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.