IDENTIFYING LAPSE PENDING POLICIES
Identify policies where the policy status has changed to pending lapse.
INSIGHTS PAGE
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From the left navigation menu, click on the Insights link
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Under the Policy Status section, Lapse Pending shows the number of policies in lapse pending status.
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Clicking on the number will display a list of all the policies in lapse pending status.
LIFE POLICIES PAGE
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From the left navigation menu, click on the Life Policies link
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Using the Policy Status filter, select Lapse Pending
(if you would like to see lapse pending policies under a certain Carrier and/or product, you can use the Carrier and Product filters together with the Policy Status filter)
Lapse Pending Policies
Policy lapses are often an oversight or due to miscommunications. Knowing immediately when a policy enters pending lapse status can prevent difficult and frustrating situations and help retain important clients.
NIC empowers you with information on policies that have entered pending lapse status as well as Policy Watch that enables you to set up alerts for at-risk policies or lists of at-risk policies.
CREATE LAPSE PENDING POLICIES LIST
Manage lapse pending policies by creating a list and working through each policy.
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From the Results page select all policies by checking off the checkbox in the header line. (When the blue box appears make sure you click on Select all xxx policies)
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Click on Add to list
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Enter your list name
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Click Proceed
EXPORT YOUR LIST
Export your lapse pending list and work with them externally.
To export a complete list into a .csv, click on the list name and then click on Download Full List
The exported .csv file will appear in your Downloads folder on your computer.
ADDING POLICY WATCH TO AN INDIVIDUAL POLICY
Set up Policy Watch to monitor the status of your policies. NIC will notify you regarding the status change including when policies change from in force to lapse pending.
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Search for a policy in the Global Search
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Search for a policy under the Life Policies link
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Click on your policy
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From the Policy Owner profile, and Policy overview, click on Add Policy Watch
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Select the notification type:
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Beneficiary Change
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Cash Value
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Address Change
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Annual Premium
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Face Amount
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Premium Paid
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Lapse Pending
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etc...
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ADDING POLICY WATCH TO POLICY LISTS
Set up Policy Watch to monitor all of your policies on a list. NIC will notify you regarding status changes including when policies change from In Force to Lapse Pending.
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After you have segmented your policies into meaningful lists, click on the Lists link and find the list you would like to set the notification for.
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Using the kebab menu under the Actions column (on the far right) click on Add Policy Watch
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Select the notification type:
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Beneficiary Change
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Cash Value
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Address Change
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Annual Premium
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Face Amount
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Premium Paid
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Lase Pending
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etc...
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