Pay Plan Setup

Note: You must have the authority, "Pay Plans," (Company Configuration group) to set up Pay Plans.

 

Pay Plan Setup is one of the most important things to do during the implementation of the Diamond System, because it is used to establish the different Pay Plans (e.g., Annual, Semi-Annual, Quarterly, EFT, etc.) used by your company. Because Pay Plans are assigned on a per company / line of business basis, you will need to set up the lines of business your company will be writing prior to setting up any Pay Plans.

 

For more detailed information please refer to: Company Setup - Adding a Line of Business.

Adding a Pay Plan

To add a Pay Plan:

 

  1. Choose the Billing / Pay Plans selection from the Company Configuration Tool Tree View.

  2. When the Billing Pay Plans screen displays, select Add.

  3. Fields for entries and selections include the following:

General Information

 

 

 

 

Endorsement Options

 

 

 

 

Renewal Options

 

 

 

 

 

 

Cancellation Options

 

 

 

 

 

 

 

 

Invoice Options

 

 

Invoice Reminder Notice

 

 

Installment Options

 

 

 

 

 

 

 

 

Collection Notice Options

 

 

Fee Options

 

 

 

 

 

 

 

 

 

 

 

EFT / Credit Card Options

Special Note on the Credit Card Decline Function: For the Credit Card Decline function to process correctly, the Credit Card Decline Notice Option must be set to “1.” A Credit Card Notice will then be sent prior to a Legal / Final Cancellation Notice. Once this option is set to “1,” the number of days must then be set in the Credit Card Decline Notice Days field. When entering a numeric value here, this must be set to a value that is greater than the Legal Notice Option Days when the Send Legal Notice of Cancellation option value is set to “1.”  Finally, to prevent a policy from drafting on a Credit Card that has been declined, the Cancel Option should also be set to any one of the cancel options.

 

Other Options

Options included here allow new thresholds for Legal and Cancel Days in the Pay Plans for the "initial" days of the policy's term. This will let your company cancel a new business policy as soon as it is legally possible when underwriting conditions indicate that this is no longer a viable contract for insurance.

 

 

 

 

After all information has been entered / selected, click Save. The system presents a validation screen. Click OK to confirm the statement: "Pay plan has been saved."

 

The Billing Pay Plans screen returns.

IMPORTANT INFORMATION!

Once a Pay Plan is set up, it should never be edited or deleted under any circumstance. Any questions regarding this should be directed to an Insuresoft business analyst.

Copy Pay Plan

The copy function allows you to make a copy of an existing Pay Plan (and all of its installments) and create a similar Pay Plan without having to re-enter information plus any changes you wish to make. Be careful that you give the "copied" Pay Plan a new description so you do not overwrite the Pay Plan you are copying from!

 

If you wish to copy an existing Pay Plan to a new Pay Plan, you may do so by:

 

  1. From the Billing Pay Plans screen, highlight the Pay Plan you wish to make a copy of.

  2. Select Copy. This returns the Copy Pay Plan screen.

  3. Change any of the fields, including the description, you need to make different.

  4. After all information has been entered / selected, click Save.

  5. The system presents a validation screen. Click OK to confirm the statement: "Pay plan has been saved."

Export Pay Plan

This is primarily used for duplication of a Diamond customer's Pay Plans for troubleshooting purposes. When the Export Pay Plan button is chosen, it takes all of a Diamond customer's Pay Plans / Installments and Bill Methods / Version and exports this information to an SQL script. Insuresoft personnel can then extract that information for diagnostic purposes.

 

To use this function, you must first set the path where the SQL file will be written using the system setting, "Export Pay Plan Path," in the Diamond System Editor.