Many policies in Simfuni are configured to renew automatically; your organisation will specify how many days long this renewal window should be, to give the client time to review any new policy and premium details before the policy rolls over.
Alternatively, some policies may require attention before they can be renewed, for example if premiums are calculated through an external system that is not integrated with Simfuni. The Renewal Worklist is an easy way to find policies that require attention before they can be successfully renewed.
The Renewal Process
On the day the policy reaches the start of its renewal window:
- The system will automatically check the product rate tables and any product settings (e.g. CPI, yearly renewable term or levelling settings) and use that data to generate a new policy version for the upcoming year. If all this data is available, the policy will have the 'Ready for Renewal' status, and no manual action is required.
- If this data needs to be manually entered from an external source, the policy will have the 'Pending Renewal' status. After the updated information has been entered, then the policy will be 'Ready for Renewal'.
- The configured renewal communication will be generated with updated policy and premium details. See more information about how communication is sent in the Policy Communications and Client Contact Information articles.
- A banner displays on the policy to indicate that it's within its renewal window, and show the renewal status.
On the anniversary date the renewal version rolls over and becomes the current version.
- The renewal banner is removed from the policy.
- The new policy version details show on the Policy tab.
- Upcoming payments are automatically scheduled and displayed in the Upcoming Payments tab of the policy. If the policy was in arrears when it renewed, those overdue payments are brought into the upcoming payments too.
Renewal Worklist
It's easy to find 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 renewal status is.
Policies that are up for renewal can have one of two statuses:
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- Ready for Renewal: The new policy 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 reference them automatically.
- Pending Renewal: The new policy version is created, but updated premium information is required before it can renew. This status only displays for policies with products which don't have rate tables integrated into Simfuni, as that means new premium information will need to be entered manually from an external source.