Add A New Insurance Policy

Tips for the Broker 

• If you're here, you've had a successful Insurance Engagement and have come to an agreement with Insurers for your client and you're now ready to upload your new insurance policy

• You will be able to view only the Insurance policies and Engagements you've created.
   

Creating A Policy

• The first step is creating a draft Insurance Policy closing: Create a 'draft' Insurance Policy and come back to fill in the rest of the details later - Do not Submit in this instance!
• Gather your closing documents (created off platform) to attach for your insurers
• The date of closing must be before the Policy start date
• Add/set up your Insurer Panel before starting your Insurance Policy or Engagement by Adding Insurance team members. These insurers will be available to you to assign/invite to an Insurer Engagement or Insurance Policy
• Policy start date: You can set the Insurance Policy Start date in the past
• I have Wholesale Insurers: You can add international Wholesale Insurers to your Policy with a local 'retail' underwriter fronting the program
• Pre Policy Document checklist for Brokers https://visionrecap.zendesk.com/knowledge/articles/13257487403023/en-au?brand_id=9807018303631
  A Brokers view of a newly uploaded policy
  
   

This task is owned by the role/s below:

• Broker

Part 1 - Add New Insurance Policy

These steps are completed by the Broker. What's my role again? I need a refresher

 

Vision RECap has 4 Insurance Policy types

1. Public Liability
2. Property
3. Property/ Fire
4. Property/ Crime

Vision RECap offers 2 Insurance Program structures

1. Co-Insurance / Quota Share

How do I create a Co-Insurance / Quota Share Insurance Policy on Vision RECap?
2. Excess of Loss (XOL)

How do I create an XOL (Excess of Loss) Insurance Policy on Vision RECap?

Split Rating
Vision RECap caters for Split rated policies, where co-insurers have varying premium terms and conditions to the Lead Insurer. Manually enter the insurers share of Policy/capacity (%) and enter the Nett Premium amount for that insurers share ($).

Wholesale Insurers
As a Broker, you determine your program structure. Where you are aligned with an offshore or wholesale group, you will need an Australian entity to front the insurance program and you can add wholesale insurers at the end of the policy section to access the program all year round.
TIP: Wholesale Insurers do not receive or have access to the Broker's closings
 

Adding an Insurance Policy

These steps are completed by the Broker. What's my role again? I need a refresher

1. Go to Insurance
2. Click 'Add new'
3. In the form pop-up, enter your new Insurance Policy info: 
   1. Policy Information
   2. Policy Deductibles
   3. Assign Assets
   4. Assign insurers (Lead and Co Insurers)
   5. Add Wholesale insurers/ Brokers (If required)
4. Click 'Submit'
5. The policy status should now be labelled 'Under review' until the Lead and Co Insurers accept their Broker Closing
6. The policy status will change to 'Active' once all Insurers accept the Broker Closing, and 'Live' once the Policy incepts on the Policy Start Date.

👍Done!
 

If you are experiencing an issue and the SUBMIT button is not showing, and you have a co-insurance policy, please check that your insurance values match in both the 'premium' section and the 'Co-Insurance total premium amount'. These need to match before you can submit. 

We suggest updating the premium section as there can be a slight variance on total cents value with the percentage allocated to each insurer. 


 

Need To Go Back a Step? - New Insurance Engagements

For assistance using Vision RECap, please use 'Submit A Request'. 

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