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            Trigger Policy Lifecycle Processes

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            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.

            Required Editions

            Available in: Lightning Experience
            Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled
            User Permissions Needed
            To trigger policy lifecycle processes: Context Service Runtime, FSC Insurance, Insurance Brokerage Foundation, Insurance Brokerage Policy Management, Insurance Brokerage Policy Management User Advanced, and Salesforce Pricing Run Time User
            1. To issue a policy, open the policy that’s in a draft stage (Draft New, Draft Renew, Draft Endorse, or no status), and click Issue Policy.
              Note
              Note For Agency Billing, model all taxes and fees using surcharges instead of standard tax or fee fields. This supports multiple taxes and fees on the same policy component and ensures that billing and transaction breakdowns are generated correctly. Standard premium fields continue to work for commission calculations.
              After you issue a policy, the system automatically creates an Insurance Policy Transaction to represent the issuance event and generates transaction details that break down premiums, taxes, fees, and commissions across the policy hierarchy. Transaction details are generated across the policy hierarchy. The most granular breakdown occurs at terminal (leaf) components, such as coverages and their associated surcharges, while parent components reflect aggregated amounts. Premium amounts come from asset and coverage standard premiums, while taxes and fees are generated only from surcharges. These records reflect the full financial impact of the issued policy and are used for billing. If the lifecycle process fails, the action is rolled back. Upon successful completion of the Issuance lifecycle process, the Issue action is removed/ disabled for the policy to prevent re-issuance.
            2. To create an endorsement, open an issued policy and click Endorse. Enter the endorsement effective date in the endorsement modal and save your changes. This action creates a draft policy version that represents the policy undergoing endorsement.
              For details about how endorsements are handled using policy versioning, see Policy Endorsements and Versioning.
            3. To generate the next policy term, open the original issued policy and click Renew. The system creates a draft renewal version representing the next term.
              For information on all the things that Renew API does, see Renew API and Bulk Renew API.
            4. To finish the renewal, open the renewal draft and click Issue Policy. This action issues the policy for the new term and creates the Issuance transaction for the renewed policy.
              • For information on renewing a single policy, see Renew API.
              • For information on renewing policies in bulk, see Bulk Renew API.
            5. To cancel a policy, open the original issued policy and click Cancel. Enter the cancellation date and confirm. The system identifies impacted versions, prorates those, and generates a cancellation transaction.
            6. To create a new insurance policy that inherits structure and details from an existing policy, open any policy version and click Repurpose. Update the details and save the new policy.
            • Objects Copied by Policy Lifecycle Actions
              When you trigger a policy lifecycle action such as Renew, Endorse, or Repurpose, the system creates a new policy-related record set by copying specific entities from the source policy. The set of copied entities depends on the action you choose.
            • Issue a policy
              Complete policy issuance by validating the policy structure, issuing the policy, and generating financial transactions for billing.
            • Policy Endorsements and Versioning
              An endorsement represents a midterm change to an issued insurance policy. Endorsements are handled by versioning the policy, allowing the system to preserve the policy state before and after the change.
            • Policy Cancellation
              Cancel an issued policy to end coverage before the policy expiration date and generate financial transactions for billing.
             
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