Holistiplan is bringing the same OCR technology used on tax returns to assist in reviewing your clients' insurance policies.
To see Holistiplan's Insurance Risk Management Module in action, please watch this video with Ben Birken, Holistiplan's Vice-President of Customer Success and Engagement. You can also read detailed instructions in the text following the video.
To enable the Insurance Risk Management feature, a Firm Admin will need to enable the feature by navigating to Settings > Security Settings, and toggling on the button seen below under Firm Preferences.
To access the feature, navigate to any client's household. From there, you will look for the Insurance Risk Management section, near the bottom of the household page. Next, click the "Create Insurance Review" button seen circled below.
In the box that pops up, the current date will automatically appear. You can adjust the date to a meeting date, or any other date that you wish. Click OK to begin uploading insurance documents.
You will then be directed to your newly created Insurance Review to begin uploading insurance policy declarations to build out your Insurance Review.
How do your insurance uploads count against your total upload allotment?
- One upload counts for the initial policy document that is used when creating a new Insurance Review. After that, you can upload additional PDFs for that same Insurance Review without it counting against your total usage.
- We have partnered with CoreLogic to provide rebuild estimates on homes for your clients' homeowners policies.
Your insurance policies will be listed on the left panel of the Insurance Report screen. As you upload policy documents and those uploads are processed, the Report will populate with the information. To add a homeowners, automobile, or umbrella policy, click on the "Click Here" links outlined below in red, yellow, and green, respectively.
You will either drag and drop or utilize the “Click Here” links on each of the home, auto, and umbrella sections to upload multiple policies’ declarations pages all at once. Once a policy is successfully attached, you will see the bubble for that document show up under as seen below. When you have finished selecting the appropriate files to upload, click the “Upload” button at the bottom of the pop-up window to upload all your insurance documents to Holistiplan.
Our OCR (Optical Character Recognition) software will read in your insurance document(s), and any necessary manual reviews will be completed by our Support Team to complete processing of the uploaded document(s).
Note: At present all documents will get automatically flagged for a manual review by Holistiplan staff. This helps us train the OCR model so that we can better extract data from these documents in the future. You will get an email when that review process is complete and the document is ready for you to view.
Once the reading of the document is completed, you will see a tag indicating the document upload status as “reviewed good” as seen below. While an uploaded policy document is being reviewed, you will see the “hold for review” status. If an upload is unsuccessful, you will receive an email from Holistiplan explaining the issues with the uploaded document and see a “reviewed bad” status on the Insurance Review.
Once your uploaded policy documents are successfully uploaded, the document is now part of your Insurance Review and its information will populate the report preview panel on the right side of your screen as in the example above. Your full Insurance Review will be populated as information is added, and that finished product will look like the below example.
To edit the inputs of the insurance policy, delete the document, or add advisor insights, you can click the pencil, delete, or policy type icons outlined in blue below. To add additional documents to the same Insurance Review (e.g. multiple policies for multiple homes), you can click the upload link outlined in green below to repeat the upload process.
Policy Controls
The first option you have within a document is the “Edit” icon outlined in blue below.
Clicking this pencil icon will bring you to a page that resembles the Document View page that you are used to for tax returns. Here you can see information from the homeowners policy outlined in blue from on the left panel, and the corresponding input for that information on the report panel.
The second and third options you have within each document are the “Delete” and “Policy Details” icons. The trash can icon outlined in red below deletes the uploaded PDF document, and the home (or car and umbrella for those policies) icon outlined in blue allows you to add policy details.
The “Policy Details” will include details that may not be apparent on the policy declarations, but that you as the client’s advisor will know, and can make the Insurance Report a more effective tool.
You can see similar examples from a sample auto policy and umbrella policy below as well.
Automobile Policies
Auto Document View:
Auto Policy Details:
Umbrella Policies:
Umbrella Document View:
Umbrella Policy Details:
For the "Estimated At Risk Value" field, this is the place to indicate the value of assets subject to loss in a liability claim, acknowledging that some assets (e.g., 401k, primary residence) may not be subject to creditors. The "Client Risk Classification" field allows you to conceptualize your client's risk of being subject to suit. For example, is your client a state employee with no children (e.g., Low risk), or a prominent public figure with a trampoline and a pool (e.g., High risk)?
If you have any questions along the way with the Insurance Report or any part of the Insurance Risk Management feature, please contact a member of our Support Team!