Quandri Knowledge Hub
Requoting Triggers
What are requoting policy triggers?
Configurable requoting triggers allow you to tailor workflows to your agency’s priorities and adapt quickly to changing market conditions. By setting up requoting triggers, you can strategically focus your remarketing efforts on policies most likely to benefit your business, such as improving retention and maximizing cross-selling opportunities.
Available Policy Triggers
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Premium increase – Customers that get highest increases are most likely to shop - impacting retention
You have the option to select either a percentage (%) OR dollar amount ($) increase for when a requote occurs.
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Monoline policies – Used when you want to focus on cross-selling accounts
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Specific carrier – You may have a carrier that you are considering cancelling or a carrier may have been financially downgraded and you are no longer looking to grow with them. Simply enter the PPE code of the carrier that you wish to be requoted and all of the policies with that carrier will be requoted.
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Time with a specific carrier – Agencies might want to shop a policy after a customer has been with the same carrier for 3 years or 5 years. This can support targeting customers that have been loyal, however they may have had multi-year increase and now have competitive options.
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Agency-defined category – Every agency has unique ways of categorizing their book of business, this flexible trigger allows you to requote based on your unique classification system. Enter in the field & the custom value to trigger a requote (ie. all Tier 1 policies should be quoted every year).
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Claims – Agencies will often not remarket customers that recently had a claim - existing carrier is likely the cheapest and there may be claim forgiveness being honoured.
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Roof Age - You may have a hard time placing a risk that has an older roof, so it is not likely worth your time to requote policies that above a certain roof age.
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Roof settlement - Similar to roof age, a customer that currently has ACV on their roof coverage might not necessitate a requote. Helpful if roof age data did not download into Epic.
How to configure Policy Triggers
To configure policy triggers, you can follow these steps:
Step 1 – Go to ‘Requoting’ in the left-hand navigation
Step 2 – Select ‘Policy Triggers’
Step 3 – Select the tiggers you want for requoting
Step 4 – Under each trigger, define the trigger parameters.
Step 5 – Once you are satisfied with your requoting triggers, hit ‘Save’.
FAQ
Can I use multiple triggers at the same time?
Yes, you can apply multiple triggers. They work with OR logic, such that if any one of these items is met, the policy will be requoted.
How do I decide which triggers to use?
Start with your business objectives. For example, if retention is your primary goal, begin with premium increase and time with a specific carrier. If your agency is more focused on growth, emphasize requoting with monoline accounts and agency-defined categories.
How often should I revisit triggers?
Any time there are significant changes in the market or to carrier relationships, it is worth reviewing your agency's triggers to ensure you continue targeting the right thresholds for remarketing efforts. We recommend completing an annual review at a minimum.
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