INSURANCE RENEWAL QUOTE AUTOMATION

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

[ ] Fetch Policyholder Data: Retrieve existing client information and current policy details from the Client Data Model.
[ ] Get Current Premium Data: Retrieve the expiring policy's premium amount and coverage limits to use as a baseline.
[ ] Calculate Inflation Adjustment: Apply an annual inflation percentage to the previous year's premium to estimate the new base rate.
[ ] Update Policy Status to 'Renewal Pending': Update the existing policy entry status to indicate that the renewal process has been triggered.
[ ] Assign Underwriting Review: Create a task for the Underwriting Team to review any changes in risk profile or claims history.
[ ] Fetch Claims History: Retrieve all claims entries associated with the client's ID for the last 3 years.
[ ] Calculate Risk Score: Execute a formula weighing claims frequency and severity against the client's profile.
[ ] Create Renewal Quote Entry: Generate a new entry in the Quotes Data Model containing the newly calculated premium and terms.
[ ] Aggregate Total Claims Cost: Sum the 'Claim Amount' property from all retrieved claims entries to determine total loss impact.
[ ] Create Broker Notification Task: Create a task for the assigned Broker to review the generated quote before sending to the client.
[ ] Update Quote Status to 'Ready for Review': Update the newly created Quote entry to the 'Ready for Review' status.
[ ] Send Quote to Broker: Email the summary of the new renewal quote and the risk score to the assigned Broker.
[ ] Final Approval Task: Create a task for the Senior Manager if the calculated premium exceeds a specific threshold.
[ ] Send Renewal Offer to Client: Send the finalized renewal quote and payment instructions to the client's email address.
[ ] Send Renewal Reminder SMS: Send a brief SMS notification to the client informing them that their renewal quote is ready.
[ ] Update Policy to 'Renewed': Once the client accepts, update the original Policy entry status to 'Renewed'.
[ ] Generate Renewal Success Report: Create a monthly report summarizing the conversion rate of renewal quotes to active policies.

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