Configure Alteration Types

The Alteration functionality allows changes to active policies or master policies based on customer requests. This page describes the default alteration types and how to configure them to meet your business needs. The changes made here are applicable during the Policy Mid Term Adjustments and Master Policy Alterations processes.

View Default Alteration Types

In FintechOS Portal go to Main Menu > Settings > Alteration Types. The Policy Alteration Type List is displayed.

Alteration Display Name Description Product Type Policy Master Policy
Start Date Change Start Date Modify the start date of a policy or masterpolicy, for backdating or future dating scenarios. Health, Home, Motor, Personal Accidents, Pet Insurance, Property, Travel Insurance ✔ ✔
Coverage Update Coverage Change the coverages by modifying the insured sum or change the card. Health, Home, Personal Accidents, Pet Insurance, Travel Insurance ✔  
Due Date Update Due Date Change the payment due date for future installments. Personal Accidents, Health, Home, Pet Insurance, SME Insurance ✔ ✔
Payment Frequency Change Payment Frequency Change the frequency of the payments for the installments. The frequency can be either full, quarterly or monthly. Personal Accidents, Health, Home, Pet Insurance, SME Insurance ✔ ✔
Payment Type Change Payment Type Change the payment type for the installments. Personal Accidents, Health, Home, Pet Insurance, SME Insurance ✔ ✔
Renewal Type Change Renewal Type Change the renewal type for the policy: automatic renewal or renewal offers. Personal Accidents, Health, Home, Pet Insurance, SME Insurance ✔  
Insured Object Update Insured Object Make alterations to the covered object in the policy. Personal Accidents, Health, Home, Pet Insurance, SME Insurance ✔  
Mentions Mentions Update any mentions regarding the policy or master policy. Home, Pet Insurance ✔ ✔
Update Policy Party Update Policy Party Change the insured or payer of a policy. Personal Accidents, Health, Home, Pet Insurance, SME Insurance ✔  
Update Master Policy Party Update Master Policy Party Make changes to registered parties, such as the policy holder of a master policy. Personal Accidents, Health, Home, Pet Insurance, SME Insurance   ✔

 

Use Cases

The Change Start Date alteration type is applicable for both policies and masterpolicies, and can be used for modifying the start date of a policy, particularly in backdating scenarios. 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.

If the policy start date is in the past (before today's date, systemDate), and the payment schedule is set to apply the first installment to the start date, the system will overwrite this setting. It will then adjust the first payment to be due on the system date (today), instead of the past start date, ensuring the payment schedule is aligned with the current date.

Changes are also triggered for the payment schedule, this is generated based on the configured payment schedule type and any installments with a due date earlier than today's date will be updated to a new due date that’s equal to or later than today. The new due date will be adjusted monthly for monthly, quarterly, or annual payment frequencies, and weekly for weekly payments. The number of installments is kept, the due date is updated.

The Change Start Date alteration type is applicable for both policies and masterpolicies, and can be used for modifying the start date of a policy, in future dating scenarios. This means modifying the start date of a policy or masterpolicy to be greater than the system date. This is available for Proposal and Issued statuses, and not for InForce status.

For an independent policy, the end date is calculated as the new start date plus policy validity, with no amount updates, but updates are made to the policy’s coverage start date and payment schedule, regenerating if no invoice is issued or adjusting due dates for On Time payment statuses.

For a policy under a master policy, the new start date must be greater than or equal to the master policy’s start date, the end date remains unchanged (based on the master policy), the policy validity is recalculated, total premiums are adjusted based on new validity, and the coverage premium is updated, with final premiums reflecting any commercial discount; payment schedules are updated accordingly, and a new version of the master policy is created with the revised amounts and schedule.

Use the Update Coverage alteration type to update the content card on the policy. These cards represent the plans for insurance products and are generated when creating Offers. These may contain coverages with different insured sums, start or end date, effective dates, etc.

After picking a new card, the list of coverages is updated and you can edit the 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. In case the policy is paid, a new payment schedule detail is generated with due date min(AlterationEffectiveDate+1, EndDate) and the amount resulted as difference. Otherwise, the on time installments are updated.

Configure Alteration Types

  1. In FintechOS Portal go to Main Menu > Settings > Alteration Types. The Policy Alteration Type List is displayed.

  2. Click Insert to configure a new alteration type.

  3. In the Alteration Type Form Logic tab, fill in the following fields in the Alteration Config section:

    • Enter Alteration Name: Input a unique name for the alteration type;

    • Display Name: Input a display name for the alteration type;

    • Category: Select MTA; Cancellation, Reinstatement.

    • Available Offers Validity: choose between Current and On policy issue date.

    • Product type: From the drop-down, select one or more product types to which you want the alteration to apply;

    • Product name: Select an insurance product from the drop-down, filtered by the insurance type chosen above. If you haven't selected a product type, all insurance products are displayed in this field.

  4. In the second section, populate the following fields:

    • Logic: From the drop-down select either Policy Comparison or Specific Logic. The Policy Comparison logic is explained in the Register and Cancel an MTA Request section;

    • Allow Card Change: allow changes in offers.

    • Check Underwriting Rules: If you check this field, when the alterations occur, they are verified by the underwriting rules. If validated, this allows the alterations, or else the flow stops;

    • Calculate Premium: Check this field to trigger a premium recalculation;

  5. Configure the Effective Date of the alteration, and select when you want this alteration to product effect in the policy. If you check the Is the default editable? field, a new section unfolds where you can define the editable range for the effective date.

  6. In the Approval Step section, check to define if the alteration needs an approval step. If you check the field, the Approval roles section is unfolded, where you can define who is doing the MTA approval.

  7. In the next section, Where will alterations be triggered from?, define if you want the alterations to be triggered from the policy form or from the master policy form. In both cases, if the fields are checked, a new section is displayed where you can select in which policy or master policy status the alteration can be issued. Also, select an alteration form driven flow to apply in this case. You can choose an existing flow, or create a new one, and select it.

  8. In the last section, When will this alteration be available in Portal?, define the validity time frame of the alteration. Choose a date for the Valid from and for the Until fields. You can leave the last field blank for no specific end date.

  9. Click Save.

  10. Go to the second tab, Technical Configuration, and populate the following fields:

    • Selection Server Side Lib Name: Enter the library that contains the method written in the Selection Server Side Method field;

    • Selection Server Side Method: Enter the method that is called when the alteration type is selected on the Alteration form;

    • Server Side Lib Name: Enter the library that contains the method written in the Server Side Method field;

    • Server Side Method: Enter the method that is called when the alteration type is validated on the Alteration form;

    • Summary Text: Enter the text to be displayed after validating an alteration type. It should contain tokens, for example:
      Starting {effectiveDate} {identifier} {attributeDisplayName} is modified from {initialValueDisplayName} to {newValueDisplayName}

      The used tokens must be from the PolicyAttributeChange entity.

  11. Go back to the first tab, Alteration Type Form Logic, and click Save. You can now find the configuration record in the Policy Alteration Type List, and you can use it for your policies.