Insurance Renewal Management Process

Início do fluxo de trabalho/processo.

Fetch all active insurance policies from the Policy Data Model to identify upcoming expiration dates.

Update the status of the identified policy entry to 'Renewal in Progress' to prevent duplicate workflows.

Create a task assigned to the Account Manager to begin the renewal assessment process.

Retrieve contact details (email and phone) from the Client Data Model associated with the policy.

Get all claim entries related to the specific policy to assess risk for the upcoming term.

Sum the total payout amounts from all retrieved claims entries to determine the loss ratio.

Execute a formula combining Claims Cost, Policy Age, and Claim Frequency to generate a new risk rating.

Update the Risk Rating field in the Policy Data Model based on the calculated score.

Create a task for the Underwriter if the calculated risk score exceeds the predefined threshold.

Create a new entry in the Quotation Data Model containing the proposed premium and coverage terms.

Send an email to the client's email address with the details of the new renewal quotation.

Send an SMS to the client's mobile number alerting them that a renewal quote is ready for review.

Retrieve the status of the 'Quote Acceptance' entry to see if the client has signed or declined.

Create a task for the Operations team to issue the new policy document once the quote is accepted.

Update the expiration date in the Policy Data Model to reflect the new coverage period.

Create a report summarizing the renewal rate, total premium retained, and claims impact for the period.

Fim do fluxo de trabalho/processo.