Connect renewal eligibility, quotations, and customer follow-up
An illustrative banking, financial services and insurance concept connecting policy terms, renewal eligibility, quotations, permitted communications, and issued renewals for insurance policy renewal workflow.
Eligible policy renewal rate (%)
Renewal quotation turnaround time (days)
Uncontacted eligible renewals (%)
Renewal premium collection rate (%)
THE CHALLENGE
Renewal lists obscure quotation readiness and unresolved follow-up
Stock not visible
Closing stock is reported irregularly or not at all.
Static norms
Stock norms do not change with seasonal sales velocity.
Fast-mover gaps
High-velocity SKUs run out while slow SKUs pile up.
Ordering by habit
Primary orders follow last month's quantity rather than need.
THE SOLUTION
Insurance Policy Renewal Workflow Review Framework
Eligibility register
Collect daily or weekly closing stock from every distributor.
Velocity-based norms
Set norms from recent secondary sales velocity and lead time.
Gap identification
Compare stock with norm for every SKU and distributor.
Order suggestion
Show suggested primary quantities for sales team review.
THE APPROACH
Renewal Eligibility Windowing
Standardise closing stock submissions and track missing reports.
Sales Velocity Calculation
Calculate rolling daily secondary sales by SKU and distributor.
Norm Recalculation
Recalculate days-of-cover norms with lead time and seasonality.
Below Norm Alerts
Connect renewed terms and premium charges to actual receipts, cancellations, and partial payments.
Expiry Exposure Prioritization
Surface near-expiry eligible policies with missing quotations, absent contact records, or outstanding premiums.
Renewal Outcome Denominator Review
Reconcile renewed and lost eligible terms without conflating operational follow-up with underwriting or cover suitability.
THE IMPACT
Fair renewal measures
Eligible terms could provide a consistent denominator.
Process visibility
Quote preparation delays could be separated from customer decisions.
Customer continuity
Teams could see previous communications before following up.
Cash clarity
Collected premium could remain distinct from issued policy value.
Controlled review
Authorized teams could review near-expiry unquoted policies, uncontacted cases, and uncollected premiums, with source evidence retained beside the review case.
Measurable evaluation
A pilot could establish baseline values for eligible policy renewal rate (%) and assess changes after approved actions. The concept would not recommend unsuitable cover or alter underwriting decisions.
Explore Distributor Inventory And Stock Norms
Work with RUSA Analytics to connect distributor closing stock, stock norms, secondary sales velocity, and pending primary orders and create a governed workflow to review distributors below stock norm on fast movers or holding excess slow stock. Start with a scoped concept or pilot and agreed success measures.
MORE WORK
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