Insurance renewal management involves a complex dance of negotiation between insurers and brokers. As a broker, you may feel pressure to enter a bidding war for a specific policy, but this may strain your relationships with insurers. To ensure a smooth renewal process, provide clients with two or three renewal quotes per policy, comparing coverages to those of similar companies. By providing these quotes, you will improve your client retention and bottom line.
Managing insurance renewals can be a time-consuming, resource-draining task. Risk pools must send forms and data for premium calculations to members, and keep them informed. The right RMIS will streamline this process and relieve a strain on staff. And it can automate data collection and reduce the need for manual data entry. So, how can you find the right RMIS for your needs? Keep reading to learn how RMIS can make the renewal process simpler.
Insurers should always be aware of potential hidden fees and increases in premiums. These increases may not be noticeable at first, but can add up to a large sum in the long run. Moreover, organizations must allow adequate time to negotiate with insurance brokers. Some organizations may not realize any discrepancies in the contracts, but if the contract changes, they should contact their insurance brokers and get the best deal possible. This way, the organization can reduce premiums, and retain more money for operations.
Effective insurance renewal processes begin three to four months before the expiration date. During this time, the insurer and the broker can review the performance of the previous year. If there are any major changes, the broker should contact the client 60 to 90 days before the renewal date. If the client does not contact the broker within 30 days, the broker will most likely not be paid a commission. To avoid this problem, the insurer should make an effort to contact the client in advance of the renewal date.
Outsourcing the insurance renewal process can improve productivity, increase efficiency, and save money. Outsourcing insurance renewal services can help you win over policyholder loyalty, demonstrate professionalism and demonstrate professional competence. Outsourcing insurance renewal activities to a specialist can help you save time and money on a key component of your business. If you need help with insurance renewal management, let Staff Boom know about your needs and we will get in touch with a provider of services that suits your business model.
Origami Risk is a comprehensive policy administration tool that enables risk pools to manage their policy lifecycle from beginning to end. Its powerful underwriting functionality enables risk pools to manage their entire policy lifecycle from proposal to payout. Its powerful features also help them manage their member billings. These benefits make insurance renewal management a breeze. If you need to increase customer retention and satisfaction, consider using A1 Tracker. A1 Tracker makes managing COI certificates easy. This software program supports all types of insurance, including general liability, automobile, E&O, and commercial insurance. It enables administrators to quickly and efficiently view and manage COI renewals and coordinate with vendors.
