Add a reserve to the claim

• Select ‘FINANCIALS’ from the left-hand side menu.
• Click the ‘ADD RESERVE’ button.
  • A pop-up window will display.
  • Select the party that you wish to record the reserve against from the ‘PARTY’ field.
  • Choose the coverage type associated with the reserve from the ‘COVERAGE TYPE’ drop-down.
  • From the ‘COST TYPE’ field, you will be able to select cost types linked to the coverage type selected above.
  • Enter the reserve amount in the ‘AMOUNT’ field.
  • Click ‘SAVE’ to apply the reserve to the claim.

Note: In most cases both Coverage Type and Cost Types are preconfigured and client-specific. You can raise a reserve that is higher than the sum insured, currently, there is no check for this against the attached policy.

Edit a reserve

• Click the  button next to the reserve that you wish to edit.
  • A pop-up window will display.
  • Updating the Coverage Type will also require a new Cost Type.
  • Enter the updated recovery amount.
  • Click ‘SAVE’ to apply your changes to the reserve.
• Note: reserves can be changed (between parties) with no system validation, even after a payment has already been raised against the reserve.

Delete a reserve

• NOTE: A reserve cannot be deleted once a payment has been recorded against it. Also, a reserve cannot be deleted if an excess has been applied and linked to it.
• Click the bin icon  next to the reserve you wish to delete.
  • A pop-up window will display asking you to confirm that you want to delete the selected reserve.
  • Click ‘DELETE’ to delete the reserve.

Adding the applicable excess to the claim

Adding an excess to a claim is only required when an excess is applicable to the loss cause applied to the claim. If there is not an excess applicable, you do not need to add one.

• Select ‘FINANCIALS’ from the left-hand side menu.
• Click the ‘ADD EXCESS’ button.
  • A pop-up window will display.
  • Choose the coverage type associated with the excess from the ‘COVERAGE TYPE’ drop-down.
  • Select the excess type from the ‘EXCESS TYPE’ field.
  • Enter the excess amount in the ‘POLICY EXCESS’ field.
  • Click ‘SAVE’ to apply the excess to the claim.
• Note: If there is an active policy API, the applicable excess will display. It is then up to the user to select the appropriate excess applicable to the claim and the loss type.

Edit an excess

• Click the pencil icon  next to the excess that you wish to edit.
  • A pop-up window will display.
  • Updating the Coverage Type will also require a new Excess Type.
  • Enter the amount the excess is changing by. If the excess is reducing, enter a minus sign (-) before the number.
  • Select the ‘REASON FOR CHANGE’ (mandatory if the excess is reduced).
  • Click ‘SAVE’ to apply your changes to the reserve.

Delete an excess

• Note: An excess cannot be deleted once a payment has been recorded against it.
• Click the bin icon  next to the excess you wish to delete.
  • A pop-up window will display asking you to confirm that you want to delete the selected excess.
  • Click ‘DELETE’ to delete the excess.

Financial History

• Whilst you are in the financial screen of a claim, click the ‘SHOW FINANCIAL HISTORY’ button in the top right-hand corner
• This will then display all financial movements on the claim including:
  • Reserves
  • Payments
  • Recoveries
• By default it will show all financial movements, you can select the transaction type from the drop-down and then click the ‘SEARCH’ button to apply this filter.
• Note: Payments awaiting QA approval will be shown in the Payments section in the Financial Summary.