Quoting and Issuing New Policies

Simfuni easily allows for new business quotes to be created and sent out to existing or prospective clients.

These steps are for creating a quote for a brand-new policy; for more information on quoting an endorsement for an existing policy (i.e. quoting for a mid-term adjustment) please see this article.

 

To create a quote for a new policy:

1. Navigate to the client you’d like to create a quote for. If the client is brand-new then you may need to create a client record first - more information on how to do that can be found here.
2. Click on “New quote”.
3. Select the relevant product.
4. Fill out the client’s details. There are 3 sections to fill out for each life/item insured:
   1. The details for the life or item insured. The questions shown are configured based on the specific underwriting questions and rulesets provided by your organization for the quoted product.
   2. The cover details. Select the required covers and enter sum insured amounts for each.
   3. The beneficiary details. This section is optional and can be removed by clicking "Remove beneficiary” if not required. Alternatively, the “Add new beneficiary” button can be used to add multiple beneficiaries to the life or item insured.
   4. The “Add item” button can be used to add more life or items to the same policy quote. All items are for the same product as originally selected.
5. Review the premiums. The “View premiums as” dropdown can be used to switch between payment frequency instalments and view the payment values for each.
6. Save the quote. This won’t send it, but it will create the quote and display it in the client’s policies list with the “Quoted” status.

After a quote is saved the Actions menu can be used to send the quote to the client, edit, clone to create new quotes, expire manually, or simply issue the policy straight away.

 

 

Sending

Sending the quote will send the details to the client based on their current contact preferences - see this article for more information on contact preferences.

• There’s a 10 second countdown before the quote is sent, and at any point during this 10 second countdown you can click "Undo" to stop the quote being sent.
• To confirm the quote was successfully sent, wait a few seconds before refreshing the page and then check the Documents tab. If the quote PDF displays, then the communication was generated correctly and either sent to the Print worklist or directly to the client via email, depending on the client’s preference, and you can check either to confirm. The Communications tab has a slight delay as it waits for confirmation the email reached the client before displaying the email, but it'll display the full email within a few minutes.
• You can send and resend a quote as many times as needed, up until the quote expires.

 

Editing

Editing the quote will edit the current quote version and, once saved, overwrite any previous details. To preserve the original details, you may wish to clone the quote first. Please be aware, it isn’t possible to switch products via editing a quote; to make a quote for a different product you’ll need to either create a new quote or find an existing quote for the client that was initially created for the necessary product.

 

Cloning

Cloning the quote will create an exact copy of the current quote but with:

• A unique quote number
• Today’s date as the created date
• An updated expiry date

You can perform the same actions on a cloned quote as a manually created quote straight away – sending, editing, re-cloning, expiring, or issuing.

 

Expiring

Manually expiring the quote will lapse it immediately, regardless of what the scheduled expiry date is, and disable all actions aside from cloning. The number of days a quote can be active (i.e. the days in between being created and automatically expiring) is configured based on product rules provided by your organization. An expired quote can still be cloned but it can’t be sent, edited, or issued.

 

Issuing

Issuing the quote will prompt for further details in preparation for the quote being bound, to allow the correct billing cycle and payment frequency to be in place from day one of the policy.

• The cover start date – this defaults to today. If some time has passed since the quote was first created then a date in the past can be selected, but the dates allowed are restricted to within one payment cycle. This is to ensure the billing and payment schedules stay in sync for the whole policy term.
• The payment frequency and initial payment date. Similar to above, the initial payment date is restricted to a date within the first billing cycle starting, but starting from today – for example, if the policy will be paid weekly then the available date range will be for a week from today.

After the quote is issued it becomes an active policy, and its status is changed from “Quoted” to “In force”. It will be billed and have payments charged automatically based on the payment frequency provided, and renewed automatically at the end of its term. The policy also becomes visible to the client in the Client Portal once in force, allowing them to view their policy details, policy documents, upcoming payments, and make changes to their payment details as needed.