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Insurance
Policy Lifecycle Processes with Policy Versioning

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Policy Lifecycle Processes with Policy Versioning

Enhance accuracy and reduce data entry throughout the policy lifecycle that includes policy issuance, renewals, endorsements (MTA) and cancellations. Customers benefit from a streamlined process that ensures all changes are accurately recorded, aggregated, and prorated.

Required Editions

Available in: Lightning Experience
Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled
  • Policy Lifecycle to Billing Overview
    Financial Services Cloud Insurance Brokerage (FSC IB) supports an end-to-end flow that connects insurance policy management with billing, payments, and financial posting.s
  • Insurance Policy Transactions and Breakdowns
    Automatically generate insurance policy transactions that capture the full financial impact of policy lifecycle events. This feature provides a granular breakdown of premiums, commissions, taxes, and fees, specifically mapped to each coverage, insured item, and insured party.
  • Create an Insurance Policy
    Create an insurance policy to serve as the parent record for assets, participants, coverages, and surcharges.
  • Add Assets or Participants to a Policy
    Add insured assets or insured participants to define what or who is covered by the policy.
  • Add Coverages to an Asset or Participant
    Add coverages under an asset or participant to define the insured risks.
  • Add Surcharges to an Insurance Policy
    Add surcharges to define taxes and fees for billing, proration, and refunds.
  • Configure Insurance Policy Billing Information
    Set up billing details for an insurance policy by specifying who is billed, when billing occurs, and how billing is treated for the policy.
  • Trigger Policy Lifecycle Processes
    Use the policy lifecycle actions to manage policy issuance, endorsements, renewals, cancellations, and repurposing, while ensuring accurate transaction and billing record generation.
  • Milestone Billing
    Milestone Billing, also referred to as Hybrid Billing, allows insurers to split premium and fee amounts across multiple invoices based on predefined milestone percentages and offset dates. This approach supports down payments and staggered collections across the policy lifecycle.
 
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