Master Policy Contract

This functionality enables insurers to create their bundled policy offerings, covering general insurance, healthcare, and life protection. It offers the ability to manage a mix and match of insurance coverages that can be extended to family members, affinity groups, employees and other logical groups.

Master Policy Generation

You can manually generate a Master Policy in the system through a journey, in order to administer a product where there are multiple policies issued under the same Master Policy.

In FintechOS Portal, in the menu, under the Quote and Apply section, the Policy Admin section is found, containing the Masterpolicies subsection.

Click the Master Policies subsection. A grid called Master Policies List is displayed, which contains all the created master policies.

The grid contains the following columns:

Name	Description
Master Policy No	The number of the Master Policy.
Contractor	The full name of the contractor.
Start Date	The start date of the Master Policy.
Premium Amount	The premium of the Master Policy.
Currency	The currency of the Master Policy.
Business Status	The business status of the Master Policy.

You can manually add a new master policy by clicking the Insert (+) button on the top right corner of the screen. Fill in the newly opened form:

• The Master Policy tab contains the following sections:

  • Contractor, containing the following fields:

    Name	Description
    Name	The full name of the contractor, concatenated.
    PIN	Personal Identification Number.
    Email	The email of the contractor.
    Phone	The phone number of the contractor.

    Choose a Contractor from the drop-down to automatically fill in the fields with their details.

    

  • Intermediary, containing the following fields:

    Name	Description
    Agent Name	The full name of the agent.
    Broker Name	The full name of the broker.

    Only one of the Agent or Broker name fields can be filled. If you try to fill both, the following message is displayed: "A Master Policy can have either an Agent or a Broker".

    

  • Master Policy, containing the following fields:

    Name	Description
    Master Policy No	The unique number of the master policy.
    Quote Number	The unique number of the quote.
    Validity Type	Drop-down field with the following possible values: Days, Months, or Years.
    Validity	The validity of the master policy expressed in the number of days, months, or years.
    Start Date	The start date of the policy.
    End Date	The end date of the policy.
    Payment Type	Drop-down field, with the following possible values: Bank Transfer or PayU.
    Payment Frequency	Drop-down field with the following possible values: annually, semiannually, quarterly, monthly.
    Currency	The currency used for the policy.
    No of Installments	The number of installments for the policy.
    Premium Amount	The amount of the premium.
    IPT Amount	The amount of the insurance premium tax.
    Master Policy Document	The master policy file to be uploaded.
    Renewed Master Policy	Option set to choose the master policy to be renewed.

    

  • Mentions, where the user can add some free text, with mentions regarding the Master Policy.

    

• Fill in these details and save the record. Two more tabs are displayed in the form:

  • Tab 1, first called Master Policy and now called Master Policy Summary, containing the above fields, plus, below them, 2 new sections called Premium Payments Schedule and Invoices.

    • These sections are empty at first, and populated with values after the associated policies are generated:

      • The Premium Payments Schedule section, the list with the installments, contains:

        Name	Description
        Installment No	The number of the installment.
        Amount	The premium amount for that record, for that installment.
        Due Date	The due date for that installment.
        Business Status	The status of the installment.

        

      • The Invoices section, the list with the statements, contains the following columns:

        Name	Description
        Statement No	The number of the statement.
        Amount	The premium amount for that record, for that statement.
        Due Date	The due date of that statement.
        Status	The status of the statement.

  • Tab 2, called Policies List, is empty at first, and is populated with values after the associated policies are generated through the PolicyGenerationAPI endpoint.

    • The grid contains the following columns:

      Name	Description
      Insured Name	The full name of the insured person.
      PolicyNo	The number of the policy.
      Insurance Product	The product type.
      Policy Start Date	The start date of the policy.
      Policy End Date	The end date of the policy.
      Premium Amount	The amount of the premium.
      Currency	The currency used for the policy.
      Business Status	The status of the policy.

All the above fields are mandatory, except Renewed Master Policy and the Mentions section.