You are here:
InsPolicyService:createRenewalPolicy
Use this service to create a renewal policy from an existing policy.
Method: createRenewalPolicy
How it Works
-
The service accepts the
policyIdof the policy to be renewed.
NoteThe service passes
userInputsto determine additional rating factors for recalculating the price. Also, the service uses theadditionalFieldsnode to populate additional fields on the policy object, which otherwise aren’t part of this service. -
The service checks for the effective date and expiration date of the renewed policy. If not provided, the service computes these dates using the following logic:
-
Effective date = Expiration date of original policy + 1 day
-
Expiration date = Effective date of new policy + Term of the new policy
-
-
Reprices the policy product using
aggByKeyandincludeInputKeyoptions. -
The service uses
includePaymentScheduleandincludeRevenueScheduleto determine whether the payment schedule and the revenue schedule must be created on renewed policy. If no options are specified, then the same settings are inherited from the previous policy. -
The service creates a policy and marks it as renewed policy.
The service additionally supports renewal of policies where the original policy version has a duration of less than 365 days, or less than 366 days in a leap year. However, on renewal the policy duration is 365 days, or 366 days for a leap year. See Considerations and Limitations for Insurance Policies.
Inputs
Input |
Description |
|---|---|
|
Required The ID of the policy that is to be renewed. |
|
Optional The details of the products associated with the policy. For any product, the target format for the If no userInputs are provided, the renewal service takes the existing policy's information and reproduces it in the renewed policy. |
|
Optional The key-value pairs of the additional fields that aren’t a part of this service. These fields populate on the policy object. |
Remote Options
InsProductService:repriceProduct can also be used with this service.Remote Option |
Description |
|---|---|
|
Optional The expiration date of the renewed policy. If not provided, the value is set using the following logic: Effective date of new policy + Term of new policy |
|
Optional The effective date of the renewed policy. If not provided, the value is computed using the following logic: Expiration date of existing policy + 1 day If you're using the Insurance Industries Extension package, the timestamp value in the |
|
Required
The service sends this option as an input to the calculation procedure, which uses it to complete the calculation with aggregation. For example, an auto insurance policy has multiple drivers attached to each insured vehicle. The insured vehicle has a separate instanceKey for each instance in the policy. The aggByKey takes all the instance keys for the vehicles and creates an array of coverage premiums per instanceKey. This array is passed to the calculation procedure so that premiums are calculated correctly. The service uses this value to reprice the policy. |
calculateTaxesAndFees
|
Optional. Default value is Set to |
|
Optional. True or False Defaults to False. If true, the service creates a transaction that is used by the revenue schedule services. |
|
Required A string of comma-separated key-value pairs that the service passes into and out of the calculation procedure. These key-value pairs are included in the output product object within the Only keys used by the calculation procedure have a value in the results. The service uses |
|
Optional If true, the service creates a payment schedule on renewed policy. If no value is provided, the service creates a payment schedule on renewed policy only if it's present for the original policy. |
|
Optional If true, the service creates a revenue schedule on renewed policy. If no value is provided, the services create a payment schedule on renewed policy only if it's present for the original policy. |
|
Required, if the value of Overrides the policy's |
|
Required if the value of Overrides the policy's |
|
Required if the value of Overrides the policy's |
|
Determines the rating procedure for pricing of the renewed policy. If not provided, then pricing is done based on the effective date of the renewed policy. Note You can't pass a specific time for ratingField as the field type is Date. So, the rating date timestamp defaults to 12:00 am. |
|
Optional The term of the policy. It help calculates |
|
True or False The default value is true. When the value is set as true, the service uses the local timezone in which the policy is created. When the value is set as false, the services uses GMT as the timezone. |
Input JSON
Here's an example of the input JSON:
{
"policyId": "0YT5w000000Y8MNGA0",
"userInputs": [
{
"DRIVER.instanceKey": "Bob Jones",
"DRIVER.LN": "Jones",
"DRIVER.GENDER": "Male",
"DRIVER.FN": "Bobby",
"DRIVER.AGE": 30,
"AUTO.instanceKey": "2018 Audi A3",
"AUTO.autoYear": 2018,
"AUTO.autoModel": "A4",
"perAccident": 500
}
],
"additionalFields": {
"BillingName": "John Smith",
"Description": "This is a renewal quote",
"Phone": "123456789"
}
} 