The Policy Wizard is opened when you right-click in the Policies window and select New Policy.... Instead of going straight to the Policy Details Window, the Wizard comes up instead, which helps guide you through the creation of a policy record which is correctly defined. The various screens in the Wizard are arranged in a logical progression which let you enter data step by step. If instead, you want to enter the information directly in the Policy Details Window, you can Finish at any point. Whenever you Finish in the wizard, you will be taken to a Policy Details Window with whatever data filled in that you entered in the wizard. You will still need to save the Policy Details in order to create the policy record within KeyServer.
Note that if you will use the Purchase tracking functionality, you may wish to start by creating a purchase record. You can then use the Reconcile functionality to create a matching policy, and you will not need to enter things like product, metric, and limit twice.