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

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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
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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, 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