Difference between revisions of "Policy: Convert A Quote To A Policy"

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     <td>[[File:Ic_info_black_24dp.png]] Required Software Version: [[:Category:Release Notes|September 2015]]</td>
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    <td>[[File:Ic_description_black_24dp.png|link=Newton User Guide#Policy]] Newton User Guide: [[Newton User Guide#Policy|Policy]]</td>
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<tr>
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     <td>[[File:Ic_info_black_24dp.png]] Required Software Version: [[:Category:Release Notes|Spring 2017]]</td>
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</tr>
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<tr>
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    <td>[[File: Ic_settings_backup_restore_black_24dp.png]]  Legacy Instructions Available: [http://wiki.agencysystems.com/mediawiki/index.php?title=Policy:_Convert_A_Quote_To_A_Policy&oldid=3833 Click Here]</td>
 
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<ul>
 
<ul>
<li>[[Policy Express]]</li>
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<li>[[Policy Dashboard]]</li>
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<li>[[Policy Keyword Search]]</li>
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<li>[[Policy & Billing]]</li>
 
<li>[[Policy: Create A Policy]]</li>
 
<li>[[Policy: Create A Policy]]</li>
<li>[[Training 3: Entering Policy Information]]</li>
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<li>[[Report: Policy List Report: Quotes Not Converted to a Policy|Report: Quotes Not Converted to a Policy]]</li>
 
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A policy number in Newton can represent a [[Policy: Create A Policy|policy, quote or binder]], and must be unique.
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The steps below outline the process of converting a quote into a policy with the same or different policy number.  A policy number in Newton can represent a [[#Policy Type|policy, quote or binder]], and must be unique.
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== Before You Begin ==
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Access to create and edit Policies or Binders requires the current operator to have [[Security System|Security System: AR -> Policy Transaction -> Create and Edit]] access.
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Access to create and edit Quotes requires the current operator to have [[Security System|Security System: AR -> Quoted Transaction -> Create and Edit]] access.  
  
Many items in Newton are attached to a policy number including:
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[[File:Ic_info_black_24dp.png]] See: [[Security System]] for more information.
*[[Invoice: Create An Invoice|Invoices]]
 
*[[Training 4: ACORD Forms|ACORD Forms]]
 
*[[Attachment Integration|Attachments]]
 
*[[Email Integration|Emails]]
 
*[[Diary|Diary Items (Suspense)]]
 
*[[:Category:Memo Writer|Memos]]
 
*Activities, [[Claims]] and other items.  
 
  
The steps below outline the process of converting a quote into a policy with the same or different policy number.  
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== Policy Type ==
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A policy transaction has three different policy types.
  
=== Convert A Quote To A Policy ===
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'''Policy:''' The transaction is an active policy.
#[[Client Tab#Find a Client|Load a client]] on one of the [[Client Tab|client tabs]].
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*The [[Invoice: Create An Invoice|invoice attached]] affects the accounting portion of the system.
#Select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])''  
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*Policies display in black on all tabs throughout the system.
#'''Left-Click''' the desired policy number to open '''[[Policy Express]]'''.  
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#Select '''Policy Tasks -> Convert Quote or Binder to Policy'''.
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'''Quote:''' The transaction has been quoted. The invoice attached is for informational purposes only and '''does not affect''' the accounting portion of the system. 
#Verify '''Policy Type -> Policy''' is selected.  
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*[[Policy: Convert A Quote To A Policy|Quotes can be converted to policies]]. 
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*Invoices attached to quotes will affect accounting after a quote is converted.
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*Quotes display in green on all tabs throughout the system.
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'''Binder:''' Binders are policies that have been sold by the agency but the paperwork has not been received from the [[Company Profile|company]]. 
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*A binder invoice affects all [[Agency Bill|general ledger accounts exactly like a normal invoice]]. 
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*Accounting reports such as the [[Report: Accounts Current|Accounts Current]] and [[Report: Producer Statement|Producer Statement]] provide options to include or exclude binder invoices.
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*[[:Category:Cash|Cash]] and [[:Category:Checks|Checks]] can be applied to binder invoices.
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*When a [[Policy: Convert A Quote To A Policy|binder is converted to a policy]], any [[:Category:Cash|Cash]] or [[:Category:Checks|Check]] applied to the binder invoice is automatically moved to the new invoice.  A third invoice is created to reverse the original binder invoice.  The third invoice is automatically open item matched to the binder invoice to cancel each other.
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*Binders display in purple on all tabs throughout the system.
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*Binders can be disabled within the [[Agency_Profile#Accounting_Setups_Tab|Agency Profile]].
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[[File:Ic_info_black_24dp.png]] For additional information see: [[Policy & Billing]]
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== Convert A Quote To A Policy Using The Policy Dashboard ==
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[[File:Ic_info_black_24dp.png]]  Prior to converting a quote, the quote must already be entered into the system. See [[Policy: Create A Policy|Create A Policy]] for more details.
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The '''Policy Dashboard''' is typically opened from the [[Client Tab: Client Dashboard|Client Dashboard]], however it can also be opened directly from the [[#Policy Keyword Search|Policy Keyword Search]], the [[User Dashboard Tab]], the [[Company Tab]], the [[Management Tab]], or from [[Policy & Billing]].
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#[[Client_Tab#Find_a_Client|Search for and load the client or prospect]].  
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#On the [[Client Tab: Client Dashboard|'''Client Dashboard''' tab]] select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])''  
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#'''Left-Click''' the desired policy number to open the [[Policy Dashboard]].
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#Select '''Policy Tasks''' -> '''Convert Quote or Binder to Policy'''.
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#:[[File:Poldash-dashboard-toolbar-policytask.png]]
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#Verify '''Policy Type''' -> '''Policy''' is selected unless converting to a Binder.
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#:[[File:Poldash-convert-poltype.png]]
 
#'''Policy Number''': There are three policy number options when converting a quote to a policy.  
 
#'''Policy Number''': There are three policy number options when converting a quote to a policy.  
#*Select '''Autonumber''' to covert the policy to a unique system-generated number.  '''Do not use "TBD"''' for a temporary number.   
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#*Select '''Autonumber''' to convert the policy to a unique system-generated number.  '''Do not use "TBD"''' for a temporary number.   
 
#*Leave the existing '''Policy Number''' and the system will add a new transaction onto the quote.
 
#*Leave the existing '''Policy Number''' and the system will add a new transaction onto the quote.
 
#*Enter a new '''Policy Number''', and the system will create the policy, or add a new transaction onto the entered number. Policy numbers are case-sensitive. Typically, letters are entered as capitals.
 
#*Enter a new '''Policy Number''', and the system will create the policy, or add a new transaction onto the entered number. Policy numbers are case-sensitive. Typically, letters are entered as capitals.
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#Select '''OK'''.
 
#Select '''OK'''.
  
The updated policy will be visible within the '''Policies''' band on the [[Client Tab]].  If the policy number changed during the convert process, the quote number is automatically marked as '''Replaced''' and hidden from the policy list.  To include replaced quotes, '''Right-Click''' and select '''Include Replaced'''.
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The updated policy will be visible within the '''Policies''' band on the [[Client Tab]].  If the policy number changed during the convert process, the quote number is automatically marked as '''Replaced''' and hidden from the policy list.  To include replaced quotes, '''Right-Click''' and select '''Include Replaced''' on the [[Client Tab: Client Dashboard|Client Dashboard]].
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== Convert A Quote To A Policy Using Policy & Billing ==
 +
[[File:Ic_info_black_24dp.png]]  Prior to converting a quote, the quote must already be entered into the system. See [[Policy: Create A Policy|Create A Policy]] for more details.
 +
 
 +
[[Policy & Billing]] is typically opened from the [[Policy Dashboard]], however it can also be opened directly from a [[Submission]], the [[Client Tab: Client Dashboard|Client Dashboard]], or the [[Main Menu and Tab Navigation|Main Menu]].
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#[[Client_Tab#Find_a_Client|Search for and load the client or prospect]].
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#On the [[Client Tab: Client Dashboard|'''Client Dashboard''' tab]] select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])''
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#'''Left-Click''' the desired policy number to open the [[Policy Dashboard]]. 
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#Select '''Policy & Billing''' within the top toolbar.  ''(To skip the Policy Dashboard, left-click the premium amount on the [[Client Tab: Client Dashboard|Client Dashboard]].)''
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#The [[#Policy Transaction (Sequences)|most recent transaction for the policy]] will open in [[Policy & Billing]].
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#Select '''Policy''' -> '''Convert Quote or Binder'''.
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#Enter the '''New Policy''' number or let the system automatically assign a new number.  ''(Do not enter TBD.)''
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#Verify or update the '''Policy Effective''' start and end dates.
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#Verify '''the Account Current''' date.  If the quote was invoiced, the converted policy will automatically be invoiced and posted to the general ledger as of this date.
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#Select '''OK'''.
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[[File:Ic_info_black_24dp.png]] For additional information see: [[Policy & Billing]]

Latest revision as of 21:04, 7 May 2018

Ic description black 24dp.png Newton User Guide: Policy
Ic info black 24dp.png Required Software Version: Spring 2017
Ic settings backup restore black 24dp.png Legacy Instructions Available: Click Here
Related Pages
Related Categories

The steps below outline the process of converting a quote into a policy with the same or different policy number. A policy number in Newton can represent a policy, quote or binder, and must be unique.

Before You Begin

Access to create and edit Policies or Binders requires the current operator to have Security System: AR -> Policy Transaction -> Create and Edit access.

Access to create and edit Quotes requires the current operator to have Security System: AR -> Quoted Transaction -> Create and Edit access.

Ic info black 24dp.png See: Security System for more information.

Policy Type

A policy transaction has three different policy types.

Policy: The transaction is an active policy.

  • The invoice attached affects the accounting portion of the system.
  • Policies display in black on all tabs throughout the system.

Quote: The transaction has been quoted. The invoice attached is for informational purposes only and does not affect the accounting portion of the system.

Binder: Binders are policies that have been sold by the agency but the paperwork has not been received from the company.

Ic info black 24dp.png For additional information see: Policy & Billing

Convert A Quote To A Policy Using The Policy Dashboard

Ic info black 24dp.png Prior to converting a quote, the quote must already be entered into the system. See Create A Policy for more details.

The Policy Dashboard is typically opened from the Client Dashboard, however it can also be opened directly from the Policy Keyword Search, the User Dashboard Tab, the Company Tab, the Management Tab, or from Policy & Billing.

  1. Search for and load the client or prospect.
  2. On the Client Dashboard tab select the (+) next to Policies. (To expand the band by default, see: Preferences)
  3. Left-Click the desired policy number to open the Policy Dashboard.
  4. Select Policy Tasks -> Convert Quote or Binder to Policy.
    Poldash-dashboard-toolbar-policytask.png
  5. Verify Policy Type -> Policy is selected unless converting to a Binder.
    Poldash-convert-poltype.png
  6. Policy Number: There are three policy number options when converting a quote to a policy.
    • Select Autonumber to convert the policy to a unique system-generated number. Do not use "TBD" for a temporary number.
    • Leave the existing Policy Number and the system will add a new transaction onto the quote.
    • Enter a new Policy Number, and the system will create the policy, or add a new transaction onto the entered number. Policy numbers are case-sensitive. Typically, letters are entered as capitals.
  7. Verify or update the Policy Effective start and end dates.
  8. Verify the Account Current date. If the quote was invoiced, the converted policy will automatically be invoiced and posted to the general ledger as of this date.
  9. Select OK.

The updated policy will be visible within the Policies band on the Client Tab. If the policy number changed during the convert process, the quote number is automatically marked as Replaced and hidden from the policy list. To include replaced quotes, Right-Click and select Include Replaced on the Client Dashboard.

Convert A Quote To A Policy Using Policy & Billing

Ic info black 24dp.png Prior to converting a quote, the quote must already be entered into the system. See Create A Policy for more details.

Policy & Billing is typically opened from the Policy Dashboard, however it can also be opened directly from a Submission, the Client Dashboard, or the Main Menu.

  1. Search for and load the client or prospect.
  2. On the Client Dashboard tab select the (+) next to Policies. (To expand the band by default, see: Preferences)
  3. Left-Click the desired policy number to open the Policy Dashboard.
  4. Select Policy & Billing within the top toolbar. (To skip the Policy Dashboard, left-click the premium amount on the Client Dashboard.)
  5. The most recent transaction for the policy will open in Policy & Billing.
  6. Select Policy -> Convert Quote or Binder.
  7. Enter the New Policy number or let the system automatically assign a new number. (Do not enter TBD.)
  8. Verify or update the Policy Effective start and end dates.
  9. Verify the Account Current date. If the quote was invoiced, the converted policy will automatically be invoiced and posted to the general ledger as of this date.
  10. Select OK.

Ic info black 24dp.png For additional information see: Policy & Billing