Maintain a durable policy record
Keep the policyholder, life assured, insurer and policy reference clearly identified. Store the source documents and subsequent service correspondence together so the history remains useful when team members change.
Distinguish each date and obligation
Record the premium schedule and policy dates from the issued documents. A premium due date and the end of a policy term are different events; use separate fields and follow-ups so one is not mistaken for the other.
Make servicing traceable
Assign customer requests to a person and retain the supporting documents and insurer response. For policy conditions, refer to the issued contract and the insurer’s published information rather than inferring terms from a different product.
What to keep with the record
- Policyholder and life assured
- Policy reference and source documents
- Premium follow-up schedule
- Service history and assigned owner
Reference documents should be matched to the insurer, product and version on the issued policy. This guide covers record management; the issued policy determines coverage.