Create a manual renewal

About this task

This example is useful if you need to create a renewal before its scheduled time and need to make changes to the policy.

Procedure

  1. Navigate to the policy you wish to renew.
  2. From the Policy Summary screen (or any screen in the policy), select Actions > Renew Policy. A dialog box asks you to confirm your selection and the renewal wizard begins.
  3. Advance to the Policy Info screen.
  4. Click Edit Policy Transaction. Make the required changes to the policy.
  5. At this point, you can click one of the following:
    • Quote – You must generate a quote. If the policy had not been edited, the renewal wizard would perform the quote step and obtain a new premium.
    • Save Draft – You can return to work on it at a later time.
    • Close Options > Withdraw Transaction – You can withdraw the renewal.
    • Close Options > NonRenew – The policy is not renewed, and PolicyCenter asks you to give a reason.
    • Close Options > Not Taken – Use if the insured declines to renew the policy.
  6. For this example, click Quote.
  7. On the View Quote screen, first review the quote and the policy in general.
  8. Now you have various options for binding or closing the policy.
  9. Renew the policy by selecting Bind Options > Renew.
  10. Select a Renewal Code on the Renewal Data Entry popup:
    • <none>
    • Renew - account consideration
    • Renew - assigned risk
    • Renew - good risk
    • Renew - legal requirement
    • Renew - producer consideration
    You can use this field to document renewal exceptions. For example, all values except Good Risk indicate that the policy is being renewed because of market or statutory compulsion. The default would typically be Good Risk. You can configure the Renewal Data Entry typelist values to meet specific needs or customize reason codes.