02 — Capability · BC-1740.30
Policy Issuance & Administration
Issue each bound policy correctly and keep it accurate through every change until it ends, so that the policyholder, the broker and the claims team always see the same cover. Claims against the policy sit in Insurance Claims.
- Policy Servicing
- Policy Lifecycle Administration
- Policy Admin
In scope
- Policy issuance and policy documents
- Mid-term endorsements and changes of insured details
- Renewals, lapses, cancellations and reinstatements
- Life and annuity servicing such as beneficiary changes, policy loans and surrenders
Out of scope
- Claims reporting and settlement (see BC-1750)
- Death and disability benefit claims (see BC-1750.20.50)
- General customer contact and case handling (see BC-450.20)
Realized by · 0
- No product in the catalog yet.
Used in · 2
Build it · 0
- Nothing in the library points here yet.
Decomposes into · 5
- BC-1740.30.10Policy Issuance & DocumentsTurn a bound quote into an in-force policy with its schedule, certificates and wording delivered to the policyholder and broker.
- BC-1740.30.20Mid-Term EndorsementsApply changes to cover, insured items or insured details during the term, with the premium adjusted and the change documented.
- BC-1740.30.30Policy Renewal & LapseInvite, re-underwrite and reprice expiring policies, and record lapses where cover is not renewed or premium is not paid.
- BC-1740.30.40Policy Cancellation & ReinstatementEnd cover on request or for cause with the right notice and refund, and restore cover where the terms allow it.
- BC-1740.30.50Life & Annuity Policy ServicingHandle the in-force events of life and annuity contracts, such as beneficiary changes, policy loans, fund switches, withdrawals, surrenders and annuity payouts.