Guidewire Policycenter Renewal process

Guidewire PolicyCenter Renewal Plugins, Workflows, and Configuration

1. Renewal Plugins in Guidewire PolicyCenter

In Guidewire PolicyCenter, several plugins are involved in the renewal process. These plugins are typically implemented in Gosu and are used to customize and extend the default behavior of the renewal process. The key renewal-related plugins include:

1. IRenewalPlugin: This is the main plugin interface for handling policy renewals. Implementations of this plugin manage the renewal process, including setting up new policy terms, handling endorsements, and calculating renewal premiums.

2. IRenewalCedingPlugin: Handles the process of transferring or "ceding" premiums and risks between the original policy and the renewal. This can be important for certain types of reinsurance or premium finance agreements.

3. IRenewalOfferPlugin: Manages the generation and presentation of renewal offers to policyholders. This can include creating the renewal offer document and determining the terms of the renewal.

4. IRenewalRiskAssessmentPlugin: Used for assessing the risks associated with renewing a policy. This plugin can integrate with external risk assessment services or apply internal business rules to evaluate risk.

5. IRenewalNotificationPlugin: Handles the notification process for renewals, such as sending out renewal reminders to policyholders or agents.

2. Automatic Renewal and Manual Renewal Workflows

Automatic Renewal Workflow:

Automatic renewals are processed without requiring manual intervention. Here’s a typical workflow:

1. Pre-Renewal Processing:

   - Renewal Preparation: The system automatically prepares the renewal by copying relevant information from the current policy term to create a draft of the new policy term.

   - Risk Assessment: The IRenewalRiskAssessmentPlugin is invoked to evaluate the risk profile for the renewal.

   - Premium Calculation: The system calculates the premium for the renewal term, potentially applying any rate changes or underwriting adjustments.

2. Offer Generation:

   - The IRenewalOfferPlugin is used to generate the renewal offer, which includes the premium, coverage details, and any changes from the previous term.

   - The renewal offer can be automatically sent to the policyholder or their agent.

3. Renewal Decision:

   - If the policyholder accepts the renewal offer (explicitly or by not opting out), the policy is automatically renewed.

   - The IRenewalPlugin finalizes the new policy term, applying any necessary endorsements or adjustments.

4. Policy Issuance:

   - The new policy term is issued, and the renewal is completed.

Manual Renewal Workflow:

Manual renewals require user intervention, typically by an underwriter or agent, to review and process the renewal. Here’s a typical workflow:

1. Pre-Renewal Processing:

   - Similar to the automatic process, but the renewal offer is not automatically finalized.

2. Underwriter Review:

   - The underwriter or agent reviews the renewal draft, potentially making adjustments to coverage, terms, or premiums.

   - The IRenewalPlugin might provide tools for the underwriter to modify the renewal offer.

3. Offer Generation:

   - The renewal offer is generated and sent to the policyholder, often with a request for a response or confirmation.

4. Renewal Decision:

   - Based on the policyholder’s response, the underwriter may need to make further adjustments or approve the renewal.

   - Once approved, the IRenewalPlugin finalizes the policy, similar to the automatic process.

5. Policy Issuance:

   - The new policy term is issued, and the renewal is completed.

3. Configuring a New Line of Business in a Renewal Plugin Gosu Class

When configuring a new line of business (LOB) in a renewal plugin (such as IRenewalPlugin), you'll generally follow these steps:

1. Define the New Line of Business:

   - Ensure the new LOB is defined in PolicyCenter, including coverage types, policy forms, and any other relevant details.

2. Extend the Renewal Plugin:

   - Create or modify a Gosu class that implements the IRenewalPlugin interface.

   - Implement the logic specific to your new LOB within the renew() method or other relevant methods.

   Example:

   gosu code snippet

   class MyNewLOBRenewalPlugin implements IRenewalPlugin {

       override function renew(RenewalContext context) {

           // Custom renewal logic for the new LOB

           var policy = context.PolicyPeriod

           if (policy.Policy.LineOfBusiness == "MyNewLOB") {

               // Custom logic for this LOB

               // e.g., specific endorsements, premium calculation adjustments

           }

           // Call the base or default logic if necessary

           super.renew(context)

       }

   }

   

3. Configure the Plugin in PolicyCenter:

   - Go to the Product Model in PolicyCenter where the LOB is configured.

   - Link your new Gosu class as the renewal plugin for this LOB, either by modifying the PolicyRenewalProcess or directly in the product model configuration.

4. Testing:

   - Test the renewal process for the new LOB, ensuring that the custom logic is correctly applied.

   - Check for any edge cases or specific business rules that need to be handled.

5. Deployment:

   - Once tested, deploy the plugin to your production environment.