If you do your own Internal Financing for monthly pay OR have the API connection and use Valet Finance, then you can create and edit the settings for that finance agreement in black.  

 

 

There are permissions required to access this part of the module, if you need access please contact your Digital Champion and they will amend in admin.

The permissions you need to allocate are under the black module expander, like here:

 

 

 

 

If you want to add a new finance setting into the platform, you can do so yourself (with the permissions mentioned above).  

One key thing to think about first of all is whether there is already a finance setting in place for that policy type and, if so, you will need to end that setting before adding the new one.

 

Lets use the example of wanted to increase the finance % on a specific policy type, like Renters. We need to end the date of the current setting, which includes the Renters policy Type.

Here is what you will do:

 

• Navigate to black.
• Select the Accounting Icon, Financing.
• Select the Finance Setting that you want to edit and select the Actions Icon at the right side of the screen (3 dots).
• Select Edit.
• Now use the End Date field to end this finance setting.  This is the last date that the finance setting with apply. (For our example we pick June 1st, which is a date in the future).
• Submit

 

Here is an example:

 

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Now that the Setting has been End Dated, we need to set up the Finance Setting for the Renters policy, with the new settings we wanted.  In our example, we are going to increase the % interest.

 

• Add New.
• Fill in the fields for the new Finance Setting, here is a guide to these fields:
  • Payment Term - Select Monthly or Annual. Our example is Monthly, as we want to increase the % interest charge to customers when they pay monthly. 
  • Name - Name the Setting so that you can identify it from the list that is on the overview screen.
  • Description - Optional field, but you can describe the setting if needed to identify its difference from other settings.
  • Line Of Business - Choose the Line of Business that the setting is to apply to, or if its going to be for many or all, select as many as you want. Our example is only going to be for Renters and that Line of Business is Personal.
  • Policy Types - Provide the Policy Types that you want the setting to apply to. Our example we want to add it for Renters only, so we picked that Type.
  • Types of Transactions - You can have New or Renewal, or both if you want the setting to be used for Renewals too. Our example is for both as we want the new % to apply to all transactions.
  • Max Loan Threshold - The finance company that you use may have a maximum that you can allow any one customer to have, enter that $ amount here, if applicable.
  • Type of Finance Fee - Can currently only pick % of Loan.
  • Percent / Amount - Input the interest amount that will apply to the loan. In our example, it is 7%.
  • NSF Fee - Input the $ amount that is charged to the customer if they have Non Sufficient Funds and the payment declines.
  • Effective Date - Put here the date that you want the setting to be active. In our example we said June 1st, which means that any New or Renewal with an effective date of +June 1st will have this new % amount.
  • Submit - This will save the setting and and the process is complete.

 

IMPORTANT:

Now, in our example, we had put an End Date on the setting that INCLUDED Renters, so that we could create a new one.

So we would now have to add another New setting, for all the other policy types that were including in the Inactive setting, otherwise customers wont be able to pay monthly.

Repeat the above steps so that all those policy types have a new setting (can include all in one finance setting by duplicated the one that was originally there, again to START from the same date as when the 'old' one was set to END)

 

Here is what this will look like in the Financing 'Overview' screen:

 

1. There are two New Finance settings to start on the new Effective date.

• One setting for the Tenant policy type where we changed the interest %.
• One setting for all the other policy types that were in the setting that we ended.

2. The End Date showing on the original finance setting that we selected the End Date on.

3. The policy types show here. We can see we have included the right ones in each setting (we had 6 Policy Types in the Original setting that we ended and they are both covered by these 2 new settings).

4. They are Inactive as there are not currently any loans associated with this setting (we COULD Edit it as this point).

 

 

 

You need to note that the settings can only be edited until the point that it is associated with a loan. If there is a loan set up, using those finance settings, you can only set an end date to that particular finance setting and create a new one including your edits.

 

• Navigate to black.
• Select the Accounting Icon, Financing.
• Select the Finance Setting that you want to edit and select the Actions Icon at the right side of the screen (3 dots).
• Select Edit.

 

The tab opens with all the fields for the setting, which will look similar to this:

 

 

 

• Amend all of the fields that are editable, so that they mean your finance requirements.
• Select Submit to save those changes. 

 

Editing a Finance Setting (when its used for a loan)

As mentioned earlier in this article, you cannot EDIT a finance setting once there is a loan associated to that setting.  The course of action is to set an End Date to that Finance Setting, then create a new Finance Setting with the amendments you needed with the Effective Date being the same as the End Date you put on the 'old' setting.

 

For example, if you want to start a new Finance Setting on June 1st 2022, the End Date for the 'old' setting should be the same, so that there is a new one to take over from the 'old' one and this means that there is not a gap where the platform has no Monthly pay options in place.

 

Those instructions are in the example at the top of the article under 'Add a Finance Setting'.

 

 

• Effective and End Dates are for when you want the Finance Settings available.  So if you want to close off the Setting, choose the End Date that is relevant for your needs, ensuring there is a new one in place if you do not want there to be a gap in that financing offering.
• Automatically Cancel refers to whether you want the loan to cancel and after how many declined payments (a field opens for you to edit, if you tick the box).
• Max Loan Threshold is the maximum premium that you are able to finance. So if you can only offer finance to insurance premiums under $5000, this would be the threshold.
• NSF Fee: Input the amount that is charged if the bank returns the payment for that reason.
• Can edit all the same fields, as when adding as new, until that financing setting is associated with a policy loan.  
• Once associated with a policy loan, all you can do is date off the finance setting, no other fields can be edited.  
• When you navigate to a monthly Valet finance setting and set an end date for the only remaining financing settings on a particular policy type, they will receive a pop-up warning them. 

 

 

As you can see in the above screenshot, there a check box called Automatically Cancel?

 

There is a feature in the platform where you can set the number of declined payments and this is the trigger to automate the registered letter process.

 

 

Example: 

If you select 2, as the number of Max Declined Payments for this, the platform will instigate the registered letter for the cancellation of the policy after 2 declined payments. This means ANY 2 declined payments, they are not necessarily the decline and then the retry, it could be 2 in separate months. The trigger is just defined as declined payments and when that occurs the registered letter request starts.