UW Issues/Activities/PC
This type of transaction allows a quote to be provided, but the policy is not able to be bound until approval is received from Underwriting
What is a Block Bind transaction?
A PolicyCenter private passenger auto policy can have this many vehicles on one policy.
What is 40?
An example of how ERP supports modernization
Answers can include, what is:
- Optimizes operational efficiency by eliminating rules and processes that require manual work, follow-up or maintenance.
- improves pricing sophistication
- increases ability for straight-through processing
- Less questions from customers and more reliance on 3rd party reports for more seamless, simpler experience
- Provides State Farm the ability to quickly adapt to changing market conditions by applying targeted rate adjustments as needed
When generated, these will block the user from completing the transaction and trigger to Underwriting for review
What is an UW Issue
If documentation for Defensive Driving is not received and is systematically removed, this heading will display over the contingency
What is Closed without Satisfactory Resolution?
When an action is taking place and a condition within that action triggers a message for further Underwriting review or approval
What is an UW Activity?
These coverages can vary by vehicle and customers are able to choose and customize
What are vehicle level coverages?
Multi-Car Discount (MCD), Multi-line discount (MLD), Good Driving Discount (GDD), Accident Free Discount (AFD), ARRP surcharge, STAR levels and DRLs, Steer Clear Program, Vehicle Safety are all examples of this.
What are Legacy discounts that cannot be viewed within PolicyCenter, but are incorporated within a rating model premium adjustment?
The transferring of private passenger vehicle types rated for personal, business, or farm use from the Legacy sysem to PolicyCenter
What is migration?
Screen(s) you would use to review the Insurance Risk Score and Insight Score for Insurance
What is Risk Analysis Screen - Credit Characteristics tab
This activity triggers when an UW Issue blocks bind/issuance and the sales associate has requested review for approval
What is review and approve?
What is True?
Two Legacy driver discounts being eliminated due to amount of manual handling and follow-up
What are Good Student Discount and Student Away?
The process of moving migrated single-vehicle policies to a single Multi-car policy if the criteria is met
What is consolidation?
Screen you would locate if there was a Steer Clear or Defensive Driving contingency on a policy
What is Risk Analysis screen, Contingencies tab
If the CUI3 model determines this is needed, it will run when a policy is at Bind/Issue stage.
What is an MVR?
In PolicyCenter, these coverages cannot be suspended, but for specific vehicles can be excluded
What are policy level coverages?
With modernization, these documents are no longer sent to policyholders requesting vehicle odometer readings or expected annual mileage
What are policyholder questionnaires?
The modernized term now used in lieu of the Legacy Auto Household
What is the Portfolio View
True or False: Because GRP no longer applies to added cars, an additional PolicyCenter multi-car policy will be needed if an added vehicle to a GRP policy does not meet the definition of a replaced car
What is True?
This/these are used when a transaction is completed but may need additional work, as well as used to manage systematic actions if conditions are not met in the allotted timeframe
What is a contingency?
The characteristics required for vehicles to be on the same MCP
What are: •Named insureds•Policy-level coverages•Company placement•Agent or producer•Use type - personal, business, or farm•Guaranteed Renewable policies (GRP)•Term Length (6 or 12 months)
Note: GRP and non-GRP policies must be on separate MCPs. A separate MCP is required if a vehicle needs any of these items to be different.
With ERP, there are many changes being made to rating, but these are examples of rating elements that are not changing with ERP
What are Insurance Rating Group (IRG) and Liability Rating Group (LRG), Vehicle Model Year, Coverage limits, deductibles, MAEA and GRID
A user can initiate specific changes to PNI, add or remove ANI, policy address, add/remove DBA and adjust multi-line considerations on this screen
What is Policy Info
True or False: The details of the Rating Models used in the rating process with ERP, including what exact data is considered will remain transparent and easy to determine and explain to customers
What is false? The rating details will remain a "black box" to all users.