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Track Reserves and Payments in Multiple Currencies
Claims adjusters can now specify currency denomination when they set reserves, enter new losses and expenses, and make payments. The system can then apply the appropriate exchange rates on payment dates.
Where: Claim Financials user interface in orgs with multiple currencies and advanced currency management enabled in Spring '22 and later releases.
Why: If a loss occurs across international borders, the claim payment currency can differ from the reserve currency, claim currency, or policy term currency. Ideally, claims adjusters can select the financial currency of a payment or reserve while they work in claim financials. Then the corresponding system can apply currency conversions before it tracks or shows amounts at either the claim or policy level. This workflow gives claims adjusters the flexibility to manage claim payments in the currency of the payees. It also provides more meaningful data to adjusters while they monitor reserves, payments, and the consumption of limits and deductibles.
How: Enable multiple currencies.
