As this is a manual policy, there is no API connection to the insurer, therefore there is no message being sent between the platform and the insurers.  

 

To ensure that you are monitoring the renewals that you are waiting for from the insurers, those users who have access to insights reports can pull the Renewals Report, which is found under the Underwriting section. 

 

Once the report is loaded, you can slice by Policy Expiry date (perhaps pick the next 30 days or whatever time you want to review) and slice by Fulfillment Type and picking Manual.  That will provide a list of Manual Product renewals, which you can export outside the platform to provide to your team who handles renewals. 

 

 

• To start the renewal process, you will likely want to wait until you receive the renewal documents from the insurers first. (via their portal, website, mail - whatever is their process).
• Search for the customer in bond and open the customer profile.
• Click the Renew Policy Icon, from the right hand side Actions bar.
• A 'mini funnel' opens for you to complete with the renewal that you have received from the insurer.  
• All policy details will default based on the prior term, but you can update or re enter any of the fields. 

 

Tell us about the policy

 

• The first screen is 'Tell us about the policy'.
  • Update fields if needed.
  • Updating the policy number will create a new policy number and policy, rather than a new term on the same policy! 
  • Policy effective and Policy end date is for the renewal term that you are working on. 
• Like here: 

 

 

• Click Continue to proceed to the next screen.

 

Add any initial policy coverages

 

• The next screen is displaying the policy coverages that appear on the customer profile in bond. 
  •  Update fields if needed, or if the coverage has changed effective the renewal.
  • + Add Row, if you want to add more of these coverages to the table.
• Click Continue to proceed to the next screen.

 

Finalize the payment details

 

• In the finalize payment details screen, which defaults to what was in the platform for the prior term.
  • You can change the frequency by clicking on the Monthly Plan or Pay in Full Plan icons.
  • You can use the existing payment method on file OR click on that field and the New Payment Type option is there for you to complete new details.
  • Note! Direct Bill policies will not allow you to select monthly. The customer is paying the insurer 'direct' therefore it shows as Annual for the platform purposes.
  • Pick from Binder Bill or Renew Policy. (Depending on how the insurers offer the renewal). 

Example:

 

 

• There are two different workflows, depending on how you bill the policy.
  • Renew Policy
  • Binder Bill

 

Process for Renew Policy workflow

 

• You select Renew Policy.
• You return to the customer profile screen, in bond.
  • The Policy Details tab verbiage is yellow, indicating the policy renewal is pending. This verbiage will return to black once the renewal date has passed.
  • Open New 'dec upload reminder' activity is created.  This stays open until the 'renewal' dec page from the insurer is added.
  • An informational activity is created to advise of the 'Renewal' email that has been sent directly to the customer. Copy of the email is attached to the activity.
  • A Closed activity is created. This displays the policy details captured in the notes of the activity and include any changes, if applicable.
  • Transaction screen in the payment section is updated with the renewal entry.
  • Payment screen is updated with future scheduled payments for the new term. (Direct Billed policies will NOT result in an updated payment screen. 
  • All future payments are Unpaid until the date that they are due to be collected passes.

 

Here are the three renewal activities that are created, as mentioned above:

 

Open 'Dec upload reminder' activity.

Informational email to customer activity.

Closed 'Renewed' activity.

 

 

 

• Then attach the dec to the activity above that is Open and click Save to close.
• This action of adding a document will close the activity for you.
• The dec page/s is now viewable from the Policy Documents icon, in the side Actions bar. 
• This completes the process of the renewal.

 

 

Process for Binder Bill workflow

 

• You select Binder Bill.
• You return to the customer profile screen, in bond.
  • Transaction screen in the payment section is updated with the renewal entry.
  • Payment screen is updated with future scheduled payments for the new term. (Direct Billed policies will NOT result in an updated payment screen). 
  • All future payments are Unpaid until the date that they are due to be collected passes.
  • The Policy Details tab verbiage is yellow, indicating the policy renewal is pending. This verbiage will return to black once the renewal date has passed.
  • An open 'Renewed' activity is created. This displays the policy details captured in the notes of the activity and include any changes, if applicable. The Follow up date for the activity is defaulted to the date it was created. This will be auto closed if a direct billed policy.
  • An informational activity is created to advise of the 'Renewal' email that has been sent directly to the customer. Copy of the email is attached to the activity.

 

• There may then be some time where you are waiting for the issued policy from the insurers. 
• Once you have them, click Issue Policy, from the side Actions bar.
• This triggers a dialogue box to open. If applicable, make relevant changes and make sure that the policy reference is updated.  The status of the policy reference cannot remain as BINDER. 
• Click Continue.
• You can then update the coverages notes and, if applicable, update the policy reference (again, CANNOT remain as BINDER). 
• Click Continue.
• Review the Payments screen and click Bill Policy.

 

• You return to the customer profile screen, in bond.
  • Financials are updated accordingly.  Netted transactions will be posted as negative or positive.
  • Payment screen is updated with future scheduled payments for the new term. (Direct Billed policies will NOT result in an updated payment screen). 
  • All future payments are Unpaid until the date that they are due to be collected passes.
  • The Policy Details tab verbiage will update and 'pending' is removed. It is updated to show the 'current' term and this verbiage is in Yellow until the renewal date arrives (Pending the renewal).
  • An open 'Renewed' activity is closed.
  • An informational activity is created to advise of the 'Renewal' email that has been sent directly to the customer. Copy of the email is attached to the activity.

 

You will then need to create a manual activity to add the dec pages to the policy, for the renewal.  Here is that process:

 

• In the Activities section, select Add New.
• Activity Category = Document.
• Attach to Policy = Choose the policy that the document is for.
• Attach Document as = Policy Declaration.
• Browse and Attach or Drag and Drop the document into the attach field.
• Add a note.
• Save.

 

This will create an informational activity.

You now need to get the document to the customer.

 

To email the document to the customer:

 

• Select the Policy Documents icon from the right hand side menu.
• The policy screen opens with a list of the available policy terms, select the term (which is the renewal that you have been creating).
• Click the Email PDF icon.  The email will be send to the customer email on file.

 

This completes the renewal process for Billed or Binder Billed policies.