Renewals
Ensure clients are notified in advance when renewals are due
Axelerator Lifecycle Services ensures that clients are automatically notified in advance when renewals are due.
Based on pre-defined business rules, a batch cycle process will issue renewal invitations, if possible via email, for all policies that are soon to reach their term expiry date. The timing of this is configured in the system based on an insurer’s unique business rules. Renewal email invitations go either directly to the client or through theirbroker or agent, depending on how the policy was originally issued. Policies may also be flagged for a manual review by the underwriters prior to renewal.
Renewals are shown on client web dashboards. Any in-force policy with an impending renewal is displayed and the client alerted when they log in to see their dashboard.
Once the renewal payment is received the policy is marked as renewed in the system and the transaction is removed from the client’s outstanding renewals list. If no payment is received within a pre-defined number of days after the prior terms expiry, the renewal transaction is automatically lapsed.
Where the client advises they do not wish to take up the renewal offer the transaction can also be cancelled.
Based on pre-defined business rules, a batch cycle process will issue renewal invitations, if possible via email, for all policies that are soon to reach their term expiry date. The timing of this is configured in the system based on an insurer’s unique business rules. Renewal email invitations go either directly to the client or through theirbroker or agent, depending on how the policy was originally issued. Policies may also be flagged for a manual review by the underwriters prior to renewal.
Renewals are shown on client web dashboards. Any in-force policy with an impending renewal is displayed and the client alerted when they log in to see their dashboard.
Once the renewal payment is received the policy is marked as renewed in the system and the transaction is removed from the client’s outstanding renewals list. If no payment is received within a pre-defined number of days after the prior terms expiry, the renewal transaction is automatically lapsed.
Where the client advises they do not wish to take up the renewal offer the transaction can also be cancelled.
