Create a New Policy

Create and manage policies in OIPA through the Policy screen.  Each policy should be associated with a company and plan.  A policy can be given a policy name to make it easier to find during a policy search.  

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

Note:  Once a policy is created and a policy number is assigned, the policy cannot be deleted.

Steps to Create a New Policy

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

Policy Links on Left Navigation Menu

2. Enter the basic policy information.

• Company is the company the policy is associated with.  There can be 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 can be used to cross check against state insurance requirements.  This field will not appear on international policies.

• 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.

3. Enter the specific policy information.  This will vary for term, variable annuity and unit linked policies.

4. Select the Save button when finished.

Once a new policy is saved,  the Policy Number field is populated with a unique policy number.   Assign roles, segments and activities to the policy to bring it into active status.  

Note:  Activities and segments cannot be added to a policy until the policy roles have been assigned.