Processes insurance renewal documentation for brokers and underwriters. Extracts policy details, compares renewal terms against expiring policies, identifies coverage gaps, and generates renewal summaries with premium comparisons and recommendation narratives.
This skill processes insurance renewal documentation for brokers, underwriters, and risk managers. It extracts key policy details from expiring and renewal terms, performs side-by-side comparisons of coverage, conditions, and premiums, identifies material coverage gaps or restriction changes, and produces structured renewal summaries with recommendation narratives suitable for client presentation.
Ingest the renewal documentation. Read the expiring policy schedule, renewal invitation or quotation, and any supplementary documents such as endorsements, claims experience summaries, or risk survey reports. Identify the policy class (e.g., commercial combined, professional indemnity, employers' liability, cyber, directors' and officers') and the policy period.
Extract key policy details from both expiring and renewal terms. For each policy, capture: insurer name, policy number, inception and expiry dates, the insured entity and any subsidiaries or named insureds, the limit of indemnity or sum insured, the excess or deductible, the premium (net, IPT, and gross), and any notable conditions, warranties, or exclusions.
Perform a side-by-side comparison. Align the expiring and renewal terms in a structured comparison. For each material field, highlight whether the renewal represents an improvement, deterioration, or no change. Pay particular attention to changes in excess levels, sub-limits, aggregate limits, territorial scope, retroactive dates (for claims-made policies), and any newly introduced exclusions or conditions precedent.
Analyse premium movements. Calculate the percentage change in premium from the expiring terms. Break down the premium movement into rate change and exposure change where the information is available. Compare against market benchmarks if prior renewal cycle data or market indices are available. Note whether Insurance Premium Tax (IPT) has been applied at the standard rate (12%) or the higher rate (20% for travel and certain other classes).
Identify coverage gaps and risk exposures. Review the renewal terms for any coverage gaps relative to the client's known risk profile. Check for common gap areas: cyber exclusions in property or liability policies, professional indemnity retroactive date restrictions, pollution exclusions, communicable disease exclusions, and adequacy of business interruption indemnity periods. Flag any warranties or conditions precedent that the client may struggle to comply with.
Draft the recommendation narrative. Write a clear recommendation for each policy line stating whether to accept the renewal terms, negotiate specific points, or seek alternative quotations. Where terms have deteriorated, provide context on market conditions (hard or soft market, capacity constraints, loss experience) to help the client understand the position. Quantify the financial impact of material changes where possible.
Compile the renewal summary report. Assemble all findings into a structured renewal report with an executive summary, individual policy comparisons, premium summary table across all lines, identified gaps and recommendations, and a timeline of renewal actions required with deadlines.
The output is a structured renewal report in markdown containing: