Repricing
Repricing is a mid-term premium adjustment: the price of an active policy is recalculated and updated part-way through its term, without waiting for renewal. It is driven by an external signal — most notably a telematics driving-behaviour score — so that the premium can reflect how the insured actually uses the covered risk.
Today, repricing is used for usage-based motor products, where the driving score comes from a telematics provider. It is enabled per product and does not apply to products that are not configured for it.
How repricing works
Repricing runs on a dedicated policy branch, separate from renewal, so a repricing never interferes with the policy's renewal cycle. When a repricing is triggered for an eligible policy:
- A new quote is computed on the repricing branch, using the latest external signal (for example the current driving score).
- The branch is merged automatically — the new price simply takes effect on the policy.
- The adjusted premium is prorated against the remaining term, so the customer is charged the new rate only for the time left to run.
Unlike a renewal, repricing has no customer accept/refuse step and no notice period. The updated price applies directly once the repricing merges.
Eligible repricing dates
Eligible repricing dates are computed from the policy's start date plus a configured interval — for example, every three months. Each anniversary of that interval is a candidate repricing date. A policy is repriced at most once per interval: if it has already been repriced for the current period, or if the policy is stopped, no further repricing is applied.
Repricing vs. renewal
- Repricing
Mid-term. Driven by an external signal. Merges automatically — no customer decision, no notice period. Prorated over the remaining term.
- Renewal
At the policy anniversary. The customer can accept or refuse (unless tacit renewal is configured). Starts a fresh term.