Renewals
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      1. Simfuni Knowledge Base
      2. Policy Management
      3. Renewals

      Policy Renewals

       

      Most policies in Simfuni are configured to renew automatically, usually beginning this process two months before the end of the policy's term. This renewal window gives the client time to review any new policy and premium details before the policy is automatically renewed on its anniversary.

      The Renewal Process

      When the policy is within its renewal window:

      1. The system will automatically check the product rate tables and any CPI or levelling settings, then use that data to generate a new policy version for the upcoming year.
      2. Communication is sent to the client's preferred contact method with updated policy and premium details. See more information about how communication works in the Policy Communications and Client Contact Information articles.
      3. A banner is displayed on the policy to clearly show that it is within its renewal window.

      On the anniversary date when the renewal version rolls over and becomes the current version:

      1. The renewal banner is removed from the policy.
      2. The new policy version details show on the Policy tab.
      3. Upcoming payments are automatically calculated and displayed in the Upcoming Payments tab of the policy. If the policy was in arrears when it renewed, those overdue payments are included in the upcoming payments too. 

      Renewal Worklist

      Easily view which policies are renewing soon on the Renewal worklist screen. Here you can see which policies are in their renewal window, the date they're scheduled to renew, which client they're for, and what their status is.

      Policies that are up for renewal can have one of two statuses:

        • Ready for Renewal: The version is created and will automatically take effect on the renewal date, with no further action required. This status displays when Simfuni has rate tables configured for the product and can check them automatically.
        • Pending Renewal: The version is created, but premium information is required before it can renew. This status only displays for policies with products which don't have rate tables, as that means new premium information will need to be entered manually.