♾️Renewal
Change your mind in a few clicks.
Introduction
KASKO renewal feature allows you to extend the policy after its original end date by renewing the policy with the same duration. The renewal process will create a new policy version, with the new policy start and end date, and during this process, new quote will be generated and charged upon renewal date.
KASKO’s renewal feature offers 2 renewal types and a standardised renewal flow. The feature can be enabled on the product level on Product Builder.
Once it is enabled, it applies to all the existing test policies; and once it is published, it applies to all existing live policies, meaning previously purchased policies that have not reached policy end dates yet will enter the renewal process.
Renewal Flow Explained
When the policy is created from the product configured with the renewal feature, policy renewal will be scheduled for the policy when it reaches its end date.
Policies will always be renewed with the latest product version.
Prior to the policy end date (configurable amount of days), it will trigger the renewal notice.
When reaching the renewal notice, the system will calculate the renewal price and send an email to the customers for the renewal information and/or confirmation. (both calculation logic and email configurable)
When there are data compatibility issues (e.g. unable to run the latest product version quote with the existing policy data), renewal status will be changed to blocked. An email will be sent to the insurer for information (email configurable)
It is also possible to set up renewal rules in the pricing to automatically reject renewal based on set criteria, for example, if claim count is over 3. When this rule is met, the scheduled renewal will be changed to rejected .
Depending on the renewal type, the renewal flow differs
Auto renewal - The scheduled renewal will be changed to auto-accepted when reaching renewal notice.
Opt-in renewal - The scheduled renewal will be changed to in progress when reaching renewal notice
When the policy reaches the policy end date and the renewal is accepted by the customer in opt-in renewal type or auto-accepted in the auto renewal type, the policy will be renewed. When policy is renewed,
a new policy version is created
an email is sent to the customer (email configurable)
payment is taken with the original payment method* *payment status does not impact the renewal flow, meaning if the payment failed, the policy is still renewed. Failed payment strategy will be triggered as per product configuration.
automatically schedules the renewal for the new term of the policy when the new end date is reached
When the policy reaches the policy end date and the renewal is in-progress or cancelled in opt-in renewal type or cancelled in the auto renewal type, the policy will end on the policy end date. An email is sent when renewal is cancelled. (email configurable).
Configuration
Renewal Types
Auto Renewal: This renewal type will automatically renew policy when the policy reaches its end date unless the renewal is manually cancelled. Opt-in Renewal: This renewal type will not renew policy when the policy reaches its end date unless the renewal is manually accepted.
Renewal Notice Period
Renewal notice period is the time when the renewal process kicks in, the policy renewal status will changed from scheduled to In Progress/Auto-Accepted (depending on the renewal type). At this point, a new quote will be generated and an email can be sent to the customers for notification.
Renewal Pricing Logic
This will be the same pricing file as the product pricing (could be on subproduct level if pricing is set on subproduct). is_renewal field should be added to the predefined field and can be used to set renewal specific logic. Renewal pricing logic can also access existing policy data to give full flexbility on the renewal pricing calculation. In these cases, simply add these fields in the predefined field as well.
Renewal Emails
4 email events can be used to send emails at different stages.
renewal_created - Renewal notice period start = when the renewal notice period starts
renewal_failed - Policy renewal failed = when the policy failed to be renewed (due to pricing logic incompatibility or payment configuration)
renewal_canceled - Renewal declined = when the customer opt-out of renewal
Renewal Documents
2 document events can be used to generate documents at different stages.
renewal_initialized - Renewal notice period start = when the renewal notice period starts
policy_renewal_version_created - Policy renewed = when the policy is renewed successfully
Enabling Renewal Feature
When enabling the renewal feature in test mode, it will apply retrospectively to all existing test policies immediately. When publishing the renewal feature to live mode for the first time, it will also apply retrospectively to all existing live policies immediately.
Editing Renewal Feature
When making updates to renewal settings, it will have different effects on the existing policies.
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