Automatically Renew a Master Policy
A renewal in insurance is the continuation of a coverage for a specified period. For the Masterpolicy a series of successive developments are planned to be made in order to provide the capability to renew all policies that are linked to a Masterpolicy, within one action. There are several ways to renew a contract, for example, to automatically generate an offer for renewal or generate for example a new policy, prior to the expiry date of the existing one.
As a principle, the Masterpolicy is automatically renewed according to the received renewal configurations in order to continue providing coverage for the insured. A renewal offer for the Masterpolicy and the linked policies is issued, once the insured period for the renewed Masterpolicy has passed.
The Main Product (identified through Quote Config ID) + Renewal Type (from Gen Master Policy API if available) defines the renewal configurations to be applied for a specific Masterpolicy.
The Masterpolicies are subjected to the automatic renewal process taking into consideration the renewal configurations available at main product level: renewing policy, renewal validity, renewal tariff and number of days before renewal. Depending on the option in the Renewal Type, a certain Masterpolicy renewal process is triggered.
As a first step for the Masterpolicy renewal, a method of issuing the data needed for the Renewal Offer (based on existing policy data) has been rolled out.
As such for each policy under a masterpolicy, distinct JSON objects are created containing info about the each renewed policy and tariff calculated adequately (same/actual tariff).
After a Mastepolicy renewal each Mastepolicy renewal policy has the Masterpolicy number filled in. The same behavior applies for the related policies, related to renewed policies. Each renewal Masterpolicy only contains policies that had been renewed.
Automatic Renewal Types
A daily scheduled job is running in order to find all the policies from the system which have to be renewed according to their End Date and the parameter set for the number of days before renewal.
The rules for a Masterpolicy are given in the table below.
| Renewal Type | Renewal Validity | Renewal Tariff | Renewing Policy |
|---|---|---|---|
| Automatic Renewal | Same validity | Actual tariff + Same tarif | New policy |
| Renewal Masterpolicy - ProposalValidity = Renewed policy validity Start Date = Renewed Masterpolicy End date +1 End date = Start Date & Validity Same Contractor as renewed Masterpolicy Same Intermediary data as renewed Masterpolicy Same Quote Same Payment type & Payment Freq Same Currency Reflect Renewed Policy no (previous contract) Same Mentions. The tariff logic does not influence the Masterpolicy. The Masterpolicy premium is the SUM of the related policies premiums. |
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The rules for the policies related to a Masterpolicy are given in the table below.
| Renewal Type | Renewal Validity | Renewal Tariff |
|---|---|---|
| Automatic Renewal |
Same validity |
Actual tariff |
| Renewed policy number Same Product and Insurance Type Validity - Renewed Policy validity Begin Date = Renewed policy End Date + 1 End Date is calculated according to the Start date + Validity Same parties Same insured object Same agent/broker and distribution channel Same payment type and the same payment frequency Same coverages and indemnity limits The total premium has to be calculated based on the currently approved product version |
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| Automatic Renewal |
Same validity |
Same tariff |
| Renewed policy number Same Product and Insurance Type Validity - Renewed Policy validity Begin Date = Renewed policy End Date + 1 End Date is calculated according to the Start date + Validity Same parties Same insured object Same agent/broker and distribution channel Same payment type and the same payment frequency Same coverages and indemnity limits The total premium has to be calculated based on the product version valid at the issuance date of the renewed policy |
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Change the Masterpolicy Renewal Type
Core Policy Admin gives you the ability to change the renewal type that is set for a Masterpolicy, through an MTA.
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Select an Alteration Type and the subsequent Masterpolicy to be modified.
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Click the Change Renewal Type button. The section in which you can select the new renewal type is displayed. The New Renewal Type option set displays any of the available renewal types within the system.
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Select the new renewal type for said Masterpolicy.
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The flow for any MTA is applied (e.g. register, accept/decline, impact in the Masterpolicy's status).
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The Renewal Type recorded on the all the policies related to said Masterpolicy display the newest renewal type option selected through the approved Masterpolicy MTA.
When a Change Renewal Type MTA is accepted and the alteration flow is finished, the Masterpolicy Automatic Renewal process takes into account, for said policy, the new renewal type and ignores what is set at product level.
The rest of the configurations for renewal at main product level continue to apply (i.e. Renewal Validity, Renewal Tariff, No of Days Before Renewal, Renewal Validity).