Smart Payment Matrix

Learn how to use the Smart Payment Matrix to efficiently manage and schedule payments for policies. This guide shows how the system automatically generates scheduled payments during policy creation, reducing the need for manual entry. The automated process also triggers reminders and notifications for late payments, ensuring both agents and customers stay informed.

Gravatar
Jorge Vera
  • 11 months ago
  • Published

The Smart Payment Matrix is a powerful tool in our platform that simplifies the process of scheduling payments during policy creation. Agents have the option to choose between the Smart Payment Matrix or the Simple Payments option, depending on the needs of the policy.

Choosing between Smart Payment Matrix or Simple Payments

When using the Smart Payment Matrix, the system automatically generates and schedules payments based on predefined parameters within the Product Definition being used by the policy. If no Product Definition is available, the system will still generate the necessary payments based on the settings applied within the policy itself.

This feature is highly valuable because it not only ensures that all payments are scheduled, but it also automates various tasks and notifications throughout the policy’s lifecycle. This helps agents stay on top of important milestones, such as tracking late payments, and ensures that nothing is missed. The Smart Payment Matrix is especially useful for advanced scenarios where the agency handles billing, payment collection, and even financing.

After the Generate Payments button is clicked, the platform displays all the scheduled payments below, allowing the agent to review and make adjustments as needed.

Generated Scheduled Payments

During the payment matrix generation, agents can utilize the Billing and Payment Details section to set up payments that include specific fees and interest rates per payment. This allows for greater flexibility, especially in cases where the agency manages financing for the customer. However, this advanced feature may not be needed for all agencies, particularly those that rely on direct billing through the carrier, where the agency itself is not involved in the financing process.

Generated Scheduled Payments

Overall, the Smart Payment Matrix is a key feature that enhances efficiency, enabling agents to quickly and accurately create policies while maintaining better control over payments. Whether it’s for scheduling regular payments, managing notifications, or handling complex payment structures with fees and interest, the Smart Payment Matrix is designed to help agents streamline their workflows and provide consistent, reliable service to clients.

Watch the video below for a step-by-step tutorial:

Was this article helpful?

0 out of 0 found this helpful