Lapse Pending Policies
Policy lapses are often an oversight or due to miscommunications. Knowing immediately when a policy enters pending lapse status can prevent difficult and frustrating situations and help retain important clients.
NIC empowers you with information on policies that have entered pending lapse status as well as Policy Watch that enables you to set up alerts for at risk policies or lists of at risk policies.
IDENTIFYING LAPSE PENDING POLICIES
Identify policies where the policy status has changed to pending lapse.
INSIGHTS PAGE
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From the left nav, click on the Insights link
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Under the Policy Status section, Lapse Pending shows the number of policies in lapse pending status.
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Clicking on the number will display a list of all the policies in lapse pending status.
LIFE POLICIES PAGE
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From the left nav, click on the Life Policies link
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Using the Policy Status filter, select Lapse Pending
(if you would like to see lapse pending policies under a certain Carrier and/or product, you can use the Carrier and Product filters together with the Policy Status filter)
CREATE LAPSE PENDING POLICIES LIST
Manage lapse pending policies by creating a list and working through each policy.
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From the Search results page select all policies by checking off the checkbox in the header line. (When the blue box appears, make sure you click on Select all xxx policies)
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Click on Add to list
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Enter your list name
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Click Proceed
SHARING YOUR LAPSE PENDING LISTS
Empower your Agents by sharing your lapse pending list with them.
Sharing a list with your Agents is secure as no confidential information is sent over the internet.
Each Agent receives an email notification that a list has been shared with them and is available to them, but they are required to log into NIC to see the list.
If the list contains policies for multiple Agents, each Agent will only see the policies assigned to them (where they are the writing or servicing Agent assigned to the policy by the Carrier).
From the Lists page, click on the kebab menu under the Actions column (located at the far right) and click on Send to agents
A pop-up window will open.
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Select the Also send the agent an email notification box if you would like your Agents to receive an email alerting them about the list you are sharing with them
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Type in any message you would like to share with your Agents
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Click Send List
NOTE:
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If you have selected the Also send the agent an email notification box in the pop-up window, your Agents will receive an auto-generated email from NIC
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The notification emails are only sent to Agents with email addresses on NIC
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The notification email will contain your name as the user sharing the list, and also a link to the Agent App so the Agent can click on it to get direct access to the Agent App Login page, where they can see the shared list
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LOG IN link appears for Agents already on NIC platform and will take the Agent to the NIC Advisor App login page.
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JOIN US link appears for Agents who are not on NIC platform but are part of your list. If they wish to subscribe to the NIC Advisor App all they have to do is click on Join Us and complete the short onboarding process
EXPORT YOUR LIST
Export your lapse pending list and work with them externally.
To export the complete list into a .csv, click on the list name and then click on Download Full List
The exported .csv file will appear in your Downloads folder on your computer.
ADDING POLICY WATCH TO AN INDIVIDUAL POLICY
Set up Policy Watch to monitor the status of your policies. NIC will notify you regarding the status change, including when policies change from in force to lapse pending.
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Search for a policy in the Global Search
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Search for a policy under the Life Policies link
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Click on your policy
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From Policy Owner profile, Policy overview, click on Add Policy Watch
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Select the notification type:
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Beneficiary Change
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Cash Value
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Address Change
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Annual Premium
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Face Amount
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Premium Paid
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Lapse Pending
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etc...
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ADDING POLICY WATCH TO POLICY LISTS
Set up Policy Watch to monitor all of your policies on a list. NIC will notify you regarding status changes, including when policies change from In Force to Lapse Pending.
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After you have segmented your policies into meaningful lists, click on the Lists link and find the list you would like to set the notification for
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Using the kebab menu under the Actions column (on the far right) click on Add Policy Watch
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Select the notification type:
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Beneficiary Change
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Cash Value
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Address Change
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Annual Premium
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Face Amount
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Premium Paid
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Lase Pending
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etc...
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