Use the Retain Existing Insurance strategy in Digital Advice to recommend retaining an existing policy with the option to include a suggestion to increase or decrease cover levels.
Step 1 – From the Digital Advice strategy selection page, click on Retain Existing Insurance under Insurance. This will bring you to a screen where you can see existing insurance policies as cards.
You can switch between the client and the partner existing insurance policies using the client/partner switch button as below:
On the policy card, you can select the strategy you wish to recommend – Retain, Increase or Decrease
By clicking on Retain, you will be able to retain the existing policies without any changes. It will open the policy details page. Here, you will be able to update any policy details except the sum insured value since it is a Retain existing insurance strategy. After making the changes, click on Save and Next to proceed.
Next, you will see an Add Justification screen where you can add Reasons and Consequences, and then click on Save and Next.
Once all the details are updated, you will see an Updated Policy Details card where you can review the changes made to the policy (New v/s Current) which you can edit should you require to make any further changes.
In addition, a new recommended policy card will be created. If you have selected another insurance strategy, for example, the Buy and Replace strategy, along with the Retain existing strategy, the policy cards will appear. Note you can Edit policy details by clicking on the 3-dot menu on each card.
You can recommend increasing the current level of sum insured where the client may not hold sufficient cover. The steps will remain the same as the Retain strategy with the addition of the ability to make changes to the Life Sum Insured amount.
The rest of the options and screens will remain the same.
You will be able to recommend to the client to decrease the current level of sum insured amount as he/she may be sufficiently covered with the existing sum insured. The steps will remain the same as the Retain strategy with the addition of the ability to make changes to the Life Sum Insured amount.
The rest of the options and screens will remain the same as described above for Retain existing Policy.