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Application Lifecycle

The application lifecycle in Axvero consists of several key stages, each ensuring that applications are processed efficiently and accurately. Below is a diagrammatic representation of the general process:

Flowchart​

An example flowchart illustrating the application lifecycle:

Stages Explained​

  • Submission: The applicant submits the application and required documents. This is the starting point of the lifecycle, where all necessary information is collected for further processing.
  • Initial Review: The application is checked for completeness and basic eligibility. Any missing or incorrect information is flagged, and the application may be sent back to the applicant for corrections.
  • Underwriting: A detailed assessment is performed, including risk evaluation, verification of submitted data, and analysis against organizational policies. Underwriters may request additional documents or clarification during this stage.
  • Compliance Check: The application is reviewed for adherence to regulatory and internal compliance requirements. Any issues found here may halt the process or require further action.
  • Risk Assessment: Specialized risk analysis is conducted, often involving financial, operational, or legal risk factors. The outcome influences the final decision.
  • Decision: Based on the reviews and assessments, a decision is made to approve, reject, or request more information. This decision may be made by a single user or require input from multiple stakeholders.
  • Escalation/Additional Review: If the application is complex or if a user cannot make a decision, it is escalated for further review, often involving managers or senior underwriters. This ensures that difficult cases receive appropriate attention.
  • Manager Review: Escalated applications are reviewed by managers, who have the authority to resolve outstanding issues and make recommendations for the final decision.
  • Final Decision: After all reviews and escalations, the manager or designated authority makes the final decision on the application. This is the last step before completion.
  • Completion: The application process is finalized. The applicant is notified of the outcome, and all records are updated. Any post-decision actions, such as issuing documents or updating systems, are performed here.

Tip: Use this lifecycle as a reference for designing workflows, automations, and documentation in Axvero.

Application Creation Steps​

The process of creating an application involves several steps to ensure all necessary information and documents are collected:

  • Start Application: User initiates a new application.
  • Enter Basic Info: User provides essential details (name, contact, etc.).
  • Add Required Documents: User uploads mandatory documents (ID, financials, etc.).
  • Add Optional Documents: User can upload additional supporting documents.
  • Review & Submit: User reviews all info and submits the application.
  • Application Created: The application enters the lifecycle for review and processing.

User Update & Document Upload Flow​

Users may need to update information or upload documents after the initial submission:

  • Application Submitted: Initial application is submitted.
  • User Receives Update Request: Organization requests more info or documents.
  • User Updates Info: User edits application details.
  • User Uploads Documents: User uploads new or missing documents.
  • Resubmit for Review: User resubmits the updated application.
  • Application Updated: Application is ready for further review.

Communication Flow​

Communication between the applicant and organization is key for clarifying requirements and status:

  • Application Submitted: Applicant submits the application.
  • Organization Reviews: Organization reviews the submission.
  • Request for Info/Docs: Organization requests clarification or additional documents.
  • Applicant Responds: Applicant provides requested info/documents.
  • Organization Updates Status: Organization updates the application status.
  • Notify Applicant: Applicant is notified of status or next steps.

Note: These sub-flows are referenced from the main lifecycle and help clarify specific user and communication actions within the overall process.