In the Simfuni platform it's easy to to adjust premium amounts using policy endorsements, especially when the customer has chosen to pay by instalments.
Paid in full endorsements
To increase the premium for invoices that were paid in full, create a new payment request. See Creating a new invoice for detailed instructions.
Instalment plan endorsements
To increase or decrease the premium for instalment plans that have unpaid instalments remaining, use the following endorsement flow. This will update the premium amount and be applied to each subsequent instalment repayment amount for the policyholder.
Endorsements for instalment plans are automatically accepted.
It's important to discuss the adjustment with the policyholder prior to creating an endorsement.
Creating an endorsement
1. Navigate to an invoice in the Partner Portal and open the invoice page.
If the "Create Endorsement" button is disabled, then the Paid in full process can be used to collect a premium increase.
2. Select "Create Endorsement" to open the endorsement wizard. Enter the relevant details and then select "Confirm".
Tip: It can be useful to record the endorsement reference from an external policy management system in the reference field.
3. Review and confirm the premium adjustment, effective date, and other details.
Once the endorsement is Accepted, the policyholder will automatically be emailed a notification that includes their new payment schedule and reflects the premium adjustment over their remaining repayments.
Remember: Endorsements for instalment plans are automatically accepted, which means the email notification will go out straight away.
It is important to discuss the adjustment with the policyholder prior to creating an endorsement.
Endorsement statuses
Once created, each policy endorsement has a status to indicate what stage it is up to and how its affected by other endorsements against the same policy.
| Status | Description |
| Accepted | The endorsement has either been accepted by the policyholder or automatically accepted by the system. |
| Actioned | On the effective date, accepted endorsements move to actioned. At this point the policyholder's repayment schedule is altered to collect the new premium, and the invoice page shows the new premium amount. |
| Rejected | A system rule was triggered that prevents this endorsement from being created. |
| Replaced | The endorsement was replaced by another endorsement of the same policy before it was actioned. |
Viewing an endorsement
Endorsement information is available on the Endorsements panel of the existing invoice.
Once the endorsement is actioned (i.e. the effective date is reached), the status field is updated and the invoice reflects the new total premium amount.
Editing an endorsement
If the policyholder needs to update their endorsement prior to the effective date, this can be done by creating a new endorsement against the same policy. That means the old, non-actioned endorsement will be replaced by the new one.
After the new endorsement is created, the status of the original record is updated to "Replaced".
