3 May 2016

Migrate billing schedules at renewal

  • You may now automatically migrate policies to a new billing schedule on renewal. A new setting in the Edit Billing Schedule setup will migrate all policies on one billing schedule to a new billing schedule. The intended purpose of this change is to deprecate no-longer-used billing schedules.
  • Certain restrictions apply to the availability of billing schedules in the dropdown. In order to migrate, the billing schedules must match in regard to the Policy Term Length and Bill to Whom. Also, the Minimum Pro-Rata Premium figure must be less than or equal to the new billing schedule.
  • Enabling this new setting does not immediately migrate all policies to the new billing schedule. Migration will only occur when the renewal term is created. This means that policies will be referencing both billing schedules for an indefinite period of time. Deleting a billing schedule prior to contacting IWS is not recommended.