Configure Policy Renewal Behavior

You can configure how policies behave at expiration by defining renewal settings at policy level. When creating a policy, you can specify whether the policy is renewable and, if so, whether renewal occurs automatically or through renewal offers.

To further control renewal behavior, navigate to Main Menu > Contract Management > Contract Management Settings > Insurance Settings > Mid Term Adjustment Types. From there, you can create a Renewal Type modification and define how it applies to policies or master policies, specific insurance products, and other conditions. You may also specify the server-side libraries and methods that should be triggered when this alteration type is applied at policy or master policy level.

When creating or configuring a policy, you can define how it should be handled at renewal by selecting a value from the Renew Type dropdown. The following options are available::

You may choose between:

  • No: renewal is disabled for the selected product and its associated policies;

  • Automatic renewal: policies can be renewed with same validity for same policy or new policy, with same tariff or actual tariff.

  • Renewal offers: a renewal offer is generated for eligible policies in the form of a JSON object.

For automatic renewals, you can also configure how renewed policies are created:

  • Renewed Policy: policies may be renewed as new policy records while retaining the original policy with a final status, or as a new version of the existing policy record;

  • Renewed By: select the policy used as the reference for renewal from the dropdown list.

Read more about this in the Policies Renewal page.

If the Renewal Type at product level is set to Renewal Offers, the system generates a renewal offer for each policy eligible for renewal. Each offer is produced as a JSON object containing the details of the renewed policy.

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
                        }
                        ]
                    }