Overview of Policy Servicing in Momentum AMS

Overview of Policy Servicing in Momentum AMS
Policy Servicing in Momentum AMS refers to the processes and workflows used to maintain, modify, or update an existing insurance policy after it has been issued. This includes tasks such as endorsements, cancellations, reinstatements, audits, and rewrites. Effective policy servicing ensures accurate records, proper billing adjustments, and compliance with carrier requirements.

This article will help you understand the purpose of policy servicing, the main types of servicing actions available, and how they fit into Momentum AMS’s workflow.

✅ What Is Policy Servicing?

Policy servicing encompasses all mid-term or post-binding changes made to a policy during its lifecycle. These actions can be triggered by:

Requests from the insured (e.g., adding a vehicle, changing limits)
Carrier notifications (e.g., policy audit, required endorsement)
Agency operations (e.g., policy rewrites or remarketing)

Policy servicing in Momentum AMS can be:

Manual — User enters changes directly in the system.
Download-based — Carrier sends updates via IVANS or other download methods.

Examples of Policy Servicing Actions

Endorsements — Adding, modifying, or removing coverage, insured items, or limits.
Cancellations — Processing policy terminations (flat, pro-rata, short rate).
Reinstatements — Restoring a cancelled policy.
Audits — Adjusting premium based on actual exposure at the end of a policy term.
Rewrites — Issuing a new policy to replace an existing one.

? Policy Servicing vs. Service Requests

Policy Servicing	Service Requests
Directly modifies a policy’s details and financials	Tracks requests from insureds or staff before they become servicing actions
Always linked to an active policy	May be linked to insured, policy, or general record
May involve billing adjustments	May result in a policy servicing action but does not change the policy itself

Policy Servicing Structure in Momentum AMS

Each servicing action typically includes:

Policy Selection — Identifying the affected policy
Change Details — What is being added, removed, or updated
Effective Date — When the change takes effect
Billing Adjustments — Receivables/payables generated for agency and carrier
Documentation — Updated dec pages, endorsements, or cancellation notices

Where to Access Policy Servicing Tools

You can manage policy servicing actions from:

Within a Policy — Open the policy record and use the Actions dropdown (e.g., Endorse Policy, Cancel Policy, Reinstate Policy, Renew Policy).
Renewal Center — For renewals and rewrites.
Carrier Downloads — Merge and apply carrier-provided servicing changes.

Why Policy Servicing Matters

Proper policy servicing:

Ensures accurate coverage for insureds
Keeps billing and commissions correct
Reduces E&O exposure by documenting all changes
Improves communication with carriers and insureds
Maintains clean, accurate policy records

Best Practices

Always verify details with the carrier before making servicing changes in Momentum AMS.
Document every change with a note and upload supporting files (endorsement forms, dec pages).
Use billing templates for consistent fee and tax application.
For cancellations and reinstatements, confirm carrier terms before processing.
Ensure any related Service Requests are closed or updated once servicing is completed.