🥶Cool-Off Cancellation
The Cool-Off Cancellation feature allows customers to cancel their policy within a predefined period after purchase.
When a cancellation occurs within this allowed window, the system automatically issues a refund according to the pricing logic you have configured.
This feature helps ensure compliance with cooling-off regulations and improves customer experience by offering a simple, automated cancellation workflow.
How the Cool-Off Period Works
After a customer purchases a policy, a cool-off window begins.
If the customer submits a cancellation request within the allowed duration, the system:
Accepts the cancellation, and
Issues a refund based on your pricing logic configuration.
You determine the refund behaviour by setting up a pricing example that the system uses to calculate refunds.
Set Up Your Pricing File
Before you can activate the cool-off functionality, you must add a pricing file.
To do this:
Click "Go to Pricing Logic Settings".
Follow the instructions on the Pricing Logic page.
Return to the Cool-Off Cancellation product feature.
Ensure your pricing file is selected.
How the System Behaves After Setup
A customer purchases a policy.
They choose to cancel within the cool-off duration.
The system references your selected pricing file to calculate the refund.
The customer receives the refund automatically.
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