15Managing PUL Policies
Managing PUL Policies
This chapter describes managing PUL policies.
It includes the following topics:
About PUL Policies
PUL Policies are a specialized type of insurance policy. Rather than provide financial protection for real property, a PUL policy provides an umbrella of liability coverage that is above that provided by a policyholder’s other insurance policies. A PUL policy requires the collection of information about the property that is covered by the contract, plus information about the policies that provide the basic liability coverage for those pieces of property. Within a PUL policy, the policies that provide the basic liability coverage are termed "underlying policies." The PUL policy provides for liability coverage that exceeds the liability coverage provided by the underlying policies.
The PUL (personal umbrella liability) Policies views are used by service and licensed sales representatives to create and manage PUL insurance policies, including issuing quotes for a new policy or for a change in an existing policy.
For more information on views common to all policy screens, see Common Policy Views.
Scenario for PUL Policies
This scenario features sample tasks performed by a licensed sales representative. Your company might follow a different workflow according to its business requirements.
In this scenario, a licensed sales representative for a PUL insurance company is on the phone with a customer who has a homeowner’s policy with your company.
Using the fields on the Quick Quote view as a guide, the sales representative asks the customer a series of questions in order to gather enough information to provide an initial quote. Because this is a PUL quote, he collects vehicle information, property (residence) information, watercraft information, and underlying policy information. Underlying policies are those whose liability coverage is extended by the PUL policy.
After the data has been collected, he submits it to an external rating calculator to determine the premium. Then, he gives the customer a verbal quote, and the customer indicates an intention to purchase the policy.
The quote now needs to be prepared for eventual contract issuance. This includes collecting detailed information about the insured vehicles, boats, or property and any underlying policies and billing and payment arrangements.
Then, he follows the procedures implemented by his company to submit the policy for issuance and billing.
In this scenario, end users are licensed sales representatives who service customers. They enter information to:
Provide quotes
Collect underwriting, rating, and underlying policy information about vehicles, properties, and watercraft
Providing PUL Policy Quotes
In Siebel Insurance, a quote is a policy that has not been issued. End users can generate a quote for a new policy or for a change to an existing policy.
The Quick Quote view provides a way to gather basic policy and rating information. The information collected through the Quick Quote view represents the minimum rating information needed to create an initial premium calculation.
To generate a PUL insurance policy quote
Navigate to the PUL Policies screen.
In the Policies/Quotes list, add a record and complete the necessary fields.
In the Policies/Quotes list, drill down on the policy.
Click the Quick Quote view tab.
In the Quick Quote form, complete the necessary fields.
Collect underwriting, rating, and underlying policy information about vehicles, properties, and watercraft using the following PUL Policies view tabs:
Vehicles
Property
Watercraft
Underlying Policies
After collecting the data, you can submit it to an external rating engine to determine the premium. In the application, you can add information to help underwrite and administer the quote. You can use the Rating form to manipulate the Rating factors and further refine the quote.