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Mid-term Changes
Axelerator manages mid-term changes for clients with existing policies
Mid-term changes, or endorsements, for clients with an existing policy can be managed using Axelerator Lifecycle Services.
The policy owner initiates the change process by either contacting the insurer, their broker or agent, or by logging in directly to a self-service dashboard. The system will ask any additional questions the insurer requires. Only questions relevant to the change requested and the type of insurance are asked. The reflexive nature of the web interface means that new questions are presented dynamically as questions are answered speeding the process.
Axelerator Lifecycle Services will implement the insurer’s business rules to recalculate the new annual premiums, and the extra or return premiums, including commissions, taxes and levies based on the effective date of the change.
The adjustment premiums are displayed on screen. The client can accept the offer to complete the endorsement, or they can choose to withdraw from the process without making any changes to their existing policy.
If the change is accepted the policy is updated. A new policy document can then be automatically generated and issued to the client. The new premium amounts and all commissions, taxes and levies are sent to the accounting systems for general ledger and payment processing and the commission system for payment to the broker or agent if required.
The policy owner initiates the change process by either contacting the insurer, their broker or agent, or by logging in directly to a self-service dashboard. The system will ask any additional questions the insurer requires. Only questions relevant to the change requested and the type of insurance are asked. The reflexive nature of the web interface means that new questions are presented dynamically as questions are answered speeding the process.
Axelerator Lifecycle Services will implement the insurer’s business rules to recalculate the new annual premiums, and the extra or return premiums, including commissions, taxes and levies based on the effective date of the change.
The adjustment premiums are displayed on screen. The client can accept the offer to complete the endorsement, or they can choose to withdraw from the process without making any changes to their existing policy.
If the change is accepted the policy is updated. A new policy document can then be automatically generated and issued to the client. The new premium amounts and all commissions, taxes and levies are sent to the accounting systems for general ledger and payment processing and the commission system for payment to the broker or agent if required.
