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Insurance > Policies

Policies

Use the Policy pages to create, update, and track any type of insurance policy. Policies are generally the policies of a contact or business that the insurance company manages, but can also track all policies of a contact or business, including those at other insurance companies.

NOTE: Your company administrator determines which tabs are available to you. If your job responsibility does not include tracking policy information, the Policy tab might be excluded from your setup.

A policy is a written agreement between the insurer and the policy holder, in which the insurer commits to providing the insurance benefit on the occurrence of an insurable event, and in which the policyholder commits to paying the premium. Policies provide a structure for insurers to manage both contact and business relationships.

The policy record type enables insurers to move from policy-centric relationships to client and household-centric relationships by having access to high-level policy information. The policy information (for example, type, status, and effective date within Oracle CRM On Demand) supports engagements of client-household centric relationships, such as activities, claims, and calendar. You can use the policy record type to track all types of policies, such as auto, property, general liability, and other types of policies. A policy can have parent policies, thus all types of policy structures and hierarchies are supported. These policy hierarchies support the grouping of policies into policy groups, providing the flexibility to enable any policy structure that is required.

Profile and Related Information About Policies

You can use the Policy pages to identify and capture profile and detailed information about a policy. You can also use the Policy pages to review a policy’s child policies and other related information including:

• Policy Holders
• Claims
• Insurance Properties
• Coverages
• Activities. An activity can be related to a policy. On the Policy Homepage you can display activities related to a policy. For more information, see Working with the Policy Homepage.
• Service requests. A service request can be related to a policy. On the Policy Homepage, you can display service requests related to a policy. For more information about service requests, see Service Requests.