Simfuni makes it easy to draft, send, and action quotes for amendments to existing policies. Once a quote is actioned and becomes effective, it is recognized as an endorsement to the policy.
Account prerequisites:
- User permission: Invoice update
Drafting a Quote
To draft a quote for a policy:
- View the current policy version
- Click the 3 dots in the top right corner of the policy version and select "New quote"
- Fill out the appropriate personal details and sum insured amounts for each item. The rating questions and covers available will depend on the product configuration provided by your organization. You can also add the personal details of any nominated beneficiaries for each item.
- Choose the date the policy endorsement would be effective from. This can be a date in the past, present, or future.
- Review the quote to ensure the entered details are correct. This is where you can see the impact the changes will have on the client's annual premium, with a highlighted section displaying the impact on their remaining premium for the current policy term. You can also see the new instalment options applicable if the quote were accepted and became an endorsement.
- To save the quote choose the "Save as draft" option. You can return at a later time to edit, send, or action the quote.
Sending a Quote
To create a quote and send it to the client, follow the steps above and then select the "Send quote" option. This will send the quote to the client via their preferred contact method.
See this article about policy communications to learn more about how to view these communications or this article about preferred contact methods to learn more about how the client will receive the communication.
Actioning a Quote (Create Endorsement)
You can action a quote and create the endorsement immediately, or come back to a saved draft and action it at a later time. Actioning the quote will:
- Convert the quote into an endorsement to the policy (or schedule the endorsement if the effective date is in the future)
- Send the endorsement confirmation details to the client
- Update the policy version page with the new policy and premium details (or schedule this change if the effective date is in the future)
- Update the upcoming payments to reflect any changes to the premium instalments as a result of the endorsement
- Add the endorsement details to the "Endorsements" tab of the policy page. This status will show the new premium amount and the status of the endorsement (accepted if the endorsement is scheduled, actioned if the endorsement is effective).
Viewing Past Quotes
You can view all past quotes, including drafts, sent quotes, and accepted quotes, on the Quotes tab of the policy page.
Accepted quotes that have become endorsements will also be visible on the Endorsements tab of the policy page.