Right click on the InsureTec App icon, select calculators and then select the cancellation calculator 2.0.
A window will pop up asking you to fill out 3 bits of information:
- Policy Reference: You will need to enter the customer reference number including the branch letter as well as the line number.
- Cancellation date: You will need to enter the date that you are looking to cancel the policy from.
- Reason: You will need to select the cancellation reason from the drop-down list.
This section is very important as the calculator will base the figures off the reason that you have selected.
If you are cancelling a policy that hasn’t started, no matter what the reason is that has driven the cancellation reason will be NTU (Not Taken Up).
If you are cancelling the policy within the first 14 days, no matter what the reason is that has driven the cancellation, the cancellation reason will be cooling off.
If you are cancelling midterm, then you will need to select the appropriate reason for cancellation. You can refer to the cancellation reason section to see what to select if the reason doesn’t fall within the options provided within the drop-down list.
Once you have filled out all three sections, you will need to click on the policy reference section in order to enable to quote button.
Once you have selected quote, the system will bring up another window with the cancellation breakdown that you will need to provide to the client as per the cancellation script.
Before proceeding with the cancellation, you will need to select the appropriate letter from the drop-down list and then select the cancel policy button. Please ensure that you are not in P86 or P15 when clicking on the cancel policy button as the system requires to go behind the scenes into these programs. If you are in these programs at the same time, an error message will pop up and the policy will not be cancelled.