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Cancellation Process

  • Updated

Customer requested cancellations:

  • Ensure that an end-user has been created on Zendesk
  • Create a ticket on Zendesk using the Cancellation form and complete the ticket fields as required
  • Locate the customers policy on OGI
  • Check if the customer has paid in full, or paid by direct debit.

Broker Enforced cancellation

  • Check portal to make sure client hasn’t uploaded documents overnight
  • Check Recorded delivery status on Royal Mail website, refer if not received.

Paid in Full:

  1. Calculate the cancellation figures by pressing ESC+5 in the level 2 screen.
    1. Proceed to the mid term menu
    2. Select New Adjustment
    3. Select Cancel Policy
    4. Enter your Operator Code
    5. Enter the Effective Date of the cancellation request
    6. Enter the Effective Time of the cancellation request
    7. Select whether this is at the Insurers or Proposers request
      1. If this is at the brokers request select Proposers
    8. Confirm whether there have been Any Claims since the start of the policy
    9. You will be able to review your return premium at this stage.
    10. Confirm to Accept or Exit the cancellation request.
  2. Return to the Level 2 screen and locate the original transaction for new business and the associated discounts that were applied.
  3. Open the Cancellation Calculator spreadsheet and enter:
    1. The original inception date
    2. Enter the cancellation date
    3. Enter the new business discount
    4. Clawback will then be presented.
  4. Calculate the return premium to the customer by deducting the clawback figure (if applicable) from the return premium generated in the cancellation screen.
  5. If proceeding with the cancellation:
    1. Accept the cancellation in the Mid Term > Cancel Policy process.
    2. When the policy cancellation has been processed, go to the Level 2 screen:
      1. press ESC+K (Process Frames)
      2. Select Create Transaction
  • Select Trans Create / Payment
  1. Complete the ABBY frame.
    1. Select Trans Type as Cancellation
    2. Enter the Effective date of the cancellation
    3. Enter the Return Premium
    4. If an admin fee has been charged enter it to the Charge field
    5. Enter a Clawback into the Discount field as a negative figure.
    6. Confirm receipt.

Paid by direct debit:

  • Calculate a redemption quote by logging into i-Prompt
    • Locate the agreement
    • Select Redemption Quote in the tab options. This can be generated for the current month and two future months ahead.
    • Choose a date that you want a settlement figure for then “Generate Quote”
    • You will have the option to confirm and generate letter to client – this is not needed.
  • Calculate the cancellation figures by pressing ESC+5 in the level 2 screen.
    • Proceed to the mid term menu
    • Select New Adjustment
    • Select Cancel Policy
    • Enter your Operator Code
    • Enter the Effective Date of the cancellation request
    • Enter the Effective Time of the cancellation request
    • Select whether this is at the Insurers or Proposers request
      • If this is at the brokers request select Proposers
    • Confirm whether there have been Any Claims since the start of the policy
    • You will be able to review your return premium at this stage.
    • Confirm to Accept or Exit the cancellation request.
  • Redemption figure is greater than the return premium:
    • If the redemption figure owed to Close Brothers is greater than the return premium issued from the insurer, calculate the balance owed by the client including any discount clawback.
    • Open the Cancellation Calculator spreadsheet and enter:
      • The original inception date
      • Enter the cancellation date
      • Enter the new business discount
      • Clawback will then be presented.
    • Advise the client of the owed balance (difference between redemption figure and return premium, plus the discount clawback).
    • Request that the customer pays the balance.
    • If the customer is not willing to pay the balance but still wishes to proceed with the cancellation, advise that we can process the cancellation request and that Close Brothers will be in contact to arrange payment for the balance owed. (This will be difference between the redemption figure and the return premium from the insurer, without the clawback discount applied).
    • Process the cancellation of the policy and the agreement.
    • Submit a Shortfall Claim with Close Brothers for the balance.
  • Redemption figure is less than the return premium:
    • If the redemption figure is less than the return premium, any discount clawback owed will be removed from the credit between the redemption figure and return premium issued. 
    • If there is not enough credit to cover the discount clawback, the agent can attempt to collect any surplus owed from the customer.
  • If proceeding with the cancellation:
    • Accept the cancellation in the Mid Term > Cancel Policy process.
    • When the policy cancellation has been processed, go to the Level 2 screen:
      • press ESC+K (Process Frames)
      • Select Create Transaction
      • Select Trans Create / Payment
      • Complete the ABBY
        • Select Trans Type as Cancellation
        • Enter the Effective date of the cancellation
        • Enter the Return Premium
        • If an admin fee has been charged enter it to the Charge field
        • Enter a Clawback into the Discount field as a negative figure.
        • Confirm receipt.

 

Final Steps

  • In all cases, update the Zendesk ticket with the relevant outcome.
  • On the agent portal remove the date and change workflow to ‘pending cancellation’

Send confirmation email to customer advising them the policy has been cancelled

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