Policy object
A policy represents the contract between the insurer and the insured. A policy is always linked to a customer, and can contain one or multiple assets. Policies are the core object on the Korint platform. It contains many different attributes, including but not limited to: General information- product: the insurance product the policy belongs to
- author: the user who created the policy
- customer: link to the customer who owns the policy
- assets: links to the insured assets covered by this policy
- quote: if the policy is quoted, the currently active quote
- brokerageFirmId: the brokerage firm that manages the policy
- brokerageFees: the percentage breakdown of broker fees on the policy
- status: the policy status determines what actions are currently possible for that policy, and informs other operations such as billing
- startedAt: the date at which the policy becomes or became active
- stoppedAt: the stop date of the policy
- stop: if the policy is stopped, more details about the stop reason
- suspendedAt: the suspension date of the policy
- billing configuration: the chosen billing configuration for this policy
- periodDuration: the length of the contract
- externalId: product specific id, typically used for external reports
- custom fields: a list of product specific attributes. For more details check out custom fields.
Policy statuses
| Status | Allowed Operations | Next Status | |
|---|---|---|---|
POLICY_CREATED | Edit your policy information, and ask for quotes. | POLICY_QUOTED | |
POLICY_QUOTED | A quote has been chosen. You can edit non pricing information. | POLICY_CONFIRMED | |
POLICY_CONFIRMED | Your policy can no longer be modified. You can send documents for signature. | POLICY_SIGNED | |
POLICY_SIGNED | Your policy has been signed. It will start automatically at the start date. You can modify its details through a Mid Term Agreement. | POLICY_STARTED | |
POLICY_STARTED | Your policy is active. | Can remain started indefinitely. | |
POLICY_SUSPENDED | Your policy is suspended, and will not be billed for this suspension period. | Can reactivate to POLICY_STARTED. | |
POLICY_STOPPED | Your policy is inactive. You can still visualize it but can no longer edit it. Stopped policies can no longer be activated. | Can no longer change status. |
Stopping a policy
When a policy is stopped, a cleanup workflow is automatically triggered to reconcile any billing differences. The system first waits for all pending payments to complete before computing the cleanup invoice. This ensures accurate reconciliation of the final billing state. Once all payments are finalized:- If the policy was billed in advance and the stop date falls before the end of a billing period, a cleanup invoice is generated to refund the overpaid amount
- If there are outstanding amounts due, the cleanup invoice will charge the remaining balance
The cleanup invoice is only created if there is a difference between what has been billed and what should have been billed up to the stop date. The system will not proceed with cleanup until all in-progress payments have been resolved.