How to properly claim an insured or policy

How to claim your customers before carrier download

Presently, quoting and issuing policies is done outside of the policy servicing systems (policy management). This creates the need to establish a prospect or insured in the policy system in order for the nightly data download from our carriers to match your clients to your membership account.

There are two ways to do this, you can either create a "Prospect" or an "Insured" in the policy system. Doing either of these steps will establish the account in the policy system, assign it to your agency, and create an account that the nightly downloads can match policy data.

When do you create a prospect or insured?

It's important to note, you only have to do this when the prospect or insured does not already exist in the system. Existing accounts will normally get matched to new policies, renewals or policy changes automatically. Moreover, on the outside chance that the automatic matching doesn't work, the daily download audit can locate and match existing accounts to new transactions. Therefore, you only need to create a new prospect or insured when selling or quoting a client's first new business policy.

When do I create a new prospect vs a new insured?

In theory, you should create a prospect prior to issuing a policy and create an insured after a policy has been issued - but before the nightly data download of the policy data.

As a practical matter, it really doesn't matter if you create a prospect or insured, as long as it's done prior to the nightly data download from the carriers. Either will create an account in the system, assign it to your agency, and provide a place for the nightly download to match policy data.

NOTE: When creating either a prospect or insured, it's important to spell the name and address the same as you did in the carrier's systems upon policy issuance. This facilitates the automatic matching. When you don't spell names and addresses the same, the match will still occur, but the policy needs to be paid with the account manual, during the download audit.

How soon after policy issuance will the carrier download data?

Normally, the carrier will download policy data in the early morning the day after policy issuance (eg. 1:00AM). So, if you issue a policy in the afternoon, and add the insured or prospect to the management system directly after, your account will be available for download matching the next morning.

What if I forget to add my prospect or insured to the management system?

If you forget to add your prospects or insureds to the management system prior to the daily carrier download, the data falls into manual audit for account matching. The manual audit has some limitations, however, we don't recommend you rely on this for claiming your accounts.

Below are the manual audit checks we conduct:

1. Review of PL Rating quotes to determine user and account ownership
2. Review "Submission" and "Service" ticketing system to see if policy assistance was provided by the IronPoint underwriting team - and locate member/account.
3. If an insured is not in PL Rating or in ticketing, we check the carriers' systems to see if we can identify the userID that issued or serviced the account. Note: this is not effective for all carriers as not every carrier identifies the user and/or provides that information to IronPoint.

How do I add a prospect or insured to the management system?

Adding an insured or prospect is easy. You can find a full demonstration and step-by-step instructions in this article: [Insert Article Here]