Creating a New Policy from a Template

Why would I create a new policy from a policy template?

To minimize the data setup required, and prevent the omission of critical or required data, and to ensure standard lists and configurations are applied.

Before Getting Started

• You are assigned the Edit Policy security right.
• You belong to a system licensee’s organization and you are logged in to your own website.
• The policy’s owner company has at least one partner company associated to it – for instance a co-licensee or proprietary broker or insurer (entered in the Administration section).
• The policy owner’s company has access to at least one product (Company Product Premium Type entered via Administration).
• The new policy’s selected owner company has access to at least one policy template.

Steps

1. From the main menu click Policy Setup. The system displays the Policy Search screen.
2. Click Create. The Profile screen is displayed.

3. Select the policy’s Owner Company.

   Note: You must select this value first because it determines the available values for the other required lists on this screen.

4. Select the policy template to be copied from the Policy to Copy field.

   

5. Complete, at minimum, all of the required fields. Fields marked with a red asterisk * are required.

   Owner Company	Select a company available within your organization. This will be the company who owns the policy.
   Policy To Copy	Select an existing policy to copy the data from into the new policy.
   Policy Name	Enter a name for the new policy.
   Policy Number	Enter a policy number.
   Effective Date	Enter the date the policy will be effective.
   Valid Until Date	Enter the date the policy will be effective until.
   Underwriting Year	Enter the Underwriting year of the policy.
   Product	Select the product the policy will be associated to.
   Policy Limit Currency	Select the currency for the policy.

6. Click Save.

Result

The system saves the new policy’s details and copies all available data* from the selected template into the new policy. The system confirms the policy has been created, sets the policy’s status to Incomplete  (regardless of the template’s Policy Status), populates the policy header and Policy Information widget with the policy’s key details.

Finally, the system enables the Definition option in the side menu so you can move forward with the policy setup workflow.

Refer to About Policy Templates for more details about what data does not get copied from the policy template.

About Policy Templates

A Policy Template is a policy that can be reused as the basis for other policies that share common details and require a similar setup. We strongly recommend that whenever possible, you create policies using a policy template.

Using a template to create your policy will reduce the policy setup time; after you have selected a policy template to copy from, the system automatically populates your new policy with the data configured in the selected template.

Policy templates are also a great solution to ensure that new users can complete the configuration of a new policy with greater ease, less direct supervision and fewer errors. You can use an actual live policy as your template or you can create a generic template for the purpose of creating standardized policies.

Templates Available for Selection

The templates available for selection are based on the new policy’s Owner Company. You can select any policy template that belongs to the policy’s owner company or to any company above the policy’s owner company in its organizational hierarchy. You can copy from a template regardless of the template’s policy status.

Data Not Copied from a Template

Although you can copy most policy data from a template into a new policy, there is a small subset of policy data that the system never copies (even if the data is saved in the template policy). The following data is never copied from a policy template into a new policy:

• Profile details which a user specifies directly in the new policy before the system can copy the template’s data (e.g. Policy Name, Policy Number, Effective Date, Valid Until Date, etc.).
• Data related to the Assured (Primary Assured, Named Assured, Bill to Party, Assured Policy Contacts, Special Rates, Additional Charges, Billing Periods and Deposits and Charges).