Insurance Overview

The purpose of this guide is to provide instructions for entering Existing Insurance details to XPLAN. 

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)
  
  

Any Existing Insurance policies can be saved against a client. Each policy must have: 

• Type 
• Underwriter 
• Policy Number 
• Details on the insurance coverage for the policy. 
• Coverage is selected by adding the required cover, such as Trauma or Life cover, in the respective panel at the bottom of the policy editing page.

Accessing Existing Insurance 

While accessing a client: 

Navigate to Financial Information > Insurance > Personal Risk.

To add an Existing Insurance entry against a client: 

• View the existing policies either the Client or Partner panel. 
  
• Click Add.  
  
• The Insurance Group page displays.
  
   
  
• Enter the policy details
  
  • Type - Select the type of insurance policy 
    
  • Policy Number - All policies must have a policy number 
    
  • Underwriter – Select the underwriter from the dropdown list. This is important as this information can feel through to Risk Research for product comparison advice 
    
  • Plan Name – Enter the name of the policy 
    
  • Policy Status – Enter the Policy Status, this is an important field for insurance reporting and advice generation 
    
  • Under Advice – This is used to specify if the policy is under advice within the practice 
    
  • Total Premium - Tick the Set Premium at Policy Level checkbox to manually enter the total policy premium. Alternatively, leave the checkbox unticked to automatically calculate the total from the individual coverage values. 
    
    • Total Premium is calculated as Cover Premiums + Policy Fees - Premium Waiver. Altering the Policy Fee or Premium Waiver will update the Total Premium amount. When the Set Premium at Policy Level checkbox is ticked, changes to Policy Fee or Premium Waiver will alter any manual changes to Total Premium. 
  • Premium Frequency – Enter the frequency of the premium. 

Cover Tab 

• After the Policy has been created, the levels of cover are added. Select from:  
  • Life Insurance
  • TPD Insurance 
    
  • Trauma Insurance 
    
  • Income Insurance 
  • Business Expense Insurance 
    
  • Additional Rider Benefit Insurance 
    
  • Severity Based Insurance 

• Click on the Cover tab: 
  
  
  
  
• Use the Expand button on the right sign of the title bar for each cover type, to open the required type of cover. 
• Click Add in the relevant panel to add the different types of cover in the insurance policy. 
• Enter the coverage details. Each type of cover will require different information to be entered. 
• Click Save. The coverage entry is added to the policy. 
• Repeat steps 6 to 8 for each coverage to be added to the policy.  

Ownership Tab 

The Ownership tab allows for entry of the policy owners, Superfund and group insurance data. 

• Click on the Ownership Tab:
  
  
  
  
  • Policy  Owners – If the  Policy Owner is an entity within  XPLAN, they can be searched and selected here.  If  the  owner  is  not  in  XPLAN,  the  text  box  can  be used.
  • Group  Plan – Select  a  Group  Insurance  Policy  (This  must  be  created  in  XPLAN first).
  • Super  Fund – Select a  super  plan  to  relate  this  to.  The  super  plan  must  be entered into the client file prior to selecting it here.
  • Beneficiaries – Click  the  Add  button  to  add  an  XPLAN  entity  as  a  beneficiary  to the policy 

Details Tab

• Click on the Details tab.: 
  
  

• Enter the relevant details:
  

  • Start Date – Inception date of the policy. 
    
  • Premium End Date - The end date for the policy premium. 
    
  • Next Review Date - The next review date for the insurance policy. 
    
  • Policy purpose 
    
  • Thread – Select a Thread to activate this policy. 
    
  • Values Last Updated – The date the values of the policy were last updated. 

Premium Details Tab 

• Click on the Premium Details tab: 
  
  

• Enter in the Premium details:

  • Premium Payer - The name of the person paying the premium.
  • A payer is Policy Owner - Tick checkbox to include premium payment details in the policy owner's Cashflow. 
  • Premium Waiver - Portion of premium to be waived 
  • Policy Fee - Total amount of policy fees to be added to the Total Premium 
  • Commission Premium (pa) 
  • Premium (Super) 
  • Supplier Revenue 
    
  • Premium (Non-Super) 

 Comments Tab 

• Click on the Comments tab:
  
  
• Adviser 
• Enter any relevant comments:
  
  • Occupation Details 
    
  • Payment 
    
  • Policy 

Others Tab

• Click on the Others tab: 
  
  
  
  
• Enter details regarding:
  
  • Continuation Option 
    
  • Retain Policy 

• Click Save.