Manage Master Policy Versioning

There are cases, like Master Policy renewal when you need to create a new version of a specific Master Policy. To accommodate the versioning functionality, from an insurance business perspective, the Policy Administration solution uses a combination of the FintechOS standard versioning process mechanism and custom development. Consequently, you use the FTOS_VersioningHelper client side library and follow the standard procedure when configuring version settings, version settings items and entity settings. However, for policy versioning, you use the FTOS_VersioningHelper_Edit client side library in order to keep some attributes Read Only, even when the policy is in Version Draft business status, with isEditable option enabled.

  1. Access an existing Master Policy and click the Insert button, called New Version.

  2. An edit form of that Master Policy opens, with a new version in the Version Draft status, so you are able to change and update the information related to that Master Policy.

    • When the Edit form opens, the Master Policy Summary tab is automatically selected.

    • Both tabs, Master Policy Summary and Policies List, are displayed.

  3. The status of the newly added version of the Master Policy is Version Daft and the next status is also displayed, Version Unapproved.

Once the edit form opens, you are able to change the following:

  • The values from any field of the Master Policy section, except the Master Policy No and the Currency fields. The Master Policy No remains the same like the one before versioning;

  • the text from the Mentions section;

  • the values from the Premium Payment Schedule section.

    • You are able to only update the installments in the On Time status;

    • Once the values here change and a new version of the Master Policy is added, a new version is added for the Premium Payment Schedule section.

NOTE  In the manual versioning phase, the changes made to the Master Policy are not subject to validation. Also no changes are triggered for the associated policies. This is done in a later phase and through an MTA process at Master Policy level for example.

After the desired changes are made in the Version Draft status, you are able to:

  • Unapprove this version, by manually switching the status of the version from the top left corner;

  • Approve the new version by filling in the Effective Date of the version and clicking the Approve button.

    • The effective date is available at the end of the Master Policy form in the Master Policy Summary section, and it is mandatory if you want to approve a version;

    • The Effective Date cannot be sooner than the beginning date of the Master Policy;