INSURANCE RENEWAL MANAGEMENT PROCESS

Created by ChecklistGuro (https://checklistguro.com)

[ ] Retrieve Policy Records: Fetch all active insurance policies from the Policy Data Model to identify upcoming expiration dates.
[ ] Flag Policy for Renewal: Update the status of the identified policy entry to 'Renewal in Progress' to prevent duplicate workflows.
[ ] Assign Renewal Specialist: Create a task assigned to the Account Manager to begin the renewal assessment process.
[ ] Fetch Client Contact Info: Retrieve contact details (email and phone) from the Client Data Model associated with the policy.
[ ] Retrieve Claims History: Get all claim entries related to the specific policy to assess risk for the upcoming term.
[ ] Calculate Total Claims Cost: Sum the total payout amounts from all retrieved claims entries to determine the loss ratio.
[ ] Calculate Risk Score: Execute a formula combining Claims Cost, Policy Age, and Claim Frequency to generate a new risk rating.
[ ] Update Policy Risk Rating: Update the Risk Rating field in the Policy Data Model based on the calculated score.
[ ] Underwriting Review Task: Create a task for the Underwriter if the calculated risk score exceeds the predefined threshold.
[ ] Create Renewal Quote: Create a new entry in the Quotation Data Model containing the proposed premium and coverage terms.
[ ] Send Quote to Client: Send an email to the client's email address with the details of the new renewal quotation.
[ ] Notify Client of Quote: Send an SMS to the client's mobile number alerting them that a renewal quote is ready for review.
[ ] Check Client Response: Retrieve the status of the 'Quote Acceptance' entry to see if the client has signed or declined.
[ ] Finalize Documentation Task: Create a task for the Operations team to issue the new policy document once the quote is accepted.
[ ] Update Policy Expiry Date: Update the expiration date in the Policy Data Model to reflect the new coverage period.
[ ] Generate Renewal Success Report: Create a report summarizing the renewal rate, total premium retained, and claims impact for the period.

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