Policy Administration 24.3.3

July 2nd, 2025

This release introduces improvements to alterations for insurance policies.

What's New

Backdated Alterations Using Update Coverages

It is now possible to use the Update Coverages alteration type to make changes to a policy with an effective date earlier than existing alterations on the same policy.

Previously, if an alteration was already in progress, the system would block any new alterations—regardless of their effective date.

Backdated Alterations to Insured Objects

The existing Update Insured Object alteration type now supports backdated alterations. Backdating is allowed when the effective date is before the system date or a previous alteration’s effective date. When validating the backdated alteration on an insured object, the premium is recalculated and prorated based on the policy validity and selected effective date.

Alteration Additional Installment Due Date

You can now configure the due date of any additional installments that might be resulted from an alteration to a fully paid policy. Currently, if the policy is fully paid, which means that all of its attached installments are in status Paid or Statement Generated, and an alteration is made, then the system generates the additional premium amount as a new payment schedule detail, and sets the due date to the policy's end date. But this does not taken into consideration the effective date of the alteration, current system date or the default collection day.

With this update, you can now pick the due date to be set on alteration effective date or on the default collection day. Find more details in the documentation.