Getting Started with Policy Admin

1. Insurance Parameters: create and configure insurance parameters for your solution.

2. Configure Jobs: each solution part of Service Insurance comes with specific scheduled jobs, automated procedures that perform certain tasks, running at a specific time or on a recurring schedule.

3. Flow Settings: adjust settings for a number of flows, such as the flows for changing client data, settings for currency exchange, for email notifications, for payments, and so on.

4. Configure Policy Parties: define and configure the roles involved in a policy, such as Insured, Policy Holder, Beneficiary, or define Other parties.

5. Configure Payment Schedule Types: add and configure payment schedule types, to define and set details pertaining to the way the payment schedule works for the product.

6. Configure Alteration Types: configure the types of alterations that can be made to an insurance policy before the end of the policy.

7. Cancellation Reason Types: configure the reasons for canceling a policy or master policy.

8. Security Roles: configure the security roles that give access to functionalities inside Service Insurance.

9. Bank Holidays: the bank holidays & non-working days configuration is used for the Billing and Collection module. This setting controls the behavior of the direct debit generation endpoint; it prevents the endpoint from generating a direct debit file on a date corresponding to a bank holiday - like Easter or other dates declared as non-working days by authorities.

The configurations you set at the insurance product level significantly affect policy servicing. It's important to carefully review key settings such as the renewal type and policy suspension duration. These options are selected when creating the insurance product in Product Factory.

You can configure the process beforehand by using the two features described below:

1. Configure Policy Renewals: the process of extending an insurance policy for another term, typically with the same or updated terms and premium.

2. Configure the Policy Suspension Duration: the specific period during which an insurance policy is temporarily inactive and coverage is paused.

After creating and configuring insurance products using the Product Factory, follow the steps below to continue configuring your product:

1. Product Admin Configuration: set pricing rules, policy rules, claims, formula mapping, and payment types, and more. This is a mandatory step, without a valid Product Admin Configuration, the product cannot be used.

2. Insurance Product Sequencer: configure sequencers available for Service Insurance or edit the ones available out of the box.

3. Configure the Direct Debit Type: configure the direct debit processing type for Billing & Collection, either DIDE SEPA or DIDE UK.

4. Set the Billing Notifications: send notifications to the customers, regarding the status of their invoices.

5. Claims Configurations: configure the implicit reserve and implicit reserve currency for insurance perils before generating a claim.

6. Reinsurance Configurations: configure dashboards, scripts and libraries.

1. Quote Admin: manage quotes coming from internal or external Quote & Bind flows exposed to a final client, all within a comprehensive back-office environment.

2. Manage Policy Administration: manage all operations related to policies and master policies.

3. Change Engine: define new alteration types with less effort and at a faster pace, all within a configurable interface.

4. Billing & Collection: automate routines unique to billing and collection processing - including direct debit, along with offering a series of customer journeys that guide users through their manual operations - such as completing payment allocations, importing bank statements files or introducing a new payment request, in a timely and accurate manner.

5. Claims Management: register loss notifications, document claims, validate claims to, if approved, schedule payments, in a timely and accurate manner. It also allows the insurer to maintain a constant communication with the insured.

6. Reinsurance Admin: manage insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company.