Understanding Policies and Policy Coverage

Overview

For firms that offer insurance planning services or work closely with clients’ insurance needs, keeping that information organized alongside the rest of a client’s financial picture is essential. Practifi includes two custom objects — Policies and Policy Coverage — that give your team a structured way to capture and manage this data.

The Policy object represents an insurance policy owned by a client. The Policy Coverage object captures a specific type of insurance coverage within a policy, including premiums, coverage amounts, and coverage types. These objects can be used together or independently, depending on how your firm tracks insurance information.

This article covers how each object works and how to enable them in your Practifi organization.

• Using Policies
• Using Policy Coverage
• Enabling Policies or Policy Coverage

Using Policies

When the Policies feature is enabled, your firm gains access to both the Policy and Policy Coverage objects. This combination is well-suited for firms that need a complete, structured record of a client’s insurance holdings, from the top-level policy down to its individual coverage areas.

Users can create a Policy record from the Policies area of a Client record. Once the policy exists, they can add Policy Coverage records within it to document each coverage area it contains. For example, a Term Life Insurance policy might have separate coverage records for a death benefit and a short-term disability benefit.

This approach gives advisors an organized, at-a-glance view of everything a client holds, without leaving the platform to reference external documents or spreadsheets.

Using Policy Coverage

If your firm prefers to track coverage information without the added structure of top-level Policy records, you can enable the Policy Coverage feature on its own while leaving the Policies feature deactivated.

In this configuration, users create Policy Coverage records directly at the client level and manage them independently. This is a lighter-weight option that works well for firms that need to capture coverage details without maintaining a full policy hierarchy.

Enabling Policies or Policy Coverage

To enable the Policies or Policy Coverage feature in your organization:

1. Navigate to the Settings app and open the Additional Features page.

   

2. Click the Add to Users & Groups button next to the Policies or Policy Coverage heading.

   

3. In the Add to Users & Groups window, click to highlight the permission set groups or individual users you want to have access to the feature. 
4. Click the right arrow to move your selections to the Selected box. 
5. Click Save.

 

If you later need to remove access from users or permission set groups, return to the Additional Features page and click the Add to Users & Groups button next to the relevant feature to adjust assignments.