ChecklistGuro Automated Policy Issuance Workflow
Streamline your insurance operations with our Automated Policy Issuance Workflow. Eliminate manual errors, accelerate underwriting turnaround times, and deliver instant coverage to your clients through a seamless, end-to-end digital processing engine designed to boost efficiency and scale your agency.
This Template was installed 1 times.
Start
Start of the Workflow/Process.
1. Fetch Customer Application
Retrieve the initial policy application entry containing applicant details and requested coverage.
2. Retrieve Underwriting Rules
Fetch the predefined risk assessment criteria and eligibility rules from the Underwriting Data Model.
3. Calculate Base Premium
Execute formula to calculate premium based on age, coverage amount, and risk score.
4. Update Application Risk Score
Update the application entry with the calculated risk assessment result.
5. Underwriter Manual Review
Create a task for the Underwriting Team if the calculated risk score exceeds the automated threshold.
6. Get Premium Breakdown
Retrieve all individual fee entries (tax, processing fee, base premium) related to the application.
7. Sum Total Policy Cost
Aggregate all fee entries to calculate the total 'Gross Premium' to be charged to the customer.
8. Create Policy Document
Generate a new entry in the 'Policy' data model containing the finalized terms and conditions.
9. Finalize Policy Status
Update the original application entry status to 'Issued'.
10. Create Billing Record
Create an entry in the 'Invoices' data model linked to the new policy.
11. Send Policy Confirmation to Client
Send an automated email to the customer's email address with the policy summary and PDF attachment.
12. Send Payment Notification
Send an SMS to the customer's mobile number notifying them that their policy is active and payment is due.
13. Daily Issuance Report
Generate a daily summary report of all policies issued in the last 24 hours for the management team.
14. Archive Completed Application
Create a task for the Operations Clerk to move the application data to the long-term archive storage.
15. Remove Draft Applications
Delete temporary draft entries that were created during the calculation phase to maintain data cleanliness.
End
End of the Workflow/Process.
Start of the Workflow/Process.
Retrieve the initial policy application entry containing applicant details and requested coverage.
Fetch the predefined risk assessment criteria and eligibility rules from the Underwriting Data Model.
Execute formula to calculate premium based on age, coverage amount, and risk score.
Update the application entry with the calculated risk assessment result.
Create a task for the Underwriting Team if the calculated risk score exceeds the automated threshold.
Retrieve all individual fee entries (tax, processing fee, base premium) related to the application.
Aggregate all fee entries to calculate the total 'Gross Premium' to be charged to the customer.
Generate a new entry in the 'Policy' data model containing the finalized terms and conditions.
Update the original application entry status to 'Issued'.
Create an entry in the 'Invoices' data model linked to the new policy.
Send an automated email to the customer's email address with the policy summary and PDF attachment.
Send an SMS to the customer's mobile number notifying them that their policy is active and payment is due.
Generate a daily summary report of all policies issued in the last 24 hours for the management team.
Create a task for the Operations Clerk to move the application data to the long-term archive storage.
Delete temporary draft entries that were created during the calculation phase to maintain data cleanliness.
End of the Workflow/Process.
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Managing policies, claims, and compliance in the insurance industry is complex. ChecklistGuro's Work OS platform streamlines your operations, from underwriting and renewals to claims processing and reporting. Improve efficiency, reduce errors, and enhance customer satisfaction. Discover how ChecklistGuro can transform your insurance business!
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