Simfuni is designed to make it as easy and hands-off as possible to handle policies in arrears. This includes:
- Automatically rescheduling missed payments to re-attempt at a later date.
- Sending an automatic notification to the client the day after a payment is missed, with concise information on how to easily pay the overdue amount.
- Presenting all overdue policies in an arrears worklist, allowing for quick access and easy monitoring of outstanding accounts.
- Displaying up-to-date status information on every overdue policy, including a specific count of how many days past due the policy premium is.
- Providing 3 different types of payment arrangements to support clients in bringing their premium payments up-to-date.
- Allowing for the automatic cancellation of policies that have gone too far in arrears.
Payment Arrangements
Simfuni provides three different ways to manage policies that are in arrears:
- Promise to Pay (scheduling an overdue amount)
- Payment Holiday (deferring payments)
- Payment Waiver (writing off payments)
These features may be disabled if the policy is not in arrears, or if your organization doesn't offer them.