Introduction
As a broker, there are three primary contributors to the success in your role:
- Ensure your clients are properly covered and always getting the best insurance for their budget. If you are able to deliver this commitment to your customers, you will retain them.
- Maximize the revenue of your book of business through upsell and cross-sell of products when applicable to your customers.
- Decrease risk of Errors & Omissions by educating your customers and offering adequate coverage, such that the brokerage will not me be liable for it.
How can you ensure that you are delivering in these diverse aspects of your role? The answer lies in reviewing renewal policies in advance of their renewal dates. However, this can be a very time consuming task, taking anywhere from 10-30 minutes per renewal review. Given constant interruptions from emails, calls, or someone walking into the office, staying current with the volume of renewing policies can be tough. Often, brokerages aren’t able to proactively review every policy due to a backlog and need to prioritize their book.
This leads to:
- a lower than ideal retention rate
- a book of business that isn’t optimized for the maximum revenue
- a brokerage assuming a higher E&O risk than necessary
How can Quandri help?
Quandri’s Renewal Reviews supports you with the manual and time consuming renewal review process through automation. By accessing the management system, the Renewal Review Capability will automate the following workflows:
- Completing a policy comparison from last year to this year for changes
- Analyzing the policies and client account for gaps in coverage
- Providing a report with insights and recommendations on every policy being renewed within the brokerage.
Review the table below for a full list of insight categories:
|
Category |
Example |
|
Major changes from last year to this year |
|
|
Gaps in coverage |
Missing overland or sewer backed up coverage |
|
Missing qualified discounts |
The insured is >65 and is missing an age-related discount |
|
Upsell / Cross-sell opportunities |
Legal liability limit under $2M |
This data analysis gets inserted directly into your workflow within an activity in the management system, enabling you to take the necessary action without needing to spend 10 to 30 minutes compiling insights from the review.
Renewal Reviews can also create follow up activities to flag extra important insights to be acted on immediately.
Conclusion
In summary, Quandri’s Renewal Reviews will ensure your brokerage is delivering an accurate review, and drive efficiency through reducing the amount of manual work. This will support the broker team to deliver an improved client experience.
Can’t resolve your issues via our Knowledge Hub? Email Quandri Support with your query.