Statement of Value (SOV) Upload Process

The Statement of Value (SOV) upload process is a crucial tool in policy management, streamlining the efficient handling of multiple policies through batch processing and reducing the time for manual data entry. Utilizing templates ensures accurate and consistent information input, while policy grouping enhances organization and simplifies billing processes. The process also allows for specifying inception dates, ensuring timely policy commit or modification. Providing visibility into the import process, users can monitor and rectify errors for enhanced data integrity. Overall, the SOV upload process offers insurance professionals an efficient and centralized solution for managing policy-related data.

Consideration for Implementation: The Statement of Value (SOV) currently doesn't account for the setting called "allow multiples of this line items." Consequently, these line items may be overridden. Therefore, it's advisable not to use SOV in policy types where this setting is in effect. This is slated as a potential future enhancement at this time.

Step 1: Exploring Policy Data and Templates

• Templates are adaptable based on lines of business. 
• Export policy-type new business templates 
• Export endorsement template

Step 2: Enabling Advanced Setting

• Ensure the system is configured for SOV implementation by navigating to advanced settings.
  • Enable the advanced setting under JobRunner to optimize background job runs.
    • Set the enable setting to {"backup_mysql_to_s3":true,"premium_records":true,"report_runner":true,"rebuild_df_cache":true,"rebuild_prepared_dfs":true,"process_commissions":true, "process_sov_import": true} for efficient processing.
  • Update policy-go-to setting to agent
  • Update enable-statement-of-value to True
  • Update policy-types-for-adding-tenants-to-properties to ["Renters"] , where Renters is the name of the Policy Type that should support Tenants in Properties.

Note: JobRunner typically takes 5 to 7 minutes for initiation and 10 to 15 minutes for processing 40 policies.

Step 3: Navigating to the Statement of Value Processing Page

• Access the Statement of Value processing page under Policies module navigation. 
  • Select ‘Policies’ 
  • Select ‘Statement of Value’ 

Step 4: Initiating the Import Process

• Indicate whether each policy should be tied to a policy group, adding it into the ‘policy group field’ if necessary.
  • Leave the field blank for policies not grouped under one billing account.
• Specify the inception date and upload a fully filled-out template using the 'choose file' button.
• Specify whether the policy(ies) should be committed within the SOV process via the checkbox. 
• Click 'Import' to save the SOV.
• Then click Validate at the bottom of the page.
• And once the SOV has been confirmed to be valid, press Execute to start the SOV upload process.
  • Monitor progress by expanding the action column to view the policy list and identify successful imports or errors.
    • In case of errors, users should create a new SoV with just the policies that had errors and then process that one separately.

Note: Please be aware that once the policy status reflects success in the SOV process, users are unable to delete the policy through this method. To make changes, users should either cancel the policy through the policy administration screens or endorse the policy via the SOV process. If the SOV failed yet the policy was still created, you also need to cancel it from the policy administration system. 

Step 5: Completing the Upload Process

• If there are no errors and the policy status shows success, use the provided policy number to search in the policy search screen.
  • Review policy details in the policy administration view.

Note: all imported policies will be committed and displayed as active in BriteCore.

FAQ

Duplicate Contacts 

BriteCore has implemented a change to address duplicate contacts arising from importing policies with the same named insured(s) via the Statement of Value (SOV) feature. The system checks for existing contacts and reuses them. This improvement involves cross-referencing contacts by name and, by SSN or FEIN number to prevent duplicates.

Adding a Policy to an Existing Group Billing Number (GBN):

Yes, you can enter a group billing number directly into the first column of the SOV template to add a policy to an existing group billing number. The first column serves as the identifier for the group billing number.

Associating Lists with a New GBN:

To specify when you want the list to associate with a new group billing number (GBN), you can use the first column in the SOV template, labeled "Policy Group Number." Input the same number (When I say same number / just any number I mean literally any numerical digit 1, 2, 3 and beyond) on all rows that you want to belong to the same policy group. It functions similarly to the Policy Number column, allowing you to associate multiple properties with the same policy group by using the same number across rows.

Policy Number Requirement for New Business Uploads:

Even when uploading new business, it is still necessary to input "1" in the policy number column. This ensures that each policy is uniquely identified within the system. If you want to add multiple properties to the same policy, you can use the same number in the policy number column for those rows.

Purpose of the "New" Button on the SOV Upload Screen:

Previously, the "New" button was utilized to clear existing data on the SOV upload screen. However, we have recently redesigned the user interface (UI) with a popup, which streamlines the process and enhances usability. The "New" button now serves a different purpose within the updated UI.