Core Policy Admin 3.2.0

February 10th 2022

The 3.2.0 release of Core Policy Admin contains new features involving master policies, security roles, new calculations, and automated processes meant to offer a smooth user experience. The new version is also enriched with the Get Policy Data API and updates to the Policy Generation API.

NOTE  
This is part of the FintechOS 22.w release. Please check the main release notes for more information.

What's New

Automatic Renewals

Core Policy Admin is enriched with the ability to automatically generate renewal offer policies for those which are due to expire. There are three scenarios where these renewals are generated. The configurations for the scenarios are given below:

Scenario 1:

  • Types of Renewal: New Policy;

  • Renewal Validity: Same Validity;

  • Renewal Tariff: Actual Tariff.

Scenario 2:

  • Types of Renewal: Renewal Offers;

  • Renewal Validity: Same Validity;

  • Renewal Tariff: Actual Tariff.

Scenario 3:

  • Renewing Policy: New Policy;

  • Renewal Validity: Same Validity;

  • Renewal Tariff: Same Tariff.

Scenario 4:

  • Types of Renewal: Renewal Offers;

  • Renewal Validity: Same Validity;

  • Renewal Tariff: Same Tariff.

Read more about this topic by accessing the Automatic Renewal page.

Master Policy Contract

The Master Policy Contract 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.

You can manually generate a Master Policy in the system, in the FintechOS PortalPolicy Admin > Masterpolicies section. You also have the possibility to track the version number of each created Master Policy.

Read more about creating a Master Policy and version tracking by accessing the Master Policy Contract page.

Automated Lapsing

We have introduced automated lapsing. The lapse flow of the policy represents the non-payment on time of the payment obligation within the contract policy. This represents an automatic process performed by the FTOS_PA_PolicyLapsed scheduled job.

Learn more about the automated lapsing scheduled job by accessing the Flow Parameters and Scheduled Job page.

Core Policy Admin Security Roles

The newly added security roles are used to protect sensitive data and configure various organization layers to allow for better communication, collaboration, or reporting. The following security roles are available for Core Policy Admin allowing the users to only perform the actions attributed to them:

Security Role Description
Policy info

This user only has the right to see the Policies and Masterpolicies list and form (and the Policies + Masterpolicies menu entry) without having the possibility to edit.

NOTE  

Useful for other module’s users who need to have policy view rights.
Policy user

Read-only rights for Policies and Masterpolicies.

Rights for policy versioning process.

Rights to insert a Cancellation request without the possibility to approve it.
Policy superUser Rights to insert Policy alterations and work on them. Reinitiate payment returns and make the payment returns (last buttons on the Cancellation form).
Policy manager Cancellation approvals and returns approvals.

Read more about this topic by accessing the Security Roles for Core Policy Admin page.

Customer Notifications

Whenever an insurance contract goes through a cancellation process, the system automatically informs the customer of their contract through a specific notification sent to them. The notification is sent by e-mail on the effective date of the cancellation.

The policies which are included in the notification are those which have the Policy Status as declined by screening, closed by claim, withdrawn on customer’s request, canceled or transitioned due to a cancellation process.

Similarly to the cancellation process, the system informs the client of the policy lapsing process.

Learn more about the policy cancellation and lapsed policy notifications by accessing the Policy Cancellation page.

Core Policy Admin APIs

The PolicyGenerationAPI was updated in case of adding policies to a Master Policy, in order to align the policies payment schedule with the one from the associated Master Policy. Read more by accessing the Policy Generation API page.

The new GetPolicyDataAPI retrieves a policy's details from a certain date based on the policy number and date. Learn more by accessing the Get Policy Data API page.

Generic Pro Rata Parameter

Starting with this version, the premium calculations made in the policy alteration processes take into consideration the type of pro rata to be used in the calculations.

The parameter contains 2 types of pro rata:

  • Daily pro rata as 1/365 from the premium amount of a contract;

  • Monthly pro rata as 1/12 from the premium amount of a contract.

You can configure the pro rata in the Prorata type insurance parameter.

Read more about the pro rata parameter by accessing the Mid Term Adjustments page.

Policy Admin Import 3.2.0

The new data import configuration package for roles and insurance parameters.

Policy Admin Import Upgrade 3.2.0

The upgrades new data import configuration package for roles and insurance parameters.

Life and Health Policy Admin 1.0.0

The new Life and Health Policy Admin asset includes all the insurance actions related to the Life and Health policies.