How to manage policy renewals in AMS+

Overview

Policy renewals are a key part of keeping your records accurate and your clients well-served. AMS+ provides tools and workflows to help you manage renewals efficiently and proactively.

This article explains how to prepare for renewals, take timely action, and handle common scenarios using AMS+.

IN THIS ARTICLE

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How do I know when renewals are coming up?

Before diving into the renewal process, make sure you’re using the Renewal Date field on your Policy Records. This field should reflect the next time the policy is set to renew, usually a date in the future.

Keep in mind, AMS+ does not automatically update this field. It’s up to you to manually adjust it as part of your renewal business processes.

To stay ahead of renewals:

• Review all of your Policy Records at least annually
• Update the Renewal Date accordingly

This helps ensure your data stays accurate and your team remains proactive.

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What do I do when a renewal comes up?

Once your Renewal Dates are current, you can use the following AMS+ tools to identify upcoming renewals and take action:

Reports

Use the Policies Standard Report to find Policy Records with upcoming Renewal Dates. This gives you a clear view of what’s approaching and where to focus your efforts.

Advanced/Saved Searches

Create custom searches to quickly filter and revisit groups, individuals, or policies due for renewal. Save these searches to reuse them in the future.

Servicing Automated Workflows

Set up Servicing Workflows that trigger emails or reminders based on the Renewal Date. This keeps your team on track without relying on manual follow-ups.

Group Primary Contact & Servicing Agent

Ensure that:

• Every Group Record has a designated Primary Contact
• Every Policy Record has a Servicing Agent

These fields are essential for workflow communications and follow-up tasks during the renewal process.

Policy Coverages

When plans change, update the Coverages tab of the Policy Record. Be sure to inactivate the old plan(s).

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Renewal scenarios

Here’s how to handle common renewal situations:

Scenario 1: Staying with the same carrier and the same plan

What to do

• Update the existing Policy Record’s Renewal Date to next year
• Update the existing Policy Record’s Coverages tab if necessary

What not to do

• Don’t create a new Policy Record

Scenario 2: Staying with the same Carrier and changing plans

What to do

• Update the existing Policy Record’s Renewal Date
• Add new plan information to the existing Coverages tab
• Inactivate the old plan(s)

What not to do

• Don’t create a new Policy Record

Scenario 3: Moving to a different Carrier

What to Do

• Update the existing Policy Record’s Status to indicate it’s no longer active
• Enter a Termination Date on the existing Policy Record
• Create a new Policy Record for the new Carrier

What Not to Do

• Don’t overwrite information on the existing Policy Record

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Key takeaways

• Keep Renewal Dates up to date on all Policy Records
• Use tools like Reports, Saved Searches, and Automated Workflows to manage renewals efficiently
• Match your workflow to the specific renewal scenario
• Always update or create records appropriately to maintain historical accuracy