Insurance Parameters and Scheduled Jobs

The following insurance parameters and scheduled jobs are used with the Policy Administration solution.

1 Insurance Parameters

Parameter Name Policy Automatically Withdraw
Details Type: Integer; Code: PWDAY
Component Policy Admin
Correlated with FTOS_INSPA_Policy_AutomaticallyWithdraw scheduled job

Description

 

 This parameter sets the Automatically Withdrawal Day of a policy after a number of days since the First Installment on that policy moved to Unpaid status.
When the parameter is fulfilled, the policy is transitioned to Withdraw status.

 

Parameter Name maturityNotification
Details Type: Integer; Code: MTN
Component Policy Admin, Notifications
Correlated with N/A

Description

 

 This parameter sets the number of days for notifying the policy Maturity status to the policy holder, after the policy reaches that specific status.
For example: 5 days after the policy reaches Maturity status, a maturity notification is sent to the contract holder informing that the policy reached its end date.

 

Parameter Name Days After Unpaid Due Date
Details Type: Integer; Code: NDBR
Component Policy Admin, Billing & Collection
Correlate with FTOS_PA_PolicyLapsed scheduled job

Description

 

 

This parameter sets the number of days after an unpaid installment’s due date, registered on a policy. When the DAUDD parameter is fulfilled, the policy is transitioned to Lapsed status.
For example: the Lapsing Day of a policy is triggered after the passing of the chosen number of days since the Last Installment on that policy moved to Unpaid status.

 

Parameter Name No of Days Before Renewal
Details Type: Integer; Code: NDBR
Component Policy Admin
Correlated with FTOS_PA_PolicyRenewal scheduled job

Description

 

 

This parameter correlates the starting date of the Renewal process with a given number of days before the End Date of a policy.
For example: it is required to start the Renewal process within 5 days before policy reaching its End Date. As a result the parameter is set to 5 days.

2 Scheduled Jobs

Scheduled jobs are automated procedures that perform certain tasks, running at a specific time or on a recurring schedule. Read detailed information about scheduling jobs in the FintechOS Studio User Guide's dedicated page.

The following scheduled jobs are available with Policy Administration:

Scheduled for 04:00 AM, daily run.

Used for policies with last installments in Unpaid status, this job automatically moves policies from Enforced to Lapsed status, when the DAUDD parameter is fulfilled.

When in Lapsed, the policy is modified as follows:

  • The End Date becomes the Due Date of the unpaid installment;

  • If there are no claims registered, the Premium Amount becomes equal to the Paid Premium (sum of paid installments). If there are claims registered on the policy, the Premium Amount doesn't change;

  • If the Premium Amount is changed, the installment schedule is updated including just the paid installments.

The system also checks the Master Policies payment and, if there will be any installments still unpaid, being in the Unpaid status) after X days for a Master Policy (X days since the due date of the last unpaid installment of the Master Policy), then that Master Policy changes its status from Inforce to Lapsed.

After a Master Policy is moved in the Lapsed status, that Master Policy is modified as follows:

  • The end date becomes the due date of the unpaid installment;

  • The new premium amount is equal to the paid premiums (the sum of paid installments);

  • Because the premium amount is changed, the payment schedule of the Master Policy is updated and only includes the paid installments.

The number of days is set in the "Days after unpaid due date" existing and generic parameter, set at portfolio/contract level.

The following service runs as part of this job:

  1. FTOS_PA_PolicyLapsed

    This service automatically moves policies from InForce to Lapsed status, when the DAUDD parameter is fulfilled.

Scheduled for 02:00 AM, daily run.

This job moves policies from Proposal to Withdraw status when they satisfy the following conditions: their first premium is still in Unpaid status after a given number of days - PWDAY parameter, after their first due date.

Scheduled for 03:00 AM, daily run.

This job searches for the End Date and the NDBR parameter in order to identify the policies in InForce status that are suitable for automatic or manual renewal, for renewal offers.
The job returns the policies with Policy End Date (Initial End Date) - No of days before renewal (parameter set) = Current Date.

The following service runs as part of this job:

  1. FTOS_PA_PolicyRenewal

    This service searches for the End Date and the NDBR parameter in order to identify the policies in InForce status that are suitable for automatic or manual renewal, for renewal offers.

Scheduled for 01:00 AM, daily run.

For the policies that are in the Issued business status, have the same Begin Date as the Current Date and have the Automatic InForce checkbox selected, at Product level.
This job verifies whether the above conditions are fulfilled and moves policies from Issued to InForce status.

The following service runs as part of this job:

  1. FTOS_INSPA_Policy_IssuedToEnforced

    This service verifies if policies that are in the Issued business status, have the same Begin Date as the Current Date and have the Automatic InForce checkbox selected, and moves them from Issued to InForce status.

Scheduled for 11:59 PM, daily run.

This job is set to transition policies’ status from In Force or Suspended to the Maturity status when policies Current Date is greater than the End Date. This job also automatically transitions Master Policies’ status from In Force to Maturity when the Master Policies Current Date is greater than the End date.

The following service runs as part of this job:

  1. FTOS_PA_PolicyMaturity

    This service transitions the policies and master policies to the Maturity status, when their Current Date is greater than their End Date.

Scheduled for 03:40 AM, daily run.

This job approves pending policies, when the effective date is reached for MTA and Cancellation requests, and puts the policy in status.

The following service runs as part of this job:

  1. FTOS_INSPA_ApprovePendingPolicies

    This service approves pending policies, when the effective date is reached for MTA and Cancellation requests.

Scheduled for 04:31 AM, daily run.

This job finds all the policies with unpaid installments, that have also passed the grace period, and transitions them to the Suspsended status.

The following service runs as part of this job:

  1. FTOS_PA_PolicySuspended

    This service transitions the policies with unpaid installments into the Suspended status, after their grace period has ended.

Scheduled for 01:00 AM, daily run.

For the masterpolicies that are in the Issued business status, have the same Begin Date as the Current Date and have the Automatic InForce checkbox selected, at Product level.
This job verifies whether the above conditions are fulfilled and moves masterpolicies from the Issued to the InForce status.

The following service runs as part of this job:

  1. FTOS_PA_MasterPolicy_IssuedToInforce

    This service verifies if masterpolicies that are in the Issued business status, have the same Begin Date as the Current Date and have the Automatic InForce checkbox selected, and moves them from Issued to InForce status.

Scheduled for 05:00, daily run.

This job checks the Master Policies payment and, if there will be any installments still unpaid, being in the Unpaid status) after X days for a Master Policy (X days since the due date of the last unpaid installment of the Master Policy), then that Master Policy changes its status from Inforce to Lapsed. This job does not delete Master Policies' installments.

After a Master Policy is moved in the Lapsed status, that Master Policy is modified as follows:

  • The End Date becomes the Due Date of the unpaid installment;

  • The new premium amount is equal to the paid premiums (the sum of paid installments);

  • Because the premium amount is changed, the payment schedule of the Master Policy is updated and only includes the paid installments.

The number of days is set in the "Days after unpaid due date" existing and generic parameter, set at portfolio/contract level.

The following service runs as part of this job:

  1. FTOS_PA_MasterPolicyLapsed

    This service automatically moves masterpolicies from InForce to Lapsed status, if there will be any installments still unpaid, being in the Unpaid status) after X days for a Master Policy (X days since the due date of the last unpaid installment of the Master Policy).

Scheduled for 11:50 PM, daily run.

This job is set to transition masterpolicies’ status from InForce or Suspended to the Maturity status when policies Current Date is greater than the End Date. This job also automatically transitions masterpolicies’ status from In Force to Maturity when the masterpolicies' Current Date is greater than the End Date.

The following service runs as part of this job:

  1. FTOS_INS_MasterPolicy_Maturity

    This service transitions the masterpolicies to the Maturity status, when their Current Date is greater than their End Date.

Scheduled for 03:00 AM, daily run.

This job is set to find all the policies from the system which have to be renewed according to their End date and the parameter set for the No. of day before renewal. The job verifies all the policies which have the Policy End Date (policy to be renewed Initial End Date) - No. of days before renewal (parameter set) = Current Date, and applies the renewal process to them.

If there is a Cancellation request approved on the policy or masterpolicy, then the Pending record is not taken into consideration for automatic renewal.

In case any of the the policies or the Masterpolicy to be renewed are already subject to a MTA (Mid-term adjustments) process in progress while the automatic renewal offer process is going on (including the current policy/masterpolicy), then the MTA process can proceed, but a warning message is displayed informing the user that there is already a renewal offer for the Masterpolicy.

In case the Masterpolicy to be renewed is already subjected to a Cancellation process in progress while the automatic renewal offer process is going on (including the current masterpolicy), then when the cancellation process is completed (approved), the renewal offers corresponding to the cancelled masterpolicy (masterpolicy offers and policy offers under it) are deleted.

The following service runs as part of this job:

  1. FTOS_PA_MasterpolicyRenewalOffers

    This service finds all the masterpolicies and related policies in the InForce status which have to be renewed.

Scheduled for 4:50 AM, daily run.

This job approves pending masterpolicies, when the effective date is reached for MTA and Cancellation requests, and puts the masterpolicy in status.

The following service runs as part of this job:

  1. FTOS_INSPA_ApprovePendingMasterpolicies

    This service approves pending masterpolicies, when the effective date is reached for MTA and Cancellation requests.