Create Policy Versions

With policy versioning, all changes to a policy are tracked in different versions of that policy. So you can create a new version of an existing policy, while maintaining the existing policy record as-is.

1. On an Insurance Policy or Policy (Asset) record, click the Modify Policy button on the Actions panel.
2. A dialog box opens. You can edit the information in the Asset Name and Effective Date fields as necessary.

   • Asset Name: The name of the policy version you are creating. This field pre-fills with the name of the current policy.

   • Effective Date: The date the new version of the policy goes into effect.

3. Click Create to generate an Endorsement quote. You can add, remove, edit coverages, and insured items as needed. You can see how the changes affect the price with Real-time Price Re-rating.
4. Once you have finished making changes to the quote, click the Issue Policy button in the Actions panel.
5. A dialog box opens. You can edit the information in the Asset Name field as necessary.
6. Click Create to finish issuing the new version of the policy from the Endorsement quote.
7. After you have issued the policy, you can view the new Transaction and Revenue Schedule on the Insurance Policy or Policy (Asset) record.