Underwriting Policies

To make it easier to keep track of all the documents and jobs involved in the underwriting process, Simfuni groups everything together in an underwriting workbench.

Underwriting workbenches are associated with a specific policy version; to understand more about policy versions, see here.

Creating an underwriting workbench, where a specific underwriting application is held, is optional. New policies or endorsements to an existing policy can still be issued without going through the underwriting process.

Each life insured on a policy version can have an underwriting workbench, with an underwriting application and all relevant documents and decisions. This means that if there is a policy with multiple draft versions under assessment, or multiple lives insured under assessment, then there may be a separate underwriting workbench for each. 

To create an underwriting workbench, navigate to the policy version that requires underwriting and then use the Actions menu to access actions for this version. From here you can either edit the cover for the policy version or create an underwriting workbench. An underwriting workbench can be made for:

• New business policy quotes
• Endorsement quotes
• Just one life insured on the policy version
• Each life insured on the policy version

Note: it isn't possible to change the policy product while editing cover, but you can change the sum insured, effective date, and add additional riders or members. 

Underwriting Workbenches

A new underwriting workbench has the 'Pending' status assigned by default. It can be assigned to a team member initially and then re-assigned as many times as needed. The workbench status can also be manually updated as often as needed - completing certain actions will update the status automatically:

• Adding a rider outcome will change the status to 'Under assessment'. Once all riders have an outcome saved then the 'Finalise' button is enabled.
• Clicking the button to send an offer of terms will change the status to 'Offer of terms'. 
• Clicking the button to finalise the underwriting decision will change the status to 'Awaiting issue'. 

The Application tab of the workbench shows the requested cover and all associated form answers.

Tasks can be created in the Tasks tab to keep track of jobs that need to be completed by a certain date. These tasks are visible on both the policy version's underwriting workbench and the general Underwriting Task Queue page, and can assigned to either the same team member as the underwriting workbench or a different team member altogether.

Files that are relevant to the underwriting application can be uploaded and stored in the Documents tab. Files can be image or pdf files, each up to 10MB, and can be downloaded or deleted if needed. These are specific to the underwriting workbench, which means they won't be visible in the Client or Policy Documents tab.

Notes can be saved to the underwriting workbench. Similar to the Documents, these are linked specifically to the underwriting workbench and won't display on the Client or Policy notes pages.

Decisioning

Each rider can have its own underwriting outcome saved. The rider coverage can be accepted as is, accepted with terms (with loadings or exclusions added; the effect of any loadings can be seen on the premiums immediately), deferred, or declined. If a rider is deferred or declined then that cover isn't available in the policy. 

An offer of terms can be sent - this will automatically generate and send the configured offer of terms according to the client's preferred contact method.

The underwriting decision can also be finalised, this will capture the date and time of the finalisation and change the status to 'Awaiting issue'. Once the policy is issued, then the underwriting workbench is closed and no more changes can be made to it.