Renewal & Retention
Selectsys performs many tasks throughout the policy lifecycle, from the very beginning, through issuance and renewal. When a new policy begins to approach its expiration date, the renewal process begins. A renewal policy is issued by the same insurer or insurer group to replace an expiring policy. There are certain steps included in this renewal process, and Selectsys is able to assist you with each step.
Renewal Solicitation: The insurer will inform the insured about the upcoming renewal, typically 90 days in advance. This solicitation is the first attempt to gather the required information from the insured to renew the policy.
Notice of Conditional Renewal: A Conditional Renewal notice informs the Insured that the policy will be subject to review and acceptance of the information provided. It also alerts that the policy may be subject to changes in coverage, policy conditions, and/or the amount of premium charged.
Notice of Non-Renewal: Depending on the state laws in which the policy is written, the insurer has to send a Non-Renewal notice to the insured. This notice will inform them that the policy is not being renewed unless they provide the required information within a specific time frame. This notice can also be sent to the insured when the insurer is not willing/able to renew the policy.
Automatic Renewal: When there are no claims and the revenue/other aspects have not changed much, the insurer may renew the policy automatically. A notice is served to the insured alerting them of the renewal so they can decide if they want to cancel.
Renewing Policy: Once the insurer receives the required information from the insured, an evaluation is performed. If the insurer decides to, the policy will be renewed, and the quote/invoice will be released.
Retention: When an insurer chooses to retain a certain policy, the insured will be responsible for paying any losses on their own, by means of deductibles, etc. Retaining the policy, even if it has known issues, instead of non-renewing refers to retention.
