Cancel a Policy

When a termination of an insurance policy is initiated either by insured or by you, the insurer, you can check in what way the cancellation request falls under the policy scope, and fulfills the request under the agreed terms of the policy. Once approved, you issue a payment, if the case, to the insured, or to an approved third party on behalf of the insured. FintechOS clients use the Policy Administration module to organize and automate routines of this typical scenario, in order to increase the efficiency and accuracy of their operations.

NOTE  Policy Administration makes sure that the same policy is not available inside two cancellation flows, simultaneously. In turn, a policy can be accessed sequentially, by different operators, inside the same cancellation flow - for example, when a user manages the cancellation processing but a super user must approve the Returned Premium payment.