Policy Stages

Owned by Coreen Stalnaker
Last updated: Apr 01, 2024
2 min read

Understand that the "Stage" of a Policy is based on the presence or absence of the following date fields. The Status Name isn’t as important as the dates stamped on the lead. It is important to understand that each stage is named after the NEXT step in the process.

  • Stage One - Conversion

    • A new lead that does not have any policies.

    • Agent runs the quote tool and selects a policy that will meet the customers needs

    • Agent enters the selected product/carrier details, premium, and any other pertinent information

      • Date Created Exists

        • Agent Saved a New Policy

        • Policy stamped with Creator ID

        • Stage: Conversion

        • Status: Quoted

  • Stage Two - Verification

    • The customer agrees to purchase the quoted product.

      • Date Converted Exists

        • Agent Pressed "Sale" indicating an intent to buy

        • Policy stamped with Agent ID

        • Stage: Verification

        • Status: Converted

  • Stage Three - Submission

    • Verification team looks over information provided by Agent to validate numbers to ensure accuracy and prevent fraud

      • Date Verified Exists

        • Agent Pressed "Verify"

        • Policy stamped with Verifier ID

        • Stage: Submission 

        • Status: Verified

  • Stage Four - Sale

    • Submitters review all verified policies, input necessary data into the carrier’s website, and submit policies to complete sale (subject to individual processes)

    • State sold will appear only on the Policy since a single lead can be sold multiple times

      • Date Sold Exists

        • Agent Pressed "Submit"

        • Policy stamped with Submitter ID

        • Stage: Sale

        • Status: Active

  • Considerations 

    • Completion of Stage Four - Sale will update the Vendor Performance Report, Agent CPA report, and the Commissions.

    • A lead is not considered Sold until Stage Four, where Date Sold exists on a policy.

 

 When a Policy is in Pending Submission or Pending Verification 1 of 3 things can be done.

  1. Resolve any pending actions and select the Resolve Stage buttons are available

  2. Push the Application further to the next stage

  3. Kick the Policy or Cancel the Policy

    1. When a Policy is temporarily “interrupted” or “canceled” the Policy will be stamped with those dates, yellow for interrupted and red for canceled.

Policy Substages

  • Date Interrupted

    • This means the Policy can't go further until something is done, before Submission it is a "Pending" Stage, after Submission it is an "Inactive" Stage.

  • Date Kicked

    • This is a Policy that got Kicked out before submission, during verification or submission, it is a final stage.

  • Date Canceled

    • This is a Policy that was Canceled after it was fully Submitted, it is a final stage.

Advanced Tracking Mechanisms

There are 2 Advanced Tracking Mechanisms. These can be manually added or triggered by a Policy Status

  1. Tag Workflow

    1. Tags can be Manually Added to Denote something needs to be done, these are searchable.

    2. Tags can also be used in conjunction with Policy statuses to trigger the addition or removal of Tags.

  2. CSR Workflow

    1. CSRs can manually be added and assigned to denote something that needs to be done. 

    2. CSR Reason Types and CSR Completion Codes can be created and added to the Leads Notes section.

    3. CSRs can be used in conjunction with Policy Statuses to trigger the addition of preset CSRs.