How to Cancel a Policy in SchemeServe
Pre-conditions
- A policy must be on cover before it can be cancelled.
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Cancellation functionality is not available to brokers. Only Underwriters or Admin users can perform cancellations.
Steps to Cancel a Policy
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Open the Policy
- Navigate to the relevant policy record within SchemeServe.
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Select “Cancellation”
- On the right-hand side of the policy screen, click “Cancellation”.
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Choose Cancellation Date
- Select the appropriate cancellation date.
- This can be backdated if required.
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Confirm Cancellation
- Proceed with the cancellation action.
What Happens Next
- The policy status will be updated to reflect the cancellation.
- Any refund amount (if applicable) will be calculated and displayed.
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SchemeServe will automatically apply any configured cancellation rules, such as:
- Generating a cancellation email
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Applying fees or terms defined in the cancellation settings
This process will apply the majority of the time, however there are scenarios where you should follow a slightly different set of steps.
Use this scenario to help guide you through the best practice process for cancellations.
A customer calls to cancel their policy. You find their case and go through the following process:
Is their policy a First Premium or a Renewal?
Is the Policy On Cover?
Will you need to make any amendments to the Matrix before cancelling? e.g. adding a cancellation charge
Click the Cancel Policy button to trigger this Pop-up and select the cancellation date. Then check this button and click Cancel Policy
This will set the record to Pending. You can then make any amendments you need to the Matrix and then 'Save Changes'.
Finally, from the status dropdown, set the policy to Cancelled.
Click the Cancel Policy button and select the cancellation date.
Then Click Cancel Policy. This will change the status to Cancelled
If the Policy is in Quotation and the customer wishes to cancel, set the Status to NTU
What is the Status of the Renewal record?
Click 'Lapse Policy'. This is essentially the same as NTU on a First Premium, but because it is a Renewal record, it needs to be Lapsed
Click 'Lapse Policy'. This is essentially the same as NTU on a First Premium, but because it is a Renewal record, it needs to be Lapsed
Have they asked to cancel their policy before their Renewal Inception Date?
Have there been any transactions on the Renewal record?
Make any refunds necessary then set the policy status to Lapsed. Refunds should not be done after lapsing a policy.
Set the policy status to Lapsed.
Will you need to make any amendments to the Matrix before cancelling? e.g. adding a cancellation charge
Click the Cancel Policy button to trigger this Pop-up and select the cancellation date. Then check this button and click Cancel Policy
This will set the record to Pending. You can then make any amendments you need to the Matrix and then 'Save Changes'.
Finally, from the status dropdown, set the policy to Cancelled.
Once the policy is Cancelled, you can now do any refunds if needed.
Click 'Cancel Policy' to open this pop-up. Select the Cancellation date then click 'Cancel Policy'
This will set the status of the renewal to Cancelled. You can now do any refunds if needed.
Permissions
- Brokers: Cannot perform cancellations.
- Underwriters/Admin: Full access to process cancellations.
Renewal Cancellations
Renewal records can be cancelled in the same way as First Premium records if they have reached the renewal date.
However if you have a Renewal record on cover that has not yet reached the renewal inception date and the Policy Holder wishes to cancel this needs to be set to Lapsed instead. See the example below:
First Premium record is due to renew on the 30th August
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A renewal invite is sent out and placed On Cover on the 25th August
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The Policy Holder decides they would like to cancel on the 27th August
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Renewal Record needs to be set to Lapsed before the renewal inception date of the 30th August
If the date is after the 30th August, this policy can be cancelled through the normal process at the top of this article page
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