During the e-issuance process, the policyholder portal enables the policyholder to review the policy pages along with a welcome package and then gathers the issuance requirements, such as acceptance signatures, acknowledgement of endorsements/amendments etc. Once the policy is active, the policyholder can perform all self-service functions on the policy (based on the carrier/product provisions and rules ). These self-service functions can then be reviewed by automated rules based functions or by a “Policy Processor” role within the system. All communications / notes between the policyholder and policy servicing roles can be managed securely using the Policyholder Portal.
Typically, the Policyholder Portal allows these self-service functions for the policyholder:
- Endorsements management (review, fulfill requirements and e-signatures)
- Demographic changes
- Beneficiary and ownership changes
- Payor changes
- Billing / Billing mode changes
- Collateral Assignments
- Lapse management and renewals
- Rate/ Coverage changes
- Policy amendments
- Annual Policy statements
The status of all these functions performed by the policyholder on the portal is available to the policyholder. An audit trail of all policyholder-initiated functions is recorded and added to the policy records.