Note: Prior to using this function, implementation planning is required. Additionally, users will need the authority, "Batch Endorsements," (Diamond Administration group) to access and run this program. Finally, if your implementation is going to use this, be advised this is an update process. Users should not be accessing Diamond while this is running. Please plan on making this a part of your company's night time routine.
Workers Compensation rates are provided on an annual basis from the state. These rates are issued as either “Approved” or “Pending." Since policies can be rated / issued with "Pending" rates, these policies need to be re-rated / issued with the approved rates once the state makes them available. This process is used for batch endorsing all policies that have been issued with 'Pending" rates so that approved rates can be applied.
To begin the process, use the following fields to filter the selection of the policies:
Company / State / Line of Business: From the combo box, select the company / state / line of business rates will be applied to.
Rating Version: Choose the corresponding rate version.
Rate Status: Choose the rate status.
Once the process begins, each policy will be automatically endorsed back to its effective date (flat / out of sequence), the Transaction Reason will equal “Rate Change” and the policies will be re-rated / issued. The Pending Rates field in the Policy Image table will be set back to “0” after each policy has been endorsed with the approved rates. The Pending Rates check box on the Policy Detail tab will be unchecked.
If the process completes without errors, the following message appears to notify the user that the process has completed successfully: “Import process completed successfully.”
If one or more policies errors out during the automatic endorsement process, an error log is generated and those policies are pended for Underwriting Review and / or update. The following message appears to notify the user that errors have occurred: “Process completed with errors. See Error Log for more information.”