Understanding the Policy Status

1. What does the "Pending Quote Acceptance" status mean?

• Description: The "Pending Quote Acceptance" status indicates that the Financial Needs Analysis (FNA) has been submitted, and the client is required to accept the terms and conditions before proceeding with signing policy documentation.

• Action: Once the client agrees to the terms of the quote, the advisor can click "Accept," and the necessary policy documentation will be presented for signing.

2. What does the "Pending Advice Approval" status signify?

• Description: This status suggests that the policy application, along with all pertinent details, has been submitted for approval, and the advisor is presently awaiting feedback from the approver.

• Action: Advisors are required to await feedback from the approver before further action can be taken.

3. What does the "Approver Feedback" status imply?

• Description: When a case is marked as "Approver Feedback," it means that the approver has declined the case conditionally, usually due to missing or incorrectly signed documents.

• Action: Advisors must address the specified conditions. Once resolved, they can request approval again.

4. What does the "rejected-the-case" status indicate?

• Description: The "rejected-the-case" status indicates that the approver is not satisfied with the advice provided or the answers entered in the Financial Needs Analysis (FNA). Therefore, the advisor needs to revisit the FNA and make necessary adjustments to the advice.

• Action: Advisors can utilise the "Review and Resubmit" feature to initiate a new application case. This allows them to revisit the FNA answers and advice before resubmitting for approval.

5. What does the "submit-error" status signify?

• Description: This status arises when an error occurs during the submission process of a case.

• Action: Advisors should promptly log a support ticket to address the submission error and seek assistance from the support team.

6. What does the "Pending Cancellations Approval" status indicate for replacement policies?

• Description: For replacement policies, this status indicates that advisors are required to collect all policy cancellation letters within a specified period (typically three months) and upload them for processing.

• Action: Advisors must upload the cancellation letters and subsequently request cancellation approval.

7. What does the "Pending Cancellations Approval" status mean for replacement policies?

• Description: After uploading cancellation letters and requesting approval for a replacement policy, this status indicates that advisors must wait for the cancellation approval to proceed.

• Action: Advisors are required to await cancellation approval before further action can be taken.

8. What does the "completed" status signify?

• Description: The "completed" status indicates that the advice has been approved, and the policy has been successfully submitted without encountering any further issues.

• Action: No further action is required once a case reaches the "completed" status.

9. What does the "Signatures Required” status signify?

• Description: The signature required status indicates that documents are ready for review and signature. The system allows for multiple signing options.

• Action: Once the client has signed the documents, the system will prompt the advisor to confirm that the signatures have been collected and that the process can proceed accordingly. 

10. What does the "Fica Required” status signify?

• Description: The "FICA Required" status signifies that after the client has signed the necessary documents, the advisor must now provide additional documentation related to FICA 

• Action: The advisor is required to upload FICA documents, such as proof of identity and proof of address, proof of income along with any other supporting documents that may be necessary. The advisor can then submit the case for approval

11. What does the "Supporting Docs Required” status signify?

• Description: The "Supporting Docs Required" status indicates that additional documents are needed to support the approval of a case. Examples of supporting documents can include policy schedules, cancellation mandates, or any other documents that aid and facilitate the approval process.

• Action: Advisors should navigate to the documents section within the system. From there, they can select the appropriate document to upload, give it a name and save it to the client's profile

12. What should users do if they encounter an unfamiliar status?

• Action: Users encountering an unfamiliar status should promptly log a query with the Support Team for guidance and assistance.

If you have any additional inquiries or encounter issues not addressed here, please feel free to contact our Support Team for further assistance and clarification.