A user with the Product Admin role can create endorsements for a product. Once an endorsement has been configured in the platform, a user can endorse an existing policyholder's policy.
Locate Product
- To create an endorsement for your product, select Products from the top navigation, then use the provided search field to locate the product. Select the product name to open that product.
Create a Resource
- Almost all endorsements will need a resource associated with them, a resource can be an HTML Template, or more commonly, a form.
- To create a form or HTML Template, select the Configuration tab located under the product name. By default you will be in the Form Library tab under Configuration, here you will see all the resources associated with the product.
- To create a new resource, click either + Form or + HTML in the top right corner. A dropdown will appear where you can specify the type of resource you would like to add, select 'Endorsement' to create a new endorsement resource.
- When you are done, click 'save configuration' in the bottom right corner to save your changes.
Create and Configure the Endorsement
- Once you’ve created the resources you need for an endorsement, select the Policy Management tab under Configuration.
- To create a new endorsement, click + Endorsement in the top right corner, and fill in the fields provided.
- Endorsement title is what will display to click on when a user is adding an endorsement to an existing policyholder's policy. The description is where you can add more information, which will also be displayed to the end-user.
- Choose whether you would like endorsements to be effective in the past or tomorrow.
- Here, you are also able to enable or disable retroactive endorsements as well as select if they are premium-bearing or non-premium bearing.
- With the Endorsement eligibility rules, you can add an eligibility check for when this particular endorsement is allowed for a policy. In the example below, an endorsement may only be applicable for policiest based in IL.
- Exposure intake is where you can select the endorsement resource you created earlier.
Calculation Methods
There are two configuration options for how premium is calculated on an endorsement:
1. Allow the underwriter to choose the method - pro rata vs fully earned. This is a checkbox in your endorsement setup.
2. Choose pro-rata or fully earned premium. This is the calculation that will be set on the endorsement level (all endorsements made with this endorsement title will use the same method.
For full-earned premium, once an issuance/endorsement is marked as fully earned, the policyholder is responsible for paying the full premium associated with the endorsement, and the insurer will not adjust the premium downward or issue any refunds if coverage is reduced or the policy is canceled.
For pro-rata, the premium will be prorated.
Save Configuration
- When you are done, click 'save configuration' in the bottom right corner to save your changes.
What's next:
Learn more about setting up and configuring endorsements by watching the video below:
2) To see the steps you will follow to endorse a policy in the platform once your endorsement has been configured, please read this article.