Submission policy transaction
Creating a submission policy transaction is one of the most common activities in PolicyCenter. The goal is to bind and issue the submission which turns it into a policy. In a typical scenario, a producer receives an inquiry for coverage, establishes an account, asks some pre-qualification questions. If the answers are correct, meaning that the risks are reasonable, the producer asks the applicant for additional information. If the answers are not correct, then the policy may be referred to underwriting. If both sides agree to terms and price, then PolicyCenter generates the policy and accompanying documents, and the documents are sent to the applicant. The policy is legally binding to both parties.
This topic explains what a submission is, how to work with submissions in PolicyCenter, and how you can configure it to meet your business requirements.
See also
Issuance wizard
PolicyCenter handles submissions through the submission wizard. After getting account information, the submission wizard guides you through the process of gathering the required information for the policy. Typically, the first and last wizard steps are the same for all lines of business.
However, the wizard steps differ slightly for each line. In personal auto, some steps gather information about the driver, the type of vehicle, the garage location, and the type of coverages. In workers’ compensation, some wizard steps require information about the business, the types of workers, locations, and coverages. So how does a submission end? The outcome goal is to bind and issue the submission. You can choose to issue the policy at a later date. In this case, you search for the policy then run an issuance policy transaction.