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            Policy Lifecycle to Billing Overview

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            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

            Required Editions

            Available in: Lightning Experience
            Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled

            CSRs or Account Managers create insurance policies and their underlying structure, such as assets, participants, coverages, and surcharges. Billing behavior is configured on the policy using Insurance Policy Billing Information, which defines how and when charges are billed.

            Policy lifecycle events, such as issuance, renewals, endorsements, and cancellations, are triggered using native FSC IB lifecycle services. These services handle versioning, proration, and aggregation, and automatically generate Insurance Policy Transactions and Transaction Details, which bridge policy data and billing.

            Billing teams generate invoices on demand or through scheduled runs. The system creates billing schedules that control invoice timing and amounts. When invoices are posted, payment schedules are created and processed to collect and apply payments.

            As billing and payments progress, accounting entries are automatically created in the subledger based on configured finance rules, supporting reconciliation and financial reporting.

             
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