I have created a workflow rule on an Account Object, which updates the Account Record type from Unsigned Group to Signed Group, when the Account status changes from Unsigned to Signed and if the Insurance type custom field is Group. However, the rule doesnt seem to be working?

Also, The Account status is workflow field update on its own. So when the Opportunity Stage changes to Closed Won, the Account status changes to Signed from Unsigned, and this is working fine. 

Is it because the first workflow relies on the second workflow rule to update its value?