Policy Renewal Underwriting

Note: Users must have the authority,"Issue Renewal Underwriting," (Policy Processing group) to enter a policy Renewal Underwriting transaction.

During the life of an insurance policy, changes are frequently requested that do not become effective until renewal. These changes often result from rate filing modifications by the carrier or from regulatory activity; however, sometimes they are initiated by the insured. Regardless of the reason or the source of the change, the method used for producing these "future effective" renewal Endorsements is the Renewal Underwriting transaction.

Process a Renewal Underwriting Transaction

Note: Renewal Underwriting transactions can only be processed on policies that are "Active" having no future cancellations.

1. Access the client's policy.

2. From the Navigation / Transaction Links Pane on the left, click Renewal Underwriting.

3. Once the Transaction Information screen displays, enter or select the following:

1. • Transaction Effective Date: Defaults to the system date; change if necessary.

   • Transaction Type: Select Renewal Underwriting.

   • Transaction Source: Indicate the individual who initiated the transaction from the combo box.

   • Transaction Reason: Choose Renewal Underwriting.,

   • Remarks: Enter any comments that apply to the policy's changes.

   • Reference: Transaction related reference code; entry is company specific.

   • Transfer To: Select either the User or Queue option button and choose the appropriate user name or user queue to which the transaction task is assigned.

4. Submit the Renewal Underwriting transaction.

Note: If the policy already has a Renewal Underwriting transaction entered, Diamond returns a validation message: "Policy has committed Renewal Underwriting data." Click "Yes." The system continues to the Policy Control screen.

5. When the Policy Information screen displays, the policy's status is "Pending Renewal Underwriting."

6. Make the necessary changes / updates to the policy.

7. Select Rate. Once the Renewal Underwriting change has been successfully rated, select the Issue button.

To view a policy containing a Renewal Underwriting transaction:

• Access the policy.

• Once the policy is displayed, select the Renewal Underwriting link from the Navigation Pane to view descriptions of information that will be changed.  

• Next, select the Policy History link. Notice that the transaction Effective Date for the Renewal Underwriting transaction equals the transaction Expiration Date, regardless of the date entered on the Transaction Information screen.

What happens to a Renewal Underwriting transaction after the policy is renewed?

• If you wish to see the transaction on the Policy History screen, setting the archive_renewal_underwriting field in the Version table to "1" and selecting the Show Archived Images check box displays the RU transaction.

Processing an Endorsement (On a Policy Having an Existing Renewal Underwriting Transaction)

Sometimes, you may need to process an Endorsement on a policy already having a Renewal Underwriting transaction on it. As an example, here is how Diamond handles this.

1. One (1) year personal auto policy; effective 10/03/2013 - 10/03/2014.

2. A Renewal Underwriting transaction is issued 02/01/2014. The date the Renewal Underwriting transaction takes effect is 10/03/2014, or the expiration date of the current policy term. (You can see this transaction on the Policy's History link.)

3. Next, an Endorsement is entered on the policy effective 11/19/2013. The system prompts the user: "Policy has committed Renewal Underwriting data." Since you want to process the Endorsement, answer Yes to this question.

4. Process the Endorsement. Rate and Issue the Endorsement.

5. After the Endorsement is submitted, you will need to submit another Renewal Underwriting transaction. Access the Endorsement.

6. With the Endorsement displayed, you need to do another policy transaction. Enter the date of the transaction. You may use the current date.

7. With the Transaction Information screen displayed, you select "Renewal Underwriting" as the transaction and submit it, again responding Yes to the prompt: "Policy has committed Renewal Underwriting data."

8. With the policy displayed, you can see that the new Renewal Underwriting image has both the changes from the Endorsement and the original Renewal Underwriting image.

9.  Rate and Issue the policy.

Once you have rated and issued the policy, the system has one (1) Renewal Underwriting image with both changes.

Note: If you need to see what is on the Renewal Underwriting image, click the Policy History link. Highlight the image containing a status of "U" (Underwriting) and click View. The system displays the image.