Insurance Premium Schedule

Comes after: Insurance Policy (approved and submitted) Leads to: Each instalment generates an invoice. A paid Insurance Claim will close the entire schedule.

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Overview

When an Insurance Policy is approved, the system automatically creates an Insurance Premium Schedule. This is a complete table of every payment the policyholder must make - from the first month to the last - for the entire life of the policy. Think of it as a repayment calendar. Each row in the schedule represents one instalment: the amount due, the date it is due, and whether it has been paid or invoiced. As each payment falls due, the system automatically creates an invoice for it. Your accounts team can then collect payment and mark it accordingly. The schedule closes automatically when a claim is fully paid out.

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Who Uses This Feature

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Before You Start

The Premium Schedule is created automatically - you do not need to do anything to create it. However, to work with a schedule you need:

• An Insurance Policy that has been approved and submitted
• The policy must have a valid policyholder (Customer), an Insurance Product with premium rates set, and a confirmed policy duration

If an approved policy does not have a schedule, contact your administrator. This may indicate the automatic creation did not complete successfully.

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Understanding the Premium Schedule

When you open a Premium Schedule, you will see two main areas: The header - information about the policy this schedule belongs to:

• Which policy it is linked to
• The policyholder (customer)
• The start and end dates of the schedule
• The company the policy is issued through
• The overall status: Open (active, payments ongoing) or Closed (all done, either paid out or a claim was settled)

The instalments table - one row per payment period, showing:

• The instalment number (1, 2, 3…)
• The date payment is due
• The premium amount for that period
• The current status of that instalment
• The invoice number (if an invoice has been raised)
• The payment reference (if payment has been received)
• The date payment was made

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Instalment Statuses

Each instalment moves through these statuses as the payment process progresses:

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Field Guide

Schedule Header Instalment Rows

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Workflow Journey

The Premium Schedule itself does not have a multi-stage approval process. It moves between two overall statuses: Individual instalments follow their own progression:

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What Happens Next

As the schedule runs:

• Each time the schedule is saved (and an unpaid instalment exists), the system creates an invoice for that instalment and marks it as Invoiced
• Your accounts team collects payment and records it, which updates the instalment to Paid
• If a policyholder makes a claim and the claim is fully paid out, the system automatically closes the schedule - all remaining unpaid instalments are marked as closed and the schedule status becomes Closed

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Automatic Actions

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Best Practices

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Do

• Check the schedule immediately after a policy is approved - confirm it has been created and that the start and end dates look correct
• Monitor overdue instalments regularly - use the Insurance Management dashboard to see how many instalments have passed their due date without payment
• Keep invoice and payment records updated - each instalment should have its invoice and payment references filled in so you have a complete audit trail
• Contact the policyholder promptly when instalments go overdue - early follow-up prevents policies from lapsing

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Don’t

• Don’t try to create a Premium Schedule manually - the system creates it automatically. If you create one manually, you risk duplicates and incorrect data.
• Don’t edit the instalment amounts directly - if the premium amount needs to change, this must be done by amending the policy itself, not by editing the schedule rows
• Don’t ignore the Overdue status - an overdue instalment may result in the policy lapsing. Check the policy’s lapse rules and follow up immediately.
• Don’t close the schedule manually unless instructed - the schedule closes automatically when a claim is paid. Manual closure should only happen in exceptional cases approved by the Insurance Manager.

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Common Mistakes & Troubleshooting

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Workspace Access

You reach Insurance Premium Schedule through the Insurance Management workspace. Path: Insurance Management workspace → Insurance Management card group → Insurance Premium Schedule The visual workflow pipeline shows the Premium Schedule as the fourth step in the Insurance Process lane - after Insurance Policy and before Sales Invoice. This reflects exactly how it works: the schedule sits between the policy and the billing cycle. You can also access linked Sales Invoices and Payment Entries directly from the workspace by clicking those links in the same card group.

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Number Cards - What to Watch

One number card on the workspace relates directly to Premium Schedule payments:

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Paid Instalments

What it shows: The total count of Sales Invoices with item code “Installment Amount” that have been paid. Who should act: Insurance Billing Specialist, Accounts Team. What to do: Use this as a collection health indicator. Compare the number of paid instalments to the total number of invoiced instalments across all active schedules. If this number is growing slowly relative to total invoiced, follow up on unpaid invoices proactively.

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Monitoring Without Reports

There are no dedicated reports for Premium Schedules. Use the list view and instalment table filters to monitor collections: Schedule-level monitoring: Instalment-level monitoring (inside a schedule):

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Notifications & Alerts

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Premium Payment Reminder - Sent to Customer Automatically

When it fires: On the day an instalment’s due date matches today’s date - meaning the reminder fires on the exact day payment is due. Who receives it: The customer linked to the premium schedule. What the email contains:

• Policy number
• Premium amount due
• Due date

What you need to do: Nothing - the reminder goes out automatically each day when a due date matches today. If a customer says they never received a reminder, check:

1. That the customer’s email address is correctly saved on their Customer record
2. That today’s date matches the instalment’s due date (the reminder only fires on the exact due date, not before)

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Related Features

• Insurance Policy - the policy this schedule is linked to and created from
• Insurance Claim - a settled claim automatically closes this schedule
• Sales Invoices - each instalment generates an invoice in the Accounts module for billing and payment collection