🪄Mid-Term Adjustment (MTA)

Change your mind in a few clicks.

Mid-Term Adjustment or MTA, unlike normal Policy Edit (read more in Policy Edit) is any pricing-relevant changes made to the policy after the policy is already started. Be it upgrading the policy coverage or changing the insured details that as a result, affects the premium calculation, as long as (1) the changes happen after the policy has been created and (2) the changes have an impact on the premium calculation.

To enable MTA, click on the switch and make sure that it is on the right side.

Please note MTA is currently only supported on recurring payment products.

We understand that each product is different, therefore, you will be able to pick from your pricing excel the input fields that are editable (if not selected, they are by default not editable) and keep the rest of the fields non-editable.

To make it work, you will first need to go to the Product Feature section and enable Mid-Term Adjustment. You will then be filling a Validation Rule field with the inputs that are editable in the MTA, similar to the Validation Rules in your Pricing Logic (read more in Pricing Logic). An example of this:

Mid-Term Adjustment Validation Rules Example

{
 "quote_patch": 
 [
    {
      "name": "editable_field_1",
      "path": "data",
      "validation": "integer"
     }
 ]
}

Please make sure that the MTA field exists in your Pricing Excel and is doing the calculation as expected for the feature to work.

Once this is done, your product will accept quote update via API. Depending on the use case you have, you might also want to configure the frontend Webapp so that the users would be able to make the changes on the wbeapp (read more in Webapp); or you might want to configure emails and documents to be sent and generated when the MTA is done (read more in Emails and Documents).

By clicking on the "emails" or "documents" you can see all emails and documents and from there you can update and configure them.

For MTA, when the data has been changed and the price has increased, the users will be asked to make the payment for the differences before the changes are applied. If the changes bring the price lower then what the customer paid before, the users will not be asked to make the payment. Instead, the price difference will be adjusted in the next recurring bill, meaning the next charge will deduct the difference to balance out the charges.