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Renewal opportunity for Pega Sales Automation for Insurance

Suggest edit Updated on May 7, 2021

The renewal creation processes promotes consistency and reduces data entry for renewal opportunities. Pega Sales Automation for Insurance allows you to control renewals by tracking internal policy start and end dates, search upcoming renewals, and track sales work needed to win next contract.

The personas involved in the process of renewals creation are: global sales ops, sales rep, sales manager. The global sales ops manages renewal settings by product so that sellers (reps and managers) are assisted in a guided selling process (for example timing, NBAs) that is specific to each product. Pega Sales Automation for Insurance can also create renewals in an automated process, depending on your requirements.

Renewals are connected with the following concepts:

Pega Sales Automation for Insurance renewal process
Internal policy
Internal policies are policies that are in your book of business, that is, you receive policy premiums and assume the insurance risk. To retain a client, you can create a renewal opportunity based on an existing expiring internal policy.
Expiring policies appear on the customer advanced search list. To appear on this list, an internal policy should expire in upcoming ‘X’ days. The number of days can be configured for each product in product renewal settings as the renewal period parameter.
Renewal settings
Pega Sales Automation for Insurance provides full and partial automation for the generation of renewal opportunities for expiring internal policies.
The automatic and manual renewal opportunity creation processes use renewal settings to promote consistency and reduce data entry for renewal opportunities. Pega Sales Automation for Insurance includes default renewal settings that are based on selling modes (B2B, B2C) and global default renewal settings. You can add renewal settings for each product. In addition, you can modify default settings, or enter an expiration date for default settings and then create new settings for a future time-frame.
  1. For each product, define the renewal attributes that are required for your business.
  2. Determine whether the Pega-provided default renewal settings require modifications to support your business.
Renewal opportunity
An opportunity created based on an expiring internal policy. Renewal opportunities have parameters prefilled from expiring internal policies using product renewal settings. For example:
  • Opportunity close date as expiring policy end date
  • Opportunity amount as expiring policy premium * Change percentage of product renewal setting /100
The opportunities landing page displays three opportunity sales types: new business, renewal, and remarket opportunities. The sales types depend on the occuring kind of sales activity.
Renewed policy
A renewed policy based on an expiring internal policy, signed with the same organization (in the case of B2B contracts for commercial or group insurance) or the same contact (B2C contracts for personal insurance).

Adding or modifying product renewal settings

To promote consistency across renewals and reduce data entry required for renewals, configure the renewal settings for the automatic and manual renewal opportunity creation processes.

Manage renewal settings window
  1. Log into the application as an operator with the Sales Ops persona.
  2. In the navigation pane, click Tools.
  3. In the Manage column, click Renewal settings and then select one of the following actions to make your modifications:
    • To add a new renewal setting for a product, click the Create renewal setting button.
    • To modify an existing active renewal setting for a product, click the Edit icon.
    • To delete an existing active renewal setting for a product, click the Delete icon.
  4. Enter the renewal attributes on the Renewal settings form.
    Note: Renewal settings applicable to today, based on their start date and end date (both inclusive) are considered as active. Only active renewal settings are used by background processes to create renewal opportunities.
  5. Click Submit.

Configuring customer advanced search

Sales reps and sales rep managers can use customer advance search feature to search upcoming renewals.

  1. In the navigation pane of App Studio, go to SettingsApplication Settings.
  2. In the Features tab, select the Enable advanced B2C customer search check box.

Searching for upcoming B2C renewals

You can look for active B2C polices to find ones that are expiring soon.

Before you begin: Enable the customer advanced search and configure the renewal settings as described in the "Configuring customer advanced search" and "Adding or modifying product renewal settings" sections.
  1. In the User portal navigation pane, go to Customers.
  2. Click the Advanced search link.
  3. Enter your search criteria.
  4. Select type as Customer and select the Show upcoming renewals check box.
  5. Click Search.
    Customer advanced search screen
Result: The search results display B2C internal policies expiring in the upcoming number of days, as configured in the renewal period parameter in the product renewal settings.

Creating renewal opportunities

You can create renewal opportunities for expiring internal policies that need sales work with a client so that the client agrees to another policy term and so that the client does not choose another carrier when the current policy expires.

  1. Choose an expiring internal policy that you wish to renew.
    1. To do that, in the User portal navigation pane, select Accounts.
    2. Go to the client or organization account profile and open the Policies tab.
    3. In the Policies tab, select one of the expiring internal policies that you wish to renew and open the policy properties page.
  2. In the policy properties page, from the Actions menu, select Add renewal opportunity.Result: The New Opportunity dialog box appears.
    New Opportunity dialog box
    Note: For new B2B opportunities, the dialog box is titled New Business Opportunity. Do not confuse it with opportunities for new business (by analogy, a dialog box for new B2C opportunities is titled New Individual Opportunity).

    To indicate if the new opportunity is a new business or renewal, use the Sales type drop-down list. Sales type is set to Renewal by default.

  3. Verify and, if necessary, update the information in the New Opportunity dialog and click Create.
Result: A new renewal opportunity is created. The opportunity is accessible on the Opportunities landing page and is worked and managed with other sales activities.What to do next: Use the renewal opportunity to track sales work needed to renew the expiring internal policy. See "Creating renewed policies."

Creating renewed policies

The goal of all sales work is to win business, where keeping existing clients is always high priority. The conversion of renewal opportunities into a renewed policy is the last stage in the renewal process.

Creating a renewed policy is equal to winning a renewal opportunity.
  1. On the Opportunities landing page, select the desired renewal opportunity.
    You can narrow down the displayed opportunities to renewal opportunities using the sales type filter: select Renewals from the drop-down menu.
    Sales type filter
  2. On the selected opportunity properties page, from the Actions drop-down menu, select Close.
  3. In the Close dialog box, perform the following actions:
    1. Select the Close reason as Won.
    2. Select the quote that the customer accepted.
    3. Fill the Comments field and click Submit.
Result: You close the opportunity as won and create a renewed internal policy.

Renewal process properties

Renewals can be managed in various ways to address numerous use cases.

  • You can create a renewal opportunity when internal policies soon expire.
  • Because a renewal opportunity is created from expiring internal policy, it has prefilled data but it also allows you to change the data in the sales cycle.
  • The next best action (NBA) for renewals (Ensure renewal) appears on your dashboard based on the policy end date. NBA algorithms looks for policies expiring in upcoming ‘X’ days (Renewal period parameter in the product renewal settings) when Show renewal NBA is set to true in product renewal settings.
  • You can manage renewal functions in Outlook, using the Pega Sales Automation for Insurance add-in.
  • You can enable the RenewalPolicyAssistant job scheduler which runs once a week and creates renewal opportunities for expiring business policies.
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