Instalment Policies - Migrating Instalments from a Legacy System

Modified on Wed, 30 Apr at 4:12 PM

Version 2.0 | January 2023

If you are a site that has migrated/will be migrating from another broking system, there are a few extra steps you will need to accommodate in Year 1 of your migration.

Manual Instalment policies

Due to the differences in the way INSIGHT handles instalments compared to other broker systems this will drive the way instalments a converted to INSIGHT, if an instalment policy is flagged as manual in your legacy system it will be converted as manual.

However, there are cases where an instalment policy will change from EDI to manual, for example where the business can be placed with Vero Insurance as an instalment Policy in Sunrise. Vero does not support electronic file upload like CGU and QBE so this policy will need to be converted to manual in INSIGHT.

For all instalment a $0.00 Endorsement is created on the Imported Manual Instalment transaction, this allows future receipts to be completed in INSIGHT.
Future Instalment Receipts can be processed, and these will be visible in the Instalment Receipts view within the Instalments Plan. Note that if Receipts are processed:
- These will be included in the Instalment Reconciliation Report as ‘Amount Receipted’.
- Processed Receipts will result in a negative Outstanding amount. This is because the record of receipts processed on instalments due before conversion to INSIGHT is not migrated from your legacy system.
- Therefore, the Instalment Reconciliation Report will not reconcile for migrated instalments.
Endorsements for the current policy period can be performed on the Imported transaction. The Instalment Plan will update to reflect the impact of the Endorsement, and Instalment Receipting can be performed.

 NOTE: This has been tested using data from a WinBEAT migration. Future migration sites, both  from WinBEAT or any other broker system, will need to be verified individually. This will be assessed along with all other migration requirements for a broker.