Oracle® Insurance Policy Administration 9.1.0.0.0 E15811-01

# Auto Pay Start

Policy holders may prefer to have automatic payments made to the policy that are directly deducted from their bank account(s) on a constant basis. This is a commonly offered feature for insurance products, as it saves the policy holder the time and effort of mailing checks.

AutoPayStart activity allows a user to initiate the automatic payment to the policy. On processing the AutoPayStart activity, AutoPay is spawned, which in turn spawns AutoPay for the next designated period.

In order to set-up AutoPay you must configure your Deferred Annuity to use automatic payment. You do this by selecting Yes in the Automatic Payment field and entering the following field information.

Start Date - must be 30 days after the effective date.

Frequency - the payment schedule.

Amount - the amount that is automatically paid.

Termination Date - when payments should end.

You also need to configure AIF allocations using Allocations on the left navigation menu.