_
This view automatically groups policies for the purpose of multi-line rating. A named insured in common, driven by the customer’s established client ID, is being used to create a Rating View of other lines (Homeowners, Life, etc.).
Affiliate Portfolio View
This occurs when a transaction is initiated and Quote is allowed, but the binding of the transaction is blocked until Underwriting approves the UW Issue generated.
Block Bind
This uses customer and policy characteristics to rate the policy. These characteristics were formerly referred to as “discounts” or “surcharges.”
Premium Adjustments
This is used when a transaction is complete but requires additional information. The policy is bound contingent on the customer providing information or documents. It is set for a specified amount of days and allows for systematic action to be taken if information is not received. Agents will be notified via ECRM.
Contingencies
This is created when a policy transaction contains items that may require Underwriting approval. When generated, these will block the Sales Associate or the system from completing the transaction and trigger an activity to Underwriting for review.
Underwriting Issues
This is the starting point in time a given Auto driver has continuously been insured on at least one active voluntary State Farm® policy. The driver cannot be an employee or excluded.
Driver Tenure
This is a new report that will be incorporated into modeling decisions. Various elements of vehicle history, including purchase date of vehicle and odometer reading, will be utilized.
Vehicle History Report (VHR)
This is a sophisticated rating plan that relies on third-party data and models to improve matching price to risk. In addition, simplifying some rating rules will enable straight through processing and offer other operational efficiencies.
Enhanced Rating Plan (ERP)
This is a type of adverse action used to remove a specific coverage or increase a deductible due to frequency of losses.
Renew with Altered Terms
This is a Policy Change or Adverse Action that will be applied to the next available renewal. This is used when the renewal transaction has not been created or state regulations do not allow changes to be applied to the next available renewal.
Pre Renewal Direction (PRD)
This is a transaction involving the correction of a policy during a period of time when it was impacted by a data or coding problem that has since been remedied. Typically, there will be more than one policy that was impacted by this singular data or coding problem.
Mass Correction
This is the process of taking a previously consolidated policy and moving each risk into separate policies. This can be done either systematically (prior to consolidation binding) or manually (after consolidation binds).
Unwinding
This is a supplemental tab on the Quote screen that is created when the latest premium calculation involved some level of proration due to a policy change. This tab focuses on the new slice created by the policy change, providing the breakdown of the before and after premiums.
Cost Change Details
This transaction can be used by Sales Associates or Underwriting for scenarios in which a Submission has been incorrectly set up. It can be initiated after the Submission is cancelled flat (i.e., back to the policy’s inception date) within the first policy term.
Rewrite Full Term
This is a new report that will be incorporated into modeling decisions. It leverages FCRA governed consumer data, such as alternative account payment history data, from the Telecommunications, Utility, and Pay TV industries.
Insight Score for Insurance (ISI)