QUOTEPOL

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QUOTEPOL.PNG
Name Convert Quote to Policy
Shortcut QUOTEPOL
Area Policy

See the NOVUS Walkthrough Guide for further information.


Quotations should be issued before using the QUOTEPOL program to convert the quotation to a policy. This step may not be necessary if transactions are to be processed against a binder in a direct insurance environment.

Alternatively, the quotation can be converted to a policy which is then attached to an existing binder. In a re-insurance situation, a policy record will be necessary as the first step in placing the risk in the marketplace. Off-policies adopt corresponding sections from the master policy via both lineslip and binders.

Whilst at the quotation stage, multiple slip versions can co-exist, however, when converting to a policy only one slip version is possible. Other slip versions can be discarded or left on file to be converted to other policy numbers, or used as templates for other slips.

In the direct insurance situation, the slip version facility can be used for different clients, which have similar Pro-forma details. For example, where cover is going to be provided on a master policy under a binding authority. In this case, there may be no need to convert the quotation to a policy. The client profile record can be extracted from the slip to which the cover (binder) can be assigned.

Converting a quotation to a policy surfaces WP documents that have been prepared under the quotation number. It re-classifies them into the new policy directory.

If multiple quotation slip versions apply, the version to convert must be specified. This becomes version 1 under the new policy. Other versions can be left on file or discarded. A new risk record is created from the text in the quotation slip, which the User can then amend as required.


To Convert a Quotation into a Policy

Once the client has approved the slip and quotation the policy is ready to be created.

Field Descriptions

Field name Description
Quote No.: Enter the number of the quotation to be converted.
Client: The system displays the client if applicable. Clients are assigned to the quotation in the re-insurance quotation log process (QUOTE). Cl/Ins/Reins and/or market client must be present in the quote before it can be converted into a policy.
Last Slip Version: The latest version is displayed by the system for information.
Underwriting Year: Displayed by the system for information. Once a policy has been created for this year it cannot be changed; except that the same policy number can be used for a different year if required. The system checks that the policy number and year entered are not already in use. Warning: The system does not check whether the WP folder for the year is already in place. If you feel you may be using a year for which no WP documentation has been prepared then you should see the system administrator before proceeding. If you are using the same year as the quotation then there is no problem.
Slip/Quote Version: The slip version of this quote will appear as version one of the new policy.
Convert to Firm Order Section: The system defaults the next available policy number into this field. If this number is accepted then the automatic counter is incremented for future use. When a quote is being converted, validation is carried out to ensure the Policy Type (GID 1) for the quote is mapped to a Processing Group (GID 14) that is valid for the selected Policy Mode (GID 87).
Inception Date: Enter the inception date if required.
Time: Enter the time if required.
Expiry Date: Defined with inception date.
Attach to: Enter 'L' lineslip, 'B' binder, or 'O' open policy.


On pressing [COMMIT] followed by the Proceed button, the policy details are automatically extracted from the slip and entered into the new risk database record. The policy screen as described in the next section will appear which may be used to edit the record as required.

The WP interface executable is used by the QUOTEPOL program to transfer the documents over between the QUOTE program and the policy.


Policy Types/Processing Groups/Policy Modes

If a quote has previously been created with a Policy Type that is mapped to a Processing Group which is no longer valid for the Policy Mode, then a hard stop error will be returned. Where the quote is a mode 'O', this will be returned after the 'Attach To' field, otherwise it will be returned after the 'Quote No' field. The user should review the quote record and associated code mapping to make the appropriate adjustments before converting the quote to a firm order.

QUOTEPOL invalid.png

Please see the user guide page for QUOTENEW for an explanation of the relationship between Policy Types, Processing Groups and Policy Modes.

Version Number

V6.4.0 - Updated to the latest version.
V5.1.0 - Updated to the latest version.
v25M - a new amended version
v24M - add declaration to line_slip or binder. populate risk_head with additional fields from bapolnum
v22M - Form redesign.
v18P - First version of this form to use the new style. No other updates except the restyle.