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Renewal projects

If renewal is active for a product, you can configure when the renewal project should be created relative to the policy’s end date. For example, you can decide to create a renewal project two months before the end of the policy. When that date is reached, Korint will automatically create a renewal project that follows a similar lifecycle to new business:
  • The renewal project is created
  • A custom step can be set up to edit this project, if the product needs it. For example, it can compute a certain score and edit the policy to have this new score.
  • A quote is proposed and automatically locked in for the renewal project, if the product is configured so that the price changes at renewal
  • The customer can review the customer project. If they reject, the renewal project is closed and you can create a new one. You can also decide to automatically stop the policy in case of rejection.
  • If the customer accepts, then the renewal project will become active at the policy’s anniversary date. If you select the tacit renewal option, no customer acceptance is necessary and the policy will automatically renew at its anniversary date.
However, the edition and quote steps can also be manual. In that case, the responsible user (e.g., broker/ops) must perform those steps and then proceed with the renewal flow. The edition step allows you to edit assets, policies, and customers. The allowed fields are configured in the product config. If the manual steps are not performed, the project continues anyway. So if the renewal is supposed to be merged but no new quote has been provided, the previous one is kept and the policy is extended for another period.

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Automatic expiry

If you want policies to expire naturally, you can disable renewals entirely. Policies will stop at their end date with the stop reason of your choice.