How does Pathpoint handle renewals?
Additional important information
Overview
At Pathpoint, we make getting quotes easy by giving you options from multiple carriers so you can find the best coverage for your client without extra work. About 45 days before a policy expires, agents will get a notice that the renewal is ready to submit. At that point, they can request to bind.
The renewal quote is based on the current policy, including any mid-term endorsements. If changes are needed, agents can edit the submission, though this may require underwriter review. Agents can also explore other market options if needed.
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Agents can quickly review and submit renewal quotes from the incumbent carrier in just a few steps.
Agent receives an email 45-30 days before policy expiration, notifying them that the renewal quote is ready to view. Agent clicks the link to access the renewal quote
Agent reviews the quote letter for accuracy and submits a bind request.
Agent receives an in-app confirmation that their bind request has been received. Once approved by underwriting, a payment link will be sent to the billing contact.
Additional important information
Pathpoint may require updated diligent efforts forms at renewal based on state guidelines. You can leverage Pathpoint's end-to-end e-signing process to pre-fill this information and make it seamless.
Billing for renewals is handled the same way as for new business. You'll enjoy the same digital invoicing flow, automated reconciliation of commissions, and 100% digital processing in Ascend, whether you're using PathPay Insured or PathPay Agency.
Agents must submit a bind request after reviewing renewal quote.
Additional Resources
Learn each state's requirements with this Compliance Chart provided by WSIA.
FAQs
Are policies automatically renewed?
No, E&S policies cannot be renewed automatically; however, Pathpoint simplifies the renewal process by automatically sending you a renewal quote based on the expiring information. 45 days before renewal, agents will receive notice of the available renewal quote, which they can use to submit a bind request to renew or to shop for quotes from other markets in-app.
Do I need to submit a bind request for renewals?
Yes, all new business and renewal quotes require a bind request for a policy to be issued.
Do I need to complete a new ACORD or Supplementals at renewal?
Supplementals are only required every three years, unless the agent chooses to rewrite with a different carrier or indicates significant mid-term changes that were not previously endorsed.
Can I still shop for other markets?
Yes! Simply submit the prefilled application in-app, answer any additional questions, and resubmit to get more quotes.
What happens if there were unendorsed mid-term changes to a policy?
In this circumstance, resubmit the application to be requoted.
Are there any situations where a renewal quote can't be provided at 45 days?
Yes, in some cases, like property policies along the Southeast US coast, carriers can only provide quotes 30-15 days before expiration due to regulations. Agents will be notified when the renewal quote is ready. If you do not receive a renewal notice 45 days in advance, reach out to your Account Manager to determine the cause.
Will there be another inspection if there was an inspection on new business?
It can vary by carrier, but most of our markets only require an inspection every third renewal (4th policy term). However, added locations are still subject to potential midterm inspection. Also, if the insured has moved markets at renewal or mid term, they will be subject to new business inspection guidelines for that market.
How can I make coverage changes?
If you need to make specific changes, please include notes at the end of your renewal submission for the underwriters to review.
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