The Policy Administration Component involves 4 major functions namely Policy Issuance assists the user in issuing a policy that has been generated through a quote. Other relevant details like the warranties, special conditions, clauses etc. are captured through this component. Renewals provide the user with the ability to renew policies and also send reminders to the insured before the policy expires. Endorsement provides the facility to make changes to the policy and track the history of changes made to the policy.
Cancellation provides the user the facility to cancel policies.
Details like the reason for cancellation, the amount that has to be settled, interested parties that need to be informed etc. are taken care of through this functionality.