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Updates to live policies is a common need of insurance policy management. You can configure your product to change behavior depending on the information you need to update:
  • if the information is not necessary for documents or quotes, such as a customer’s email, you can modify it directly on the dashboard;
  • if the information is pricing or contractual, such as coverage level, you must create a mid term agreement.

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Mid term agreements (MTA)

Korint uses the same branch system as for signing new business, so the process of your MTA is very similar.
  • You can create as many MTA projects as you want: your entities will reset to the CREATED status on that MTA project.
  • Once you’re happy with one of the quote options, you can lock it in and your policy becomes QUOTED.
  • Once you have filled in additional non pricing information, you can confirm your policy: it becomes CONFIRMED and you can send your MTA documents to your policy holder for signature.
  • Once the policy holder signs the MTA, it immediately becomes live and all other MTA projects are abandoned.
When you create a MTA project, you will already have all information pre-filled from the current policy, so you only need to modify what is necessary. If you try to modify information that is not necessary for quotes or documents, you will get an error when quoting that prompts you to modify the information directly instead of using a MTA.

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Billing Updates

Once you’ve quoted a MTA, Korint will show you the difference in price between the currently live policy and the proposed MTA. You will also see the updated billing plan and any potential reconciliations if the product is configured for it. Currently you cannot change your billing configuration during a MTA, so if a policy is billed monthly it will remain as such until it ends.

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Blocked Updates

Some updates are currently not supported:
  • Changing the start date of the policy once it has started
  • Planning a MTA to go live at a specific date