Auto-renews may be quick and easy, but they leave a lot of potential income on the table. Things change fast for policyholders — new risks arise, limits need modification and other kinds of insurance may suddenly become a must-have. Here’s how to go beyond just securing renewals year after year, and, instead, get more value out of each one.
Ask, listen + connect
Interview them — use it as an opportunity to connect and let them talk about their business needs or personal property. What’s going well? What’s changed? Are there new activities, processes or equipment? What might affect their policies? This is your opportunity to be their trusted risk management partner and to show them you know your stuff.
Spot the cross-sells
Every renewal is an opportunity for a cross-sell. Your research and listening will point to ways to round out accounts with umbrellas, employment practices liability insurance, cyber insurance or D&O liability. And always remember that every zone is a potential flood zone, so flood insurance can get easily looped into every property insurance policy.
Check coverage limits
Conditions change fast. Whether your clients are experiencing expansion or contraction, their last year’s policy may not appropriately protect them right now. Evaluate their growth or any geographic shifts to make sure their limits still fit their needs.
Stay in touch post-renewal
Next year’s renewal process should begin as soon they sign this year’s policy. Research reveals that 90 percent of clients who have been connected with three or more times during the policy period will renew with that agency. Build these touch points right into your communications.