Quandri’s Renewal Review Capability automates the renewal review process. By accessing the management system, the Renewal Reviews will identify renewing policies, analyze the policies and client accounts, and provide a report with insights and recommendations on every policy being renewed within the brokerage.
The Renewal Reviews will utilize both PDF data and BMS data in order to do a complete analysis on the renewal. 80% of the information will come from the policy document, with the other 20% coming from the BMS profile.
As an example, to identify if a multi-line discount should be present, the reviewer will first look at the policy document to see if it’s present. If it’s not present, it will look at the policy table within the BMS system to see if there are multiple lines with the same carrier and whether the client qualifies for it.
Review the Data Extraction article to see which data comes from the BMS system and which comes from PDF declaration pages.
The Renewal Reviews currently average 10 to 12 minutes to complete a policy, which equates to between 100 - 140 activities processed per 24 hour period.
The activity can be assigned to a specific person, a work group, or a title within the servicing contacts table within your management system. This can be chosen separately for successful activities, exceptions, and additional triggers.
No, it does not need to appear on the policy document, however, it does need to be something the reviewer can reliably extract. There are many coverages that are included in the rating factors of certain policies, i.e. the example above where credit scoring doesn’t appear on Intact policies but is used in determining pricing. This doesn’t appear on the dec pages, but we know it’s included in certain policy types.
The Renewal Reviews are currently only available for personal lines. Types of policies that are reviewed include Auto, Homeowners, Condo, Tenants, Seasonal & Motorhome policies. We do not process Farm, Marine, or Commercial policies.
Yes! The Renewal Reviews can trigger an additional activity based on criteria established in the configuration. Common examples include premium increase over a certain percentage, removed coverages, or limits below a certain threshold.
One additional activity is created when at least one trigger is met and the details of the triggers that are met are included in the renewal review.
The Renewal Summaries are added as a note on each individual renewal activity within the broker management system.
1. Same day reviews - allowed their team to jump on renewals right away, and not wait for the customer to get in touch with them, or shop the renewal
2. Ability to triage renewals and focus on the highest priority ones, instead of relying on the order in which they came in or effective date.
3. Increase in efficiency. With less time spent on manual renewal reviews, there is more time to call a significantly increased number of customers.
If you only want brokers to focus on high priority renewal reviews, you could set the capability to close the original activity and reassign the additional activity to the servicing role that needs to see it. That way, there is only 1 open activity for the renewal.
When checking for New Claims, the renewal reviews are looking for all claims (whether open or closed) that occurred within the policy period for the policy being reviewed.
When checking for Open Claims, the review is reporting on all open claims that are linked to the policy being reviewed.
To gather this information, the review checks the Claims page within the management system. Within the Claims page, the reviewer checks the Claims table for the Date of Loss and Date Reported. It also checks the Policies/Lines table to see if the claim is relevant to the policy being reviewed.
Here are the steps the capability takes when reporting on age-related discount:
The Renewal Reviews are completed with carrier specific data so that it understands the differences and nuances between different companies. If a certain coverage or discount is not relevant with a specific carrier, then it won’t include that in its report.
As an example, credit scoring is automatically included in Intact policies so it doesn’t apply as something that’s missed. The reviewer is intelligent in that it understands this is included into the policy for a specific carrier.
While we don’t cover 100% of all carriers, we do have the large majority covered. Our average processing rate for customers is 90%. Certain MGAs or smaller carriers may not be included yet and will still need to be processed manually. We will review your specific carrier distribution and advise what percentage of your volume can be processed by the Renewal Reviews.
Often, these changes are interpreted automatically by the renewal reviews. There are instances where there will be new coverages that need to be added in manually. We have a team dedicated to keeping this aspect of the product up to date. We are made aware of changes to documentation by our broker partners.
The Renewal Reviews can currently only review policies where the carrier is the same year to year.
The reports are configurable for your team and process. You can choose what attributes your team is made aware of, and which ones you don’t want flagged. You can also configure which insights will trigger additional activities to prioritize further actions for your team.
You may receive an email that says there were no items to process today.
If you received this email but there were activities assigned to the bot for processing, this could be why:
Activities cannot be seen by the reviewer
You may have reassigned activities to the bot’s code in Epic, but these may not be visible to the bot on its home screen.
Please log into Epic using the bot’s credentials and check to see if the activities are visible to the bot.
The ‘code column’ is not visible to the reviewer
Activities may be appearing in the home screen, but perhaps the ‘code’ column is not visible to the bot.
Review the Epic Account Requirements article to learn how to enable the code column by clicking on Customize View and selecting the checkbox for Code.
Activities assigned to the reviewer are not configured to be processed
You may have configured your bot to process EREN activities, but the activities assigned to the bot have the activity code DREN or EDOC.
Please review and/or update the activity codes your bot should be processing in the Control Room under Activity Management.
