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Issue a policy
Complete policy issuance by validating the policy structure, issuing the policy, and generating financial transactions for billing.
Required Editions
| Available in: Lightning Experience |
| Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled |
This task assumes that the required policy structure and system configuration already exist. Complete these prerequisites before issuing a policy:
- Create an insurance policy that serves as the parent record for assets, participants, coverages, and surcharges.
- Add insured assets or insured participants to define what or who is covered by the policy.
- Add coverages under an asset or participant to define the insured risks.
- Add surcharges to define taxes and fees for billing, proration, and refunds.
- Enable insurance policy transaction and transaction detail generation for policy lifecycle events in setup.
- From the App Launcher, find and select Insurance Policies.
- Open the insurance policy that is in a draft stage (Draft - New, Draft - Renew, Draft - Endorse).
- Review the policy structure to confirm that all coverages, assets or participants, and surcharges are complete.
- From the quick action menu, click Issue.
When you issue a policy, the Issue Policy service performs the following actions automatically:
- Updates the Policy Stage to Issued.
- Calculates term amounts based on the policy effective dates.
- Calculates Term Premium and Term Amount values based on Standard Premium and Surcharge Amount inputs and aggregates those Term values from coverage-level records to asset and policy levels.
- Creates an Insurance Policy Transaction for the issuance event.
- Generates Insurance Policy Transaction Detail records that break down amounts by:
- Policy
- Asset or participant
- Coverage
- Surcharge
- Locks the Issue action to prevent re-issuance.
- Crucially, it generates Insurance Policy Transaction and Insurance Policy Transaction Detail records, which serve as the connecting tissue for the billing engine.
- Understand Insurance Policy Transactions and Transaction Details
Review the financial records generated by policy lifecycle events to understand how policy data is translated into billable transactions. - Send Policy Transactions to Billing
Initiate the billing process to convert policy transaction data into billing schedules. This action processes the transaction details and creates Billing Schedule Groups and Billing Schedules, which drive invoice generation. - Understand Billing Schedule Groups and Billing Schedules
Billing Schedule Groups and Billing Schedules define how policy charges are billed over time after transactions are sent to billing. These records translate transaction detail data into time-based billing structures that control invoice creation. - Preview Invoices
Review upcoming invoice lines before generating invoices. Use Invoice Preview to see the invoice lines that are generated for billing schedules, without creating actual invoices. You can preview invoices at either the account level or for a specific Billing Schedule Group. - Generate Invoices on Demand
Use account-level actions to preview invoices and generate invoices in draft or posted status. - Schedule Invoice Generation for Insurance Policies
Set up invoice schedulers to generate invoices at regular intervals or generate on-demand invoices for insurance policies. - Generate Invoice PDF Documents
After invoices are generated, generate PDF documents for a batch of invoices or a single invoice. - Process Payments Using Payment Schedules
Collect payments and apply them to invoices using scheduled payment runs. - End-to-End Example: Agency-Billed Commercial Policy for Petromax Carburettor
This example follows a single customer from policy creation through payment settlement, showing what data exists at each stage and how amounts move.
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