Policy Administration 24.3.2
May 29th, 2025
This release brings several improvements, including the introduction of backdated policies, improved policy reinstatement, and more.
What's New
Backdated policies
Backdated insurance policies refer to insurance contracts that are issued with an effective date earlier than the actual date the policy is written or signed. In other words, the coverage is retroactively applied to a date in the past.
Policies and master policies can now be backdated by specifying the number of days in advance when setting the Product Admin Configurations. For new policies, you can configure if the policy start date can be in the past, the number of days allowed and the security roles for which the functionality is available. Issued policies, those in Proposal or Issued statuses, can also be backdated using the new alteration type Change Start Date. This also triggers a change in the payment schedule.
Use the same Change Start Date alteration type to set the start date of your policies or masterpolicies in the future. This does not apply to InForce policies, and can trigger changes to the payment schedule.
Policy Reinstatement With or Without Back Premium Waiver
Unpaid installments or due payments can be waived or deferred during the reinstatement process. This is available for both policies and masterpolicies. When waived, the due payment is removed to allow for the policy or masterpolicy to be reinstated. When deferred, the due payment is delayed to another date, for the same reason, to streamline reinstatement. Moreover, the Propose Request step in the reinstatement flow can be removed by making certain settings in the Product Admin Configuration.
Invoice Generation Section in Product Admin Configuration
Invoice generation can now be configured per product, in the Product Admin Configuration form. This makes it easy to set certain configurations and trigger invoice generation for your specific product. You can set the day for generating invoices, decide which installments to be included, and group invoices by policy, masterpolicy, product or payer.
Overlapping Policies
You can allow customers to hold multiple policies for the same product by ticking the Overlapping option when configuring a product.
Multi-annual Policies and Master Policies
FintechOS now supports multiannual policies, allowing policies with durations longer than one year. It also introduces support for multiannual master policies, enabling the grouping and management of related long-term policies under a single master contract.
Change Product Card When Updating Coverage
When performing a mid-term adjustment on a policy using the Update Coverage alteration type, you can now update the content card with another one, created during the Offers process. These cards are essentially plans for insurance products. This is not available for masterpolicies. After switching to a new card, you have the option to update begin and end dates for coverages, the sum insured, Excess values and Excess types. When making changes, an update to the payment schedule is triggered. This improvement is additional to the other features of the update coverage alteration type, such as changing the coverages by modifying the insured sum, adding new coverages to the policy, or deleting any that are no longer of interest.
Bulk Process Insurance Policies
We're excited to introduce the Bulk Process feature, designed to streamline high-volume insurance operations. This new functionality enables you to perform actions—such as changing start dates, updating cards, or canceling policies—across multiple policies simultaneously, eliminating the need for repetitive, one-by-one processing. Additionally, the Bulk Process feature supports customization, allowing you to configure and automate your own bulk operations to fit your specific business needs.
Categories for Insurance Settings and Parameters
Insurance parameters are now organized into intuitive categories and sub-categories, making it much easier to navigate, understand, and update them. This improved structure streamlines your workflow and reduces the risk of errors during configuration.
Policy Reinstatement API Enhancements
The policy reinstatement insert API has been enhanced to provide better handling of overdue premiums:
- Back Premium Waiver - A new
waiveDuePremiumboolean input parameter allows you to either waive or collect the overdue premiums when reinstating an insurance policy. - Custom Due Date for Back Payments - If you choose not to defer overdue premiums, the
newDueDateDeferinput parameter now enables you to set a new due date for back payments.
Policy Generation API Validates Overlapping Policies
Before issuing an insurance policy, the Policy Generation API checks if the insured object allows multiple policies. If multiple policies are not allowed and an existing policy is already active for the insured object, the API returns an error.