Note: Prior to running Automatic Renewal Processing, pre-installation and planning is required. Users must have the authority, "Access Renewal Program," (Renewal Processing Group) to access this process.
Automatic Renewals, Renewal Offers and Renewal Underwriting transactions are all processed via Diamond's Automatic Renewal Process. Each rate version is first established with one (1) of the following options:
Automatic Renewal
Renewal Offers, or
No Automatic Renewal Processing
To set up automatic renewals:
Access Company Configuration Tool / Company Setup.
Choose the Company required.
Choose the Line of Business tab.
Select the Company / State / LOB tab.
Choose the applicable Version.
Click Edit.
Choose Automatic Renewals in the Automatic Renewals combo box.
Click Save.
Using a company defined date range, when automatic renewals are processed, Diamond creates a "Future" policy image type with a transaction type "R" (Renewal) and policy status code of either "F" (Future) or "P" (Pending). The "Future" automatic renewal becomes "Active" or "In Force" on the effective date of the renewal term once End of Day Processing is run.
A Renewal Offer policy image has a transaction type "F" (Renewal Offer) and a policy status code "O" (Offer). The Renewal Offer requires acceptance in the form of either a renewal or future renewal. The workflow for a Renewal Offer includes receiving and applying cash to the policy, then issuing the policy. This action then creates the renewal with transaction type "R" (Renewal) and policy status of "F" (Future), "P" (Pending) or "A" (Active). When cash is applied to a policy having a Renewal Offer, the system checks to ensure if the cash applied matches the amount in the Renewal Offer table. If the cash applied is an exact match, the Renewal Offer is automatically upgraded to a Renewal. If it is not, a Diary item is sent to the user indicating the Renewal Offer failed to upgrade. The Renewal Offer must then be converted manually to a Renewal.
When entered on an "Active" policy, a Renewal Underwriting transaction contains a policy status code of "P" (Pending) once it is submitted and rated. After it is issued, the Policy Status Code changes to "U" (Underwriting). The transaction effective date is equal to the renewal date of the policy. Changes made on the Renewal Underwriting transaction are then processed through the Automatic Renewal Processing program and are applied on the renewal version of the "Active" policy.
To access Automatic Renewal Processing from the Windows environment:
Open Diamond from your desktop.
Right click the Diamond Agent caution sign in the bottom right corner, or select Utilities / Renewals on the Employee Web.
This displays the Automatic Renewal Processing screen. Whether you choose to run Automatic Renewals from Windows or the Web, the functionality and screen layout is the same for both, and the UIs can be used interchangeably, if desired.