Policy Administration Overview

🎯 purpose policy administration owns the lifecycle of the policy record after inception mid term adjustments, renewals processing, cancellations and reinstatements, and the integrity of policy data 📊 operational overview operational performance indicators mid term adjustment sla 2 working days cancellation handling sla 1 working day reinstatement completion target same business day renewal issuance target 45 days before expiry policy data discrepancy reviews tracked weekly continuous improvement priorities reduce policy record discrepancies causing claim disputes improve reinstatement automation controls enhance policy lifecycle reporting accuracy strengthen root cause analysis for operational defects increase adoption of data quality monitoring across processing teams 🧭 core operational processes process sla mid term adjustments 2 working days cancellation processing 1 working day, refund per policy terms reinstatements same day where premium received renewal invitations issued 45 days before expiry 🛡 governance and ownership function operational responsibility escalation ownership policy administration lifecycle processing and policy record maintenance policy administration team lead underwriting material risk review and referral decisions underwriting operations manager finance operations broker billed reconciliations and refund oversight finance operations lead compliance monitoring regulatory processing adherence compliance manager ⚠️ data integrity principle the policy record is the single source of truth for cover any discrepancy between the policy schedule and the system record is a priority incident cover disputes at claim time trace back to exactly this gap discrepancies found are logged and root caused through the continuous improvement process ⛔ control restriction any discrepancy between issued schedules and the policy administration system must be treated as a priority operational incident and escalated immediately for remediation 🔎 evidence quality requirements maintain complete processing evidence for all policy lifecycle transactions ensure refund, cancellation, and reinstatement approvals are auditable retain communication records supporting renewal issuance activities log recurring operational defects through the continuous improvement process monitor data corrections for systemic or training related trends