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.

Get Policy Context—Use the policy ID to get the policy context either by:
- Making a GET request on the Insurance Policy Details Connect API, or
- Using the Get Insurance Policy invocable action.
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.
(Optional)Run Qualification Rules—If customers want to determine the policyholder’s eligibility for a product, run the qualification rules either by:
- Making a POST request on the Insurance Quote Connect API, or
- Using the Create Insurance Quote invocable action.
Set the saveQuote parameter to false. It doesn’t save the quote and returns an updated context with the eligibility details.
Renew Policy—Use the retrieved context to create a new policy record for the renewal term either by:
- Making a POST request on the Renew Insurance Policy Connect API, or
- Using the Renew Insurance Policy Action invocable action.
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.