Hi Mike,
Thank you for your very helpful response. I am able to increase the number of iterations using the python script and it seems to have solved my issue. However, I am facing another issue now and that is shown in the figure below.
I see this error for some design points and when I rerun the specific design points, sometimes it solves and sometimes it doesn't. I have contact my IT team and they are of the opinion that it is not a license issue but some file system is not working properly. Is there any way to fix this issue? Sometimes when I see the above error, I see a message before, given below for your reference. 
But this message is not shown for all the dps that give the "workbench communication error". Awaiting your helpful response.
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