Servicing > Renewals

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Servicing > Renewal

The SERVICING > Renewal option is used when the policy is ready to be renewed. When renewing policies, the date entered on the servicing screen will not be used to update the coverage term dates, but the policy term expiration date of the expiring policy will be used for both the policy and coverage term effective dates and the expiration dates will be one year from that date.

Note: This process can also be used for placing re-marketed policy in force.

Quickly navigate to procedures included in this topic by clicking one of the links below:

To Renew a Policy

To Split a Package Policy into Monoline Policies

To Combine Monoline Policies into a Package Policy

To Renew a Policy

On the Primary menu, click SEARCH.
Click the Details icon for the appropriate client.

From the HOME > Expirations link, click the Details icon next to the appropriate client.

On the Client menu, click SERVICING.

Click Renewal.

Enter a description for the renewal. This description will be displayed in the action description area.
Enter additional notes to be displayed in the action Memo section.

Select the Refresh form prefills option to pull data from the client profile tabs into the ACORD Applicant and Contact sections.

Note: If the Refresh form prefills box is selected, when adding a new application from an existing LOB or renewing, the branch producer information is updated.

Select the policy to be renewed and click [Next]. All marketing and policies that are in force for the client are displayed.
In the Renewal Policy Mode list, if the selected policy has a mode of New, this selection list becomes available. The mode of the policy can be changed here to:

New: New business on a new client.
New on Existing: New business on an existing client.
Renew: Default for future policy.

Click the Select check box next to policies that need to be included in the renewal from the current and / or marketing list.

The expiring version of the policy is highlighted in yellow. If the version of the policy is in marketing, make sure to click the [Show] link and choose to Include Marketing policies from the Policy Stage list.

Note: Deselect any policies that should not be included in the renewal by clearing the check boxes in the Select column.

Use the following options to build the renewal policy information:

Important: To enable selections for the following, the Allow Override check box must be selected on the Invoice Defaults screen. See the Invoice Defaults Tab topic for more information.

Use the "Click here..." link to copy the policy term, carriers, policy number and policy description. The policy being copied from will be highlighted in yellow.
Use the Select check box to determine the line of business to copy to the renewal. The policy info defaults will be used.
Once the line of business is selected, the option to Copy the carrier information from a policy is displayed. Use Defaults can also be chosen to use the default carrier settings.

Tip: Click the Tip icon to view a window with selection definitions.

Click [Next]. The future policy is created.

Notice that the status of the renewal has a status of Future. Any changes necessary for the renewal policy may be made as long as the status reflects a status of Future. The Policy Term and Coverage Term dates have been reset based on the expiring policy expiration date.

After all changes have been made (including editing the premium amount on the policy info tab), click In Force on the Navigation Toolbar on the underwriting screen.
Click Save. Notice that the Status is changed to In Force. An in force status requires modifications to be done through SERVICING.

Note: Changing the carrier on the policy header and clicking the Save Changes link on the underwriting screen changes the Mode to Re-New-Co (Renewal to the branch but new to the carrier).

Return to the policy summary screen by clicking on the POLICIES link on the Client menu.

To Split a Package Policy into Monoline Policies

On the Primary menu, click SEARCH.
Click the Details icon for the appropriate client.

From the HOME > Expirations link, click the Details icon next to the appropriate client.

On the Client menu, click SERVICING.

Click Renewal.

Enter a description for the renewal. This description will be displayed in the action description area.
Enter additional notes to be displayed in the action Memo section.

Select the Refresh form prefills option to pull data from the client profile tabs into the ACORD Applicant and Contact sections.

Note: If the Refresh form prefills box is selected, when adding a new application from an existing LOB or renewing, the branch producer information is updated.

Click [Next]. All policies that are in force for the client are displayed.
Select the policy to be renewed and click [Next]. All marketing and policies that are in force for the client are displayed. To create monoline policies, select a single line of business for the monoline policy.

Click [Next] to create the first monoline policy. When the underwriting tab is displayed, notice the Policy Type is set to monoline and there is only one line of business included in the Line of Business area.
Go back to SERVICING > Renewal until all the new monoline policies are created.

Note: When a policy is selected, Nexsure automatically copies the existing applications so there is no need to re-key application information.

The policy term will reflect the new term dates, the Mode is Renew and status shows Future.

Note: When a policy status is Future the application may be edited. This allows changes to the application as needed. Endorsements processed in the expiring policy term are done through SERVICING > Endorsement.

The policy info tab is not populated from the previous policy and must be entered before placing the policy In Force. See Placing a Future Status Renewal In Force
The expiring policy is separate from the newly created future policy and must be sent to history. See Sending an Expired Policy to History .

It is important to send the renewed expired policy to history. Policies set to Expired unintentionally can be changed to In Force by clicking the In Force link on the Navigation Toolbar.

Note: A policy with an Expired status cannot be endorsed.

To Combine Monoline Policies into a Package Policy

On the Primary menu, click SEARCH.
Click the Details icon for the appropriate client.

From the HOME > Expirations link, click the Details icon next to the appropriate client.

On the Client menu, click SERVICING.

Click Renewal.

Enter a description for the renewal. This description will be displayed in the action description area.
Enter additional notes to be displayed in the action Memo section.

Select the Refresh form prefills option to pull data from the client profile tabs into the ACORD Applicant and Contact sections.

Note: If the Refresh form prefills box is selected, when adding a new application from an existing LOB or renewing, the branch producer information is updated.

Click [Next]. All policies that are in force for the client are displayed.
Select the policy to be renewed.

Tip: If necessary, select the expiring policy using the [Show] link to filter through a lengthy list of policies.

Click the [Next] link at the top right of the screen. The expiring version of the policy is highlighted in yellow and automatically selected.

Be sure to choose only the applications that make up the renewal. If the version of the policy is in marketing, perform the following:

Click the [Show] link and choose to Include Marketing policies from the Policy Stage list and click Search to return the results.

Choose all policies to be included in the renewal by clicking the check boxes in the Select column.
Click the [Next] link on the upper right corner. The future policy is created and displayed.