POLICY CANCELLATION AND LAPSED WORKFLOW

Created by ChecklistGuro (https://checklistguro.com)

[ ] Identify Lapsed Policies: Fetch all entries from the 'Policy' data model where the 'Status' is 'Lapsed' or 'Expiry Date' is in the past.
[ ] Retrieve Client Contact Details: Get contact information (Email/Phone) from the 'Client' data model linked to the identified lapsed policies.
[ ] Calculate Total Lost Premium: Sum the 'Annual Premium' values of all identified lapsed policies to understand revenue impact.
[ ] Aggregate Total Revenue Loss: Aggregate the sum of premiums from the retrieved lapsed policy entries for financial reporting.
[ ] Assign Cancellation Review Task: Create a task for the Retention Specialist to review the reason for cancellation for each identified policy.
[ ] Cancellation Verification Checklist: A set of sub-steps within the Review Task to verify notice periods, outstanding balances, and refund eligibility.
[ ] Update Policy Status to 'Cancelled': Update the 'Status' field of the specific Policy entry to 'Cancelled' once the review is finalized.
[ ] Create Cancellation Notice Record: Create a new entry in the 'Correspondence Log' data model to document that a cancellation notice was issued.
[ ] Send Cancellation Confirmation Email: Send an automated email to the Client's email address notifying them that their policy has been officially cancelled.
[ ] Send Cancellation SMS Alert: Send a brief SMS notification to the Client's mobile number regarding the change in policy status.
[ ] Finance Department Notification: Create a task for the Billing Team to process any necessary premium refunds or stop future automated payments.
[ ] Update Billing Status: Update the 'Payment Instructions' entry to 'Halt' for the associated client account.
[ ] Generate Monthly Churn Report: Create a report summarizing all cancelled and lapsed entries for the month to be reviewed by Management.
[ ] Remove Temporary Hold Entries: Delete any temporary 'Payment Hold' entries in the system that are no longer relevant following the final cancellation.

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