type - Select from drop-down menu

Bank Account - Select bank account as captured on Client Contact screen

Email - Capture client email

Collection day - Select day on which premium will be collected

Reference - Enter reference that will appear on client’s bank statement

Policy Fees

Select the relevant Policy Fee:

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Location

Select the address details which were captured on Client Contact screen:

Capturing a Risk

Once you have captured all client details and saved your record, you will notice an additional button on the action bar for ‘New Risk’:

When selecting the drop-down menu, you will find all the relevant Sections and Risk Types which were created during the Product setup process. Select the risk type you need to capture. Each risk type screen looks different as defined in the product setup. Each risk screen has the following standard fields 1. General Information

Fieldname Description Required Item definition This drop-down will be available if setup in the Product Item Description Description of your risk item Inception Date Date of inception of risk Insured Amount Insured amount of risk Accessory Amount If defined on risk type Total Insured Amount

Automated calculation of Insured amount plus accessory amount

External Reference This field may be used to capture the item number as specified on the Insurer’s policy document

Effective Date Effective Date will automate to Inception date but can be changed

Premium Risk premium Premium Discount Discount when applicable

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2. Location Information Location information tab will be active when ‘Specify Risk Location’ was selected when creating the Product information. Once selected, all risk addresses captured within your Client details will reflect on the drop-down for selection.

3. Underwriting Criteria You are able to free type any underwriting criteria pertaining to this specific risk.

4. Extensions

All extensions created during Product setup will now be available for selection via drop-down menu.

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5. Security List All Risk security items created during Product setup will now be available for selection via drop-down menu.

6. Re-Insurance

When a portion of the insured amount is re-insured elsewhere, e.g. Sport motors will be insured up to a certain maximum amount at a local Insurance company and the remainder with Lloyds of London.

7. Properties

Properties field allow you to capture additional information which is not standard to the system.

Property categories need to be setup in the Administration module.

8. Item History

This tab is a summary of movement on this particular risk and contains information on how the premium is structured provided that the Product was set up to enable collections.

Contract Roles

Contact roles help you to manage policy relationships by linking all parties involved.

Once you have linked a Linked contract role to your policy, this information will be visible and

useable on Contact Management.

There are 3 types of contract roles to select from:

1. Company contract role for company details that is not an existing company record in the

database

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2. Linked contract role – i.e. Co-Insured or Dependant. This record is linked to Contact

Management and thus the personal details have to be captured for selection. You can capture a

new company or person from this screen.

3. Person contract role – Any other person related to this policy which is not an active client. This

record is not linked to Contact Management.

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Linked Policies

Linked policies allows one to build a profile for an owner based on other policies. Typically used to

link a Company’s Commercial Policy with the Owner’s Personal policy.

These policies will link automatically when the Relationship between parties has been set up. Please

refer to TC Contact Manager Web App Training Manual.

Authorizing changes

Only available when Enable Collections on Product was selected

When capturing risks, you will notice that the items captured are displayed in blue italic font.

This highlights that this specific risk has been changed or newly added to the policy; thus, a change

in the Policy premium may be possible.

The policy itself on the Short Term Policy screen will also now be colour coded in blue italic font.

The purpose of the blue italic colour coding is to highlight all changes that have been made to a

policy or risk and is a temporary state. You can still change or rectify any information on this item

before it is finally authorized. Any further changes will then be calculated in the Item History field.

On the Action bar you will now see a new Icon for ‘Authorize changes’

It is important to note that a policy in the temporary blue italic state will not be taken into account

during the month-end process. Ensure that all changes have been authorized.

Cancelling a Policy or Risk Item

On both the Risk Item- and Policy Action Bar you will find either the Cancel Risk or Cancel Policy icon.

Cancel a Risk Item

When cancelling a risk item, a pro-rata premium will be calculated from effective date to

cancellation date and will be taken into account on your next month-end.

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Select the cancellation date as well as cancellation reason from the Cancel Policy Item Process

screen:

Note that this item now appears in purple on the Policy screen.

Cancelling a Policy

Please ensure that all claims are finalized before you cancel a policy.

Premium status should be changed to ‘cancelled’ before you select to cancel the policy.

The ‘Cancel Policy Item Process’ screen will display. Enter the cancellation date and reason.

Please note that a pro-rata calculation on the policy premium will be taken into account during the

next Month-end process.

Reinstate Policy

A policy can be reinstated after cancellation by using the Reinstate Policy icon on the Action Bar.

There are 2 options for Reinstating a policy:

1. Reinstate with new date

Select the tick box on the Reinstatement process wizard:

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When selecting to reinstate a policy with a new date, the inception date of that policy will be

reset to the date selected.

Only risks where the cancellation date is the same as the policy cancellation date will be

reinstated.

Risk Item history will be reset to show the actual entry before cancellation.

Policy status will now display as Reinstated.

2. Reinstate with original date

When you reinstate the policy from original date, the inception date of the policy and risks will

not change.

Only risks where the cancellation date is the same as the policy cancellation date will be

reinstated.

Risk Item history will now be reset to show the actual entry before cancellation.

Policy status will now display as Reinstated.

Create History for unpaid periods will be selected in the event that the client has made payment for

all the unpaid periods.

The system will now create history entries on Risk Item History to update this policy. All these

entries will then display as pro-rata calculations.

Policy Schedule After all risk details have been captured, a Policy schedule can be printed.

On the action bar you will find the Policy Schedule icon.

The Policy Schedule Wizard provides 3 options:

Printing a full policy schedule which includes:

o Product wording

o Policy wording

o Policy summary page

o Detailed policy information

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o Section wording

o Risk wording

o Premium summary

o Sasria summary

Printing only a selection i.e. Policy summary page

Month End Schedule

Policy Summary Page

‘Calculate first addition or refund premium’ will calculate all pro-rata premiums and will show on the

policy summary page when ‘Show first addition or refund premium’ tick box has been checked.

Documents

Insure IV – Short Term Web App · Training Manual – Insure IV –Short Term Web App V7.15209.1637 4 | P a g e For ease of creating a new Short Term Product, these templates can