Cancelling Policies

Policies can be cancelled through various methods, including both manual and automatic processes under specific conditions.

• Manually cancel a policy by using the Actions menu on the Invoice page (if there are several policies associated with an invoice, all associated policies will be cancelled).
• If the client has missed multiple consecutive payments, the policy may automatically be cancelled (this will depend on the configuration of your organization in the Simfuni platform).

Cancelling a policy manually

When cancelling a policy manually you have the option to choose the cancellation effective date. The effective date can be set either as a date in the past, today, or a date in the future. To make it easy to keep track of all upcoming and completed cancellations, Simfuni lists all cancellations on the Cancellations page of the Partner Portal.

To cancel a policy manually:

1. Navigate to the invoice you’d like to cancel the policies for and select “Cancel” from the Actions menu.
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2. Choose a cancellation effective date, reason for cancellation, and add an internal note. A projected balance is displayed here as an estimation - it assumes that any payments which are scheduled between the current date and the cancellation effective date go ahead as expected.
3. Review the cancellation details and confirm the cancellation. An email will be sent to the client to update them about the cancellation.
   
   

On the cancellation effective date, the final payment will be processed, and the policy will be closed.

• If the policy balance is exactly zero, the cancellation status will automatically be marked as Completed.
• If the policy balance is overpaid, the cancellation will remain in the Overpaid status until it is manually marked as Completed.
• If the policy balance is underpaid, the cancellation will remain in the Underpaid status until it is manually marked as Completed.

To clearly indicate that the policies within an invoice are cancelled a banner will display that, if applicable, shows the outstanding balance and provides the option to either mark the cancellation as completed or add an external transaction to the invoice.

Marking the cancellation as complete will change the status shown on the Cancellations page. Adding an external transaction will balance the account in the Simfuni platform, but in this case does not actually bill or refund the client. This can be a useful tool to reflect any manual adjustments which are made outside the Simfuni platform, for example during a claim settlement. Accurately logging transactions against each account will ensure the integrity of reconciliation and reporting. For more information about external transactions, see here.