In environments with multiple ePO - On-prem servers, you can move and share policies to avoid re-creating them on each server.
You can move and share policies only with equal or earlier major versions of ePO - On-prem. For example, you can share a policy created on a version 5.3 server with a 5.1 server; you can't share a policy from a 5.1 server to a 5.3 server.