As this is Manual Product - there would be an expectation that you would go off the platform and proceed to cancel the policy with the insurer in the usual method, (cancel via insurer portal, email request etc.) as well as obtain release of interest from the insureds, as required.

If you are waiting for a reply from the insurers to the cancellation request, you can go ahead and add a manual activity to show this, in bond. 

 

Cancellation is requested by the customer, either by:

 

• Customer requests cancellation in pocket - in bond a customer cancellation activity will be created and left open for the broker to action the cancellation.
• Broker receives the cancel request from the customer directly including release of interest. (Create a manual activity). 

 

 

• Find the customer policy in bond.
• Click the Cancel Policy Icon, that appears on the right-hand side on the Actions.
• Cancel Policy tab opens with some defaulted fields (which you can change/correct), like this:

 

• After completing the above shown fields and clicking Submit, a pop-up message will ask for confirmation. (*see Flat cancellation notes at the bottom of this article).
• Selecting Submit (shown above) does not submit a cancellation request to anyone, but rather updates the system so anyone accessing the policy is aware a cancellation is pending and an activity is created for the user to follow up on cancellation documents from the insurer.
• An updated message on the customer profile screen will show a cancellation request has been created/pending. 

 

• An activity is created and it is open.  This is a Pending cancellation Activity.

 

**Once you have the cancellation documents from the insurer, you can proceed with finalizing the cancellation in the Nude platform.**

 

 

• Select Process Cancellation from the right-hand side Actions panel. (This icon only appears when the first steps of this cancellation process are processed).
• The Confirm Cancellation screen opens and you are required to complete these fields with the information that is shown on the Insurer cancellation documents.
• Please remember to update and/or confirm the cancellation effective date, in case it has changed since Step One was actioned.

 

 

• You MUST attach the insurer cancellation documents to the Drag and Drop / Browse upload section to complete this screen.
• This triggers an email to the customer, with the cancellation document attached and updates pocket.
• Selecting Submit will complete the screen and the cancellation.
• The cancellation is complete and this is reflected in various parts of the screen including:
  • Transaction Summary.
  • Payments.
  • Greyed out icons.
  • The Pending Cancellation activity is automatically closed.
  • View Policy is updated with the cancellation dec (in both bond and pocket),

 

The Cancellation 'completed' profile screen looks like this:

 

 

 

• An email to confirm the cancellation and the cancellation documents you uploaded from the insurer will be attached.
• Pocket will update the policy information showing as cancelled and also in red (for cancellation).
• View Policy in pocket will reflect the cancellation document as well. 
• Pocket payments screen will update to reflect the returned amounts/amounts owing, where applicable.

 

 

Whilst the policy status is Pending Cancellation, it is possible to revert back the policy and stop with the process of cancellation.

 

• Find the Cancellation Pending activity.
• Select the 3 dots to open the Actions menu.
• Select Cancel Pending Cancellation, shown here:

 

 

• The Orange Pending Cancellation status is removed from the customer profile screen.
• The customer policy cancellation request activity is auto closed.
• Pocket is updated to the stage prior to the cancellation request. 

 

 

This cancellation type refers to cancelling the policy from the date it started, as if it never incepted.  The policy was never in force. 

If you chose Yes next to the Flat Cancel question, the effective date of cancellation will default to effective date of the policy term.  A warning popup appears advising users of this.  

 

One example of when this could be used is if the customer arranges a policy on June 15th 2021 and it is to incept (start) on July 1st 2021, but then cancels the policy on June 20th 2021.  The insurance policy has not started, so a flat cancellation could be chosen. When you are selecting flat cancellation, you should put the date as the inception date (in this case - July 1st 2021).  The policy cancels at the same time it would have incepted.   If the insurer allows for Flat Cancellation when you cancel with them, you can reflect it in this cancellation process, by answering yes to Flat cancel in the Cancellation screen.

 

This will be reflected in reporting.