Insurance Developer Guide

Get Started with Insurance Developer Resources
Insurance Brokerage
Insurance Claims Management
Insurance Group Benefits
Insurance Policy Administration
Insurance Policy Business APIs
Insurance Policy Standard Invocable Actions
Insurance Policy Administration Metadata API Types
Insurance Policy Standard Objects
Insurance Policy Administration Apex Reference
Insurance Policy Developer Journey
Create and Manage Insurance Policies by Using Salesforce Quoting
Create and Manage Insurance Policies Without Using Salesforce Quoting
Endorse Policy
Issue Policy
Renew Policy
Create Out of Sequence Policy Endorsement
Issue Multi-Root Policy
Endorse Multi-Root Policy
Renew Multi-Root Policy
Cancel Policy
Insurance Product Administration
Insurance Quoting
Insurance Apex Reference
Error Codes and Responses
PDF

Renew Policy

Policy renewal extends insurance coverage for an additional term, creating a new policy record. This journey details renewing a policy without using Salesforce quoting, relying on the Rating API for pricing the new term.
Make sure you have a valid policy ID of the active insurance policy that's due for renewal.
Use the Rating API to generate a price-adjusted context. This price-adjusted context contains the calculated premium and other relevant details that are required to renew the policy. This process bypasses the need for a formal Salesforce Quote record for pricing.

This diagram outlines the sequence of renewing a policy, where any changes are initially processed through the Rating API to generate a price-adjusted context. The context contains the calculated premium and other relevant details that are required to renew the policy. This process bypasses the need for a formal Salesforce Quote record for pricing.

A flow diagram representing the sequence of renewing a policy by using the Rating API.
  1. Get Policy Context—Use the policy ID to get the policy context either by:
  2. Generate Price-adjusted Context—Make a PATCH request on the Insurance Product Ratings Connect API.
    The price-adjusted context record contains the premium impact of the proposed modifications.
  3. (Optional)Run Qualification Rules—If customers want to determine the policyholder’s eligibility for a product, run the qualification rules either by:
    Set the saveQuote parameter to false. It doesn't save the quote and returns an updated context with the eligibility details.
  4. Renew Policy—Use the retrieved context to create a new policy record for the renewal term either by:
    You can change or confirm the policy name, policy number, and effective start and end dates for the renewed policy directly during the API call. Additionally, you can also specify a name for the transaction record that's created along with the renewal record. This transaction record captures the financial details or the audit information related to the renewal record.
Expected Results:
  • A brand new policy record is created in Salesforce, representing the coverage for the new policy term. The new policy record includes the details, such as any changed terms, coverages, prices, and the new start and end dates.
  • A transaction record is created and linked to the new policy.