Configure Policy Renewals

In order to configure whether the contracts under a specific Insurance Product should be automatically renewed or not, you must set the Renew Type on the Insurance Product level.

You may choose between:

• No - no renewal applied for the current product and subjected insurance policies;

• Automatic renewal - the process of automatic renewal is applied according to some extra configurations triggered by this option (see below);

• Renewal offers - a renewal offer is generated as a JSON object for the policies which have to be renewed under the current product.

If you configure your product to Automatic renewal, then you have to fill out the following fields:

Renewal Validity - the new validity which is applied for the correlated contracts of current product:

• Yearly - the new validity is set for 12 months (a year) in order to be automatically renewed next year, so that the new End Date of the renewed policy is the Start Date + Policy validity where the value is retrieved according to Renewal validity;

• Monthly - the new validity is set for x month in order to be renewed, so that the new End Date of the renewed policy is the Start Date + Policy validity where the value is retrieved according to Renewal validity;

• Same Validity - the new validity is calculated as for the previous policy to be renewed, so that the new End Date of the renewed policy is the Start Date + Policy validity where the value is retrieved according to Renewal validity; also, for this calculation, the values retrieved from the old policy are kept in the Policy Validity and Validity type attributes.

Example 1

For the previous policy: Policy Validity = 365 and Validity type = days

For the new policy: Start Date = Renewed policy End Date + 1 and End Date = Start date + 365 days - 1 day

Example 2

For the previous policy: Policy Validity = 13 and Validity type = months

For the new policy: Start Date = Renewed policy End Date + 1 and End Date = Start date + 12 months - 1 day

Renewing Policy - troughout the automatic renewal process, policies can be renewed as new policy records in the system, keeping the old policy records with a final status, or they can be renewed by creating a new version of the same old policy records:

• Same policy - policy new version, keeping the same record in the database;

• New policy - brand new policy as new record in the database.

Renewal Tariff - the calculation of renewed policies can be either kept as for the previous policy that have been renewed or it can be calculated according to the current insurance product tariff version

• Same tariff - keeping the same tariff as for the old policy which have been renewed without taking into consideration the current insurance product tariff version;

• Actual tariff - taking into account the current insurance product tariff version and calculate the premium amount with the new values configured on product level.

No. of Days Before Renewal - this stores the number of days before renewal, more precisely, with how many days before the policy End Date, a policy should be renewed; the automatic renewal scheduled job looks after this value in order to renew the policies which meet this renewal condition x days before End Date.

Example

If No. of days before renewal = 2, the policies after which the automatic renewal scheduled job looks after are the policies with

Policy End Date (old policy Initial End Date) - No. of days before renewal = Current Date and applies the renewal process to them

15.01.2022 (old policy Initial End Date) - 2 days (No. of days before renewal) = 13.01.2022 (Current Date) → the policies with this End Date is renewed.

If at product level, the Renewal Type is set to Renewal offer, then the policies found to be renewed generate a JSON object as an insurance renewal offer containing information about the new policy renewed.

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{
"startDate": "2022-12-19",
"validity": 12.0,
"validityType": "Months",
"issuedDate": "2021-12-17",
"totalIndemnityLimit": null,
"isRenewal": true,
"renewedPolicyId": "3bdfb0b6-5a91-48ac-854f-59e5e1650622",
"mentions": "Insert comment here",
"quoteNo": "User0063",
"noOfRenewals": 1.0,
"insuranceTypeName": "Personal Accidents",
"productCode": "PA",
"agent": {
"agentId": null,
"agentType": "Individual person"
},
"broker": {
"brokerId": null,
"distributionChannel": null
},
"contractor": {
"uniqueIdentifier": "1911110223344",
"firstName": "Praslea",
"lastName": "NoMail",
"type": "Other"
},
"insured": {
"uniqueIdentifier": "1911110223344",
"firstName": "Praslea",
"lastName": "NoMail",
"type": "Other"
},
"beneficiary": {
"uniqueIdentifier": "1911110223344",
"firstName": "Praslea",
"lastName": "NoMail",
"type": "Other"
},
"currency": "RON",
"paymentType": "brokerCollection",
"paymentFrequency": "monthly",
"renewedPolicyNo": "80001342",
"insuranceProductItemList": [
{
"code": "MEACC",
"insuredAmount": 20000.0,
"finalPremiumAmount": 691.2
},
{
"code": "ICPA",
"insuredAmount": 25000.0,
"finalPremiumAmount": 792.0
},
{
"code": "PDA",
"insuredAmount": 35000.0,
"finalPremiumAmount": 1209.6
},
{
"code": "DPA",
"insuredAmount": 50000.0,
"finalPremiumAmount": 144.0
}
]
}