RENEWAL MANAGEMENT
The Renewal Management module aims to support ACCOUNT MANAGERS for the renewal of policies under their care.
In this section, you will see how to find policies that are coming up for renewal and the subsequent steps to propose the renewal to your client and the completion of the new policy period issuance in the CRM.
What is the difference between "Policy to lapse" and Policy to renew"?
The policy for which all benefits to the policy holder cease and is terminated due to non payment of premium amount on the due date or even after the grace period is called a lapsed policy. Policy to renew refers to policies that policyholders can renew to enjoy the same set of coverage .
The Renewal Management module aims to support ACCOUNT MANAGERS for the renewal of policies under their care.
In this section, you will see how to find policies that are coming up for renewal and the subsequent steps to propose the renewal to your client and the completion of the new policy period issuance in the CRM.
What is the difference between "Policy to lapse" and Policy to renew"?
The policy for which all benefits to the policy holder cease and is terminated due to non payment of premium amount on the due date or even after the grace period is called a lapsed policy. Policy to renew refers to policies that policyholders can renew to enjoy the same set of coverage .
1. Where can I find Policies To Renew?
Policies that are due to renew are listed in the POLICY MANAGEMENT module with a Status set as "Expiring Soon".
Those policies are also listed in the RENEWAL MANAGEMENT module in the tab "Policy to lapse".
Clicking on the Policy Number will bring up the Insurance Policy Detail screen.
Policies that are due to renew are listed in the POLICY MANAGEMENT module with a Status set as "Expiring Soon".
Those policies are also listed in the RENEWAL MANAGEMENT module in the tab "Policy to lapse".
Clicking on the Policy Number will bring up the Insurance Policy Detail screen.
2. Initiate the Renewal process
At that step, you can find the action button [+ Invite to renew] in the top right corner.
This action will effectively initiate the renewal process with possible interactions with your client.
At that step, you can find the action button [+ Invite to renew] in the top right corner.
This action will effectively initiate the renewal process with possible interactions with your client.
The system will confirm that the renewal is initiated.
A notification will pop up momentarily [Create new renewal successful. Now you can update initial details.]
You can also note that the page is now titled CREATE A RENEWAL and that only a few tabs are present (Benefits, Documents...).
In the Renewal Details, the reference Code is now RXXXXXX to differentiate from its original policy period.
A notification will pop up momentarily [Create new renewal successful. Now you can update initial details.]
You can also note that the page is now titled CREATE A RENEWAL and that only a few tabs are present (Benefits, Documents...).
In the Renewal Details, the reference Code is now RXXXXXX to differentiate from its original policy period.
3. Update the information for the Renewed policy
You can change the elements like:
You can change the elements like:
- provide the updated Premium amount for this new coverage period in SGD
- update the Sum Insured
- Start and End Dates are automatically set to begin on the first day after the original policy expiry date and to expire 1 year latter (this can be overwritten).
4. Renewal Policy to Finalise
I created a renewal under "Policy to lapse" but i still do not see the renewed policy in my client's profile. Why?
After creating a renewal under "Policy to lapse", the renewal falls under "Policy to renew".
The Status is set to Pending.
This means that it is not yet considered as a valid policy and that action from your client or you are required to complete the process.
I created a renewal under "Policy to lapse" but i still do not see the renewed policy in my client's profile. Why?
After creating a renewal under "Policy to lapse", the renewal falls under "Policy to renew".
The Status is set to Pending.
This means that it is not yet considered as a valid policy and that action from your client or you are required to complete the process.
Now when you click on the "Expiring Soon" policy of your client, a tab [Renewal(1)] appears.
5. Completing the Renewal Policy process
Your Pending Renewal Policy is shown here.
It has also been sent to your client. In the mobile app Wellnex, under [I Renew], your client will find the proposed renewal terms.
The client can either Decline or Renew (Accept) that renewal.
In either case, you will receive the notification of this decision and the status of the Renewal will be set to Declined or Accepted.
Your Pending Renewal Policy is shown here.
It has also been sent to your client. In the mobile app Wellnex, under [I Renew], your client will find the proposed renewal terms.
The client can either Decline or Renew (Accept) that renewal.
In either case, you will receive the notification of this decision and the status of the Renewal will be set to Declined or Accepted.
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What if the client does not answer?
It is possible to complete the renewal on the ACCOUNT MANAGER's side if the client does not answer to the renewal proposal in the app and you have secured the client's consent to renew otherwise.
Click on the Renewal in column Renewal Number.
You can then transform the RENEWAL into an actual POLICY in the system. Click on action button [Create Policy] to complete this step and obtain your renewed policy record.
It is possible to complete the renewal on the ACCOUNT MANAGER's side if the client does not answer to the renewal proposal in the app and you have secured the client's consent to renew otherwise.
Click on the Renewal in column Renewal Number.
You can then transform the RENEWAL into an actual POLICY in the system. Click on action button [Create Policy] to complete this step and obtain your renewed policy record.
6. The Renewal process is complete
You can now find both the original policy period and the renewed policy. The renewed policy Status is set as Renewed and this will remain until the period actual starts. At that point in time, the old policy record will not be shown in the tab Policies of your client.
You can now find both the original policy period and the renewed policy. The renewed policy Status is set as Renewed and this will remain until the period actual starts. At that point in time, the old policy record will not be shown in the tab Policies of your client.
