PHOENIX POLICY PROFILE:
Phoenix is specifically designed to be line of business independent, allowing it to handle diverse lines of business.
Cover/Information can be held at policy or risk occurrence level. Occurrence processing includes multiple Locations, Insured’s and Vehicles.
The product component design enables new products to be implemented in short time scales, whilst still affording a high level of customisation. This ensures that data and rating requirements can be satisfied in full, without compromise.
The bespoke product screens are designed to match the exact data capture requirements for Rating, Underwriting, Documentation and MI.
Phoenix handles all standard policy transactions, such as Quote, Decline, Firm Order, Issue, Endorsement, Cancellation, Lapse, Renewal and Declaration.
Bespoke rating requirements can be included for all aspects of the premium calculation, including the sequence of loads and discounts by policy, section, risk or peril.
Users are able to review the calculation process and manual adjustments can be included, if permitted.
The system can be set up to generate underwriting referrals based on client or policy data.
The policy underwriting is determined by user-level security, which controls the underwriting limits, access and authority rights. Subsequent authorisation can be linked to workflow with automated email notification capabilities.
Clauses and policy wordings can be applied manually or automatically, based upon the cover conditions.
Where required, amendments to the clause text is made simple with the in-built text editor facility.
The ‘Active’ section allows users to see all the clauses currently attached to the policy.
Multiple addresses can be recorded against the client, with an indicator to highlight the main correspondence address. This can be simplified by the integration of postcode lookup software.
Products based around ‘Locations’ can have multiple addresses on cover, with policy level and specific risk location cover.
Other non-location occurrence entities include Vehicle, Insured and Group.
The policy enquiry function allows all historic transactions to be viewed, with the ability to see the exact details of cover at any point in time.
An overview of the cover, with details of the Premium, Tax and Commission are also shown.
The policy can be accessed from here, so that any further transactions can be applied.
This allows for batch renewals to be processed based on the required renewal dates, products and brokers. It includes the ability to stop policies from auto renewing, based on policy rules and manual stop conditions and the results in the generation of all required renewal documentation.