POLICY RENEWAL AUTOMATION WORKFLOW

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

[ ] Fetch Expiring Policies: Retrieve all policy entries where the expiration date is within the next 60 days.
[ ] Get Client Contact Details: Retrieve contact information (email/phone) linked to the identified policies.
[ ] Calculate Total Premium at Risk: Sum the total premium value of all policies currently in the renewal window.
[ ] Calculate Renewal Premium Estimate: Apply inflation and risk adjustment percentage to the current premium to generate a new quote.
[ ] Create Renewal Quotation: Generate a new entry in the Quotations data model linked to the original policy.
[ ] Assign Renewal Specialist Task: Create a task for the Account Manager to review the calculated renewal premium.
[ ] Update Policy Status: Update the status of the original policy entry to 'In Renewal Process'.
[ ] Send Renewal Notice to Client: Send an automated email to the client containing the new premium estimate and renewal options.
[ ] Compliance Check Task: Create a task for the Compliance Officer to verify that the new premium meets regulatory standards.
[ ] Fetch Client Claims History: Retrieve all claim entries associated with the client to assess risk for the renewal.
[ ] Calculate Risk Score: Calculate a new risk score based on the frequency and severity of claims retrieved.
[ ] Update Policy Risk Rating: Update the risk rating field in the original Policy entry based on the new calculation.
[ ] Send Quote Approval Request: Send an internal email to the Department Head for approval if the premium increase exceeds 10%.
[ ] Final Document Generation: Create a task to generate the legal renewal addendum and binding documents.
[ ] Finalize Policy Renewal: Update the original policy entry to 'Active' and set the new expiration date.
[ ] Notify Client of Successful Renewal: Send a brief SMS notification to the client confirming the policy has been renewed.
[ ] Monthly Renewal Performance Report: Generate a monthly report summarizing total premiums renewed vs. lapsed policies.
[ ] Cleanup Obsolete Quotes: Delete expired or rejected quotation entries that are no longer relevant to the current cycle.

--- END OF TEMPLATE ---
Transform this text into a digital, automated, and trackable mobile app!
Visit: https://checklistguro.com/workflow-templates/insurance/policy-renewal-automation-workflow
(Click "Install Template" to launch your digital inspection tool immediately)