Configure Policy Renewals

You can adjust specific settings for policy renewals. When creating a policy, you can choose if, at expiration, the policy can be renewed, and if this renewal should be automatic or through renewal offers. These configuration are available when navigating in the Portal to Main Menu > Policy > Insert, as illustrated in the Policies page of this user guide.

If you navigate to Main Menu > Settings > Alteration Types, you can create a Renewal Type alteration type and set its behavior for either policies or masterpolicies, certain types of insurance products, etc. Here, you can also specify the server side library and methods to be triggered when the alteration type is selected at policy or masterpolicy level.

When creating a policy, you can choose the behavior when the policy is up for renewal. Pick an option from under the Renew Type drop-down:

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.

Renewed Policy - throughout 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.

Renewed By - pick the policy from the drop-down menu.

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.

Copy 
{
                        "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
                        }
                        ]
                    }