Oracle® Insurance Policy Administration 9.4.0.0 E18894_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 regular basis. This is common for insurance products, since it saves the policy holder the time and effort of mailing checks.

The AutoPayStart activity is a system generated activity that 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.

AutoPayStart Activity on Activity Screen

In order to set-up AutoPay, the Deferred Annuity segment must be configured to use automatic payment. When configuring this segment, select Yes in the Automatic Payment field and enter 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: Date when payments should end.

Automatic Payment allocations must also be configured using Allocations on the Left Navigation menu.

Automatic Payment Fields in Deferred Annuity

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