Product Release 7.3

Release Status: Live

Release Date: 03/06/2025

Applicable to: Advocate Review Application

The 7.3 release introduces major improvements to policy creation workflows, rule engine optimizations, compliance reporting, UI enhancements and a new beta feature revolutionizing waiver writing. These updates enhance efficiency, particularly for handling complex insurance policies.

The policy creation process now includes two (2) distinct workflows based on loan status:

1. Basic Policy Creation – A streamlined process to create policies when no compliance checks are required.

2. Full Policy Creation – A comprehensive workflow for policies requiring in-depth compliance review.

Designed for policies tied to loans marked as "Future Renewals", this process simplifies policy creation conducted for tracking purposes.

Applicability:

• Available only for loans in the Processing Submission status.

New Features:

• Policy effective and expiration dates are now included in the policy creation steps.

• Default peril selections are set (since compliance checks are not required at this stage).

Required Fields:

• Insurable Asset Selection

• Product Type

• Line of Coverage

• Feedback Recipient(s)

• Policy Start Date & End Date

Optional Fields:

• Policy Number

A detailed workflow applicable when policies are created in the statuses below, with the intention to conduct a full compliance check:

• Pre-Close: Resolving Compliance

• Post-Close:

  • Initial Audit

  • Coverage Missing

  • Resolving Issue

🔹 Full Policy Creation is not available for any other loan status.

Required Fields:

(Same as Basic Policy Creation above, plus additional configuration settings)

• Peril Selection

• Broker Details

• Multi-location Policy Settings

• Scheduled & Blanket Limits Configuration

The policy structure is determined by the number of locations covered under the policy and the type of limits applied. This update introduces new workflows that dynamically adjust settings based on scheduled and blanket policy limits.

When creating a policy for property coverage, the system evaluates the number of locations and the type of limit structure to assign an appropriate Policy Structure:

Step 1: Determine Single vs. Multi-Asset Coverage

1️⃣ Single Location? → Standalone Property
2️⃣ Multiple Locations or Unknown? → Proceed to Step 2

Step 2: Determine Scheduled vs. Blanket Limits

• Are the limits scheduled, or is there one shared limit?

  • Shared Limit? → True Blanket

  • Scheduled Limits? → Proceed to Step 3

Step 3: Check for an Overall Shared Limit

• Does the policy have an overall shared limit?

  • Yes → Scheduled Blanket

  • No/Unknown → True Scheduled

For each Property-Type Peril, additional dynamic settings appear if:
✅ The peril is enabled
✅ The policy has Scheduled Limits - Applicable also when Standalone is selected

Scheduled Limit Adjustments

🔹 Does the [Peril] limit follow the scheduled property limit?

• If Yes, the Scheduled Limit Field is hidden from the checklist, and the peril’s limit is auto-populated from the Scheduled Property Limit.

🔹 Does the [Peril] deductible follow the scheduled property deductible?

• If Yes, the Scheduled Deductible Field is hidden from the checklist, and the peril’s deductible is auto-populated from the Scheduled Property Deductible.

If the policy has Shared Limits OR an Overall Limit, the Blanket Peril Selection section appears with two additional settings:

🔹 Perils that follow the blanket property limit

• If enabled, the Blanket Limit Field for selected perils is hidden from the checklist, and the peril’s limit is auto-populated from the Blanket Property Limit.

🔹 Perils that follow the blanket property deductible

• If enabled, the Blanket Deductible Field for selected perils is hidden from the checklist, and the peril’s deductible is auto-populated from the Blanket Property Deductible.

For liability-only policies, the Policy Structure is determined based on whether the coverage applies to one or multiple locations:

• Multiple Locations or Unknown? → Multi-Location Liability

• Single Location? → Standalone Liability

These updates introduce a structured approach to categorizing policies based on the types of limits applied:

This update introduces a split compliance logic between Scheduled and Blanket Rules to ensure compliance runs correctly across all six Policy Structures:

✔ Scheduled Rules → Apply to all Policy Structures except True Blanket.
✔ Blanket Rules → Apply only to True Blanket and Scheduled Blanket policies.

The Policy Checklist UI has been enhanced for improved usability, organization, and accessibility.

• Categorized Fields – All fields in the review checklist are grouped into General, Property, Blanket, and Liability sections.

• Customizable View – Users are able to collapse/expand sections for a focused workflow.

• Enhanced Search Functionality – Quickly locate specific fields.

• Collapsible Summary Overview – Cleaner UI with an expandable policy summary.

• Sticky Buttons – Generate Response & Save buttons remain visible while scrolling.

• Policy Version History – View older policy versions without side-by-side comparisons and the checklist fields expanded to full size.

• Updated Policy Settings – When a newly onboarded Policy is linked to a Loan transitioning into Resolving Issue, additional Policy Settings fields will appear, and an indicator will notify users of this update.

• Update Latest Policy Term – When a new Policy Version is created, the checklist will alert users that the Policy Begin Date and Policy End Date need to be updated to reflect the new term.

A new Compliance Report provides a detailed summary of a policy’s compliance status once it has reached the end of the review cycle or might require Force Placed Coverage. The report shows:

• Satisfied Rules

• Outstanding Issues

• Pass/Fail status for each rule

• Calculation Messages

1. Open a policy with the status “Lender Action Required.”

2. Click on the three-dot menu.

3. Select “Compliance Report.”

🔹 Multi-policy selection: Users can now generate a report for multiple Lender: Action Required Policies simultaneously.

🔹 Escalation Email Update: The "Non-compliant Policy" escalation email now includes Generate Response feedback.

🔹 Generate Response feedback now accurately reflects all Lender: Action Required Policies.
🔹 Fixes for "Overall Limit" calculations, ensuring correct limit evaluations.

✔ Satisfied – All rules for a peril apply to at least one policy, and all pass.
❌ Missing Coverage – At least one rule for a peril does not apply to any policy.
⚠ Non-compliant – At least one rule fails, but no failing rules exist on a Lender: Action Required Policy.
🚨 Force Placed – At least one rule fails, and at least one failing rule exists on a Lender: Action Required Policy.

A new escalation status type, Missing Asset Information has been introduced for policies with missing critical asset details.

• The policy is placed on hold until the missing asset information is provided.

• The escalation email includes a list of missing Asset fields.

• The policy transitions to Lender: Assistance Requested status.

The Generate Response structure has been updated to reflect the new compliance and policy structure logic.

• Missing Coverage Messages (now appear before policy-specific feedback)

• Unknown Policy Settings Warnings

• Policy Requirement Feedback

• Per Asset Compliance Checks

• Blanket Coverage Compliance Checks

• Liability Compliance Checks

🔹 A new "Additional Broker Questions" section has been added to the Approval Report.
🔹 If a broker question does not apply to a policy, it now displays "N/A" instead of being omitted.

🚀 Introducing AI-Powered Waiver Templates

Advocate is excited to introduce a next-generation, AI-powered tool designed to streamline and simplify the waiver writing process. This new feature empowers users to generate comprehensive waiver templates with ease, saving time and ensuring accuracy.

Getting started is simple:

1️⃣ Navigate to the Generate dropdown on any Loan and select "Waiver Template."
2️⃣ Choose the following fields to initiate the AI-powered chat:

• Insurance Type: select the category of coverage, such as Property, Liability or other clause, item on the policy.

• Insurance Term: select the specific peril or risk covered under the policy.

• Insurance Sub-Term: select the relevant compliance item, such as policy limits, deductibles, for which you are seeking a waiver.

  
  3️⃣ The chatbot will then request additional details. Simply respond in a numbered list, or ask the bot to retrieve relevant information from the internet for added efficiency.
  4️⃣ Once all required details are provided, download the finalized waiver template as a .doc file for easy editing and sharing.

✅ Minimize Chat – Keep your workflow uninterrupted. Minimize the chat window while navigating the Loan view, ensuring you can access other information without losing your session.
✅ New Chat – Need to start over or create a different waiver? Easily initiate a new chat session at any time.

This AI-powered feature is now available in Beta—give it a try and experience a faster, smarter way to generate waivers! 🚀