Create a New Policy

You can create and manage policies in OIPA through the Policy screen. You will associate each policy with a company and plan. You can also create a policy name to make it easier to find your policy during a policy search.

Refer to term policy life cycle to see an example of the stages a term policy moves through from creation to termination. Refer to variable annuity life cycle to see an example of the stages a variable annuity policy moves through from creation to termination.

Steps to Create a New Policy

From the Main Menu, select Policy | New. The left navigation menu will contain the links for each section of the policy.

Enter the basic policy information.

Company is the company the policy is associated with. You can have multiple companies or subsidiaries or just one primary company.
Plan is the brand name of the company’s proprietary product.
Plan Date is the date used to record policy application information.

Note: The entry date can be used as a cross reference for state approval requirements. This date can be back-dated or forward-dated.

Issue State is the state where the policy is going to be effective. This field allows you to cross check against state insurance requirements.
Policy Name is an optional secondary identifier for the policy. This helps identify policies during a search.
Policy Status shows a policy's current status. This is updated according to the activities applied to the policy.
Policy Number is the unique identifier for the policy. This is automatically generated once a policy is created.

Enter the specific policy information. This will vary for term and variable annuity policies.
Select the Save button when you are finished.

Once you save a new policy the Policy Number field is populated with a unique policy number. You will now need to assign roles, segments and activities to the policy to bring it into active status.

Note: You will not be able to add activities or segments until the policy roles have been assigned.