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            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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