The Cancellation Reason Types configuration is used for the Policy Admin module. This setting triggers the calculation for Requested End Date and Final End Date fields during a policy surrender process.
For the Personal Accidents product, the following reason types are already set using the Cancellation Reason Types functionality:
Cancellation Reason Types can be added, edited or deleted. In order to do so, take the following steps:
To add a new record into your Cancellation Reason Types configuration list for your insurance module, follow the steps:
Open your FintechOS portal and click the main menu at the top left corner. The main drop-down opens. From the drop-down choose Settings.
Inside the Settings menu, click on Cancellation Reason Types. The Cancellation Reason Types List page is displayed.
In the Cancellation Reason Types List page:
To Add a new record, click Insert, at the top right corner of the page. Use the pop-up window to insert the Name of the bank holiday and the date selector to set the invariant Date.
To Edit a record from the grid, double click it and use the edit window to insert your updates. Click Save at the top right corner of your screen.
To Delete a record from the grid, select it and click Delete, at the top right corner of the page.
NOTEThe Cancellation Reason Types details are stored by the FTOS_INSPA_CancellationReasonType entity.
“I changed my mind” is the top reason for cancelling an order, according to Statista. High shipping costs and long delivery time are other popular reasons. Customers cancel orders because they feel buyer's remorse, usually immediately after they hit “buy”.
Customers cancel their subscriptions for many reasons, from experiential issues and dissatisfaction with the product/service to changing economic situations and even outgrowing a product/service requirement.
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