Welcome to our 3rd weekly tip for users of The BIS Platform. This week's tip is on how to use The BIS Platform to generate and manage Policy Alterations.

Frequently the need to advise or instruct a life company of a change to a policy occurs. This includes the likes of fund switches, premium changes, change of policyholder address and more.

Within The BIS Platform you can create these instructions without the need for you draft up a number of letters from scratch. These instructions pull in the relevant details such as the policy number and client information and is formatted for onward transmission to the life companies. It also generates a pre-written letter for ease of return from your client to you.

You can also add the policy alteration to the Digital Document Packs to get the alteration instruction electronically signed by your client.

How to Generate a Policy Alteration:

• Go to the policy that you need to create an alteration/instruction for.

• On the right of the screen under the Tasks/Actions menu, click Policy Alteration.

• Choose the type of alteration required e.g. Policyholder Address, Premium Frequency, Premium Amount, Benefits, End Date, Fund Split or Other. Then click "Create Alteration Request".

• On the next screen you will need to enter details such as Date, Effective Date, What Signatures are required and details of the alteration. For example if it is a change of fund split or fund choice you will enter the details in the box provided.

• Once complete you have 3 options. 1) Generate the alteration document 2) Email your client with a link to the alteration document; or 3) Add the alteration document to a Digital Document Pack to obtain an electronic signature.

• For ease of tracking, you can add a status of the alteration and add the dates that the alteration request was sent to both client and insurer. Also, a full list of Policy Alterations can be accessed via the main Tasks/Events menu.

Click here to see a sample alteration request.

This is a really excellent feature and it should save you time, remove the potential for keying errors and keep the process uniformed.

If you have any queries on this or indeed any feature of The BIS Platform, please do not hesitate to contact us.

Kind regards,

The team in BIS