CoverageIQ

CoverageIQ

In short, CoverageIQ is a ServiceNow application that
manages your entire corporate insurance lifecycle in one governed platform —
from declaring insurable assets and gathering insurer quotes to comparing
coverage terms and binding policies. CoverageIQ eliminates
the spreadsheets, email threads, and disconnected documents that slow down
the annual renewal cycle, replacing them with structured, traceable workflows
that serve both the insured corporation and its insurers.

First, your risk team declares and reviews all insurable
assets in CoverageIQ’s structured registry. Next, the system
generates formal renewal submissions for each line of coverage and routes them
to insurers through a secure portal. In other words, every
declaration, quote, comparison, and binding decision is captured, approved,
and preserved in one auditable record.

• At renewal initiation, business unit owners receive
  targeted asset review tasks — confirming, updating, or adding only the
  assets within their area of responsibility.
• At quote deadline, CoverageIQ automatically reminds
  outstanding insurers and alerts the renewal coordinator of any
  non-responses.
• At coverage selection, a structured side-by-side
  comparison of all quotes against prior year terms supports faster,
  better-documented decisions.

Annual renewal workflow: five governed stages

Meanwhile, CoverageIQ enforces a consistent renewal
process across every policy and every line of coverage.
Additionally, configurable approval steps at submission
and coverage selection create a clear record of who authorised each decision
and when. Then, once a policy is bound, the complete renewal
record — declarations, submissions, quotes, comparison, approvals, binding
instruction, and policy documents — is preserved as the definitive archive
for that cycle.

If no insurer responds by the quote deadline, CoverageIQ
escalates automatically to the renewal coordinator. As a result,
renewal gaps caused by missed deadlines or slow insurer responses are
eliminated. Ultimately, risk goes down while governance and
visibility go up.

Secure insurer portal

In addition, CoverageIQ includes a dedicated insurer-facing
portal through which underwriters review structured asset declarations, submit
quotes in a consistent format, and communicate coverage terms — all without
email. With compartmentalised access controls, each insurer
sees only the lines of coverage they have been invited to quote on.
Therefore, commercially sensitive asset data stays protected
while insurers receive everything they need to underwrite accurately.

Included deliverables

To help you launch fast, CoverageIQ includes the following.
Specifically, these assets accelerate configuration and
onboarding. Together they support a successful CoverageIQ
rollout.

• Architecture & Data Flow Diagrams
• Implementation Epics, Features, and Stories
• Test Cases with Success Criteria
• Capabilities Workbook (What to Expect)

Requirements

• At a minimum,
  
  ServiceNow on a supported platform release for
  corporate insurance management with CoverageIQ.

Release notes

• Currently, new — initial version of
  CoverageIQ, formerly known as Corporate Insurance
  Renewal.

Use CoverageIQ to govern your entire corporate insurance lifecycle
within ServiceNow — from asset declaration to policy binding — with full
auditability at every step.

Update Set Available: Yes
Compatible With: Yokohama
Consulting Hours Available: Yes

Finally, explore related workflow solutions:

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Fleet Management System.