Axe

Lapses are handled automatically via a batch process.  If a new business, endorsement or renewal has not been paid within the insurer’s pre-defined period then the transaction is updated to a lapsed status.  Where relevant, the policy is also lapsed.  Lapses can also be processed manually by an insurer’s staff.

Reinstatements and renewal reversals are also handled where lapses have been inadvertently processed or renewals need to be reversed and reprocessed with new information.