Set up automatic assignment of billing schedules

Billing schedules will automatically update if the payment amount for an initial or renewal invoice is within the threshold(s) defined in the For New Business and Renewals, Automatically Match the Billing Schedule to the Amount of the Payment setting located in Settings > Modules > Policies > Policy Lifecycle > Payment > Renewals.

For example:

  • You have annual and semi-annual billing schedules.
  • You use the above setting and set a $5 threshold.
  • A policy has the annual billing schedule with $1000 of written premium.
  • If the insured makes an initial payment ≥ $495 or ≤ $505, the billing schedule of this policy will automatically update to semi-annual.

Note: The payment amount is calculated against the invoice (premium + installment fee) only. Other fees, such as non-payment fees, NSF, and reinstatement, are not used to determine eligibility for updating the billing schedule.

If the payment matches the current billing schedule’s threshold amounts, the system will not change the schedule.