People don't pay much attention to Personal Lines when it comes to account rounding, the yearly renewal review, and new business. Agencies say it's hard enough just keeping up with all the paperwork. When direct bill policies come in, they get a quick review, and off they go to the file. It's so easy to let the yearly review process for renewals pass you by.
There's a wealth of untapped business just sitting there in your book of business. You might as well take advantage of it. Start working the book to account round, review accounts, and seek new business.
DEVELOP REPORTING FORMS
When developing the Personal Lines reporting form, get input from all the employees who are involved and discuss what needs to be in the record. Ask the following questions:
- Are customer service representatives (CSRs) getting calls from prospects because of a special mailing or through other means?
- How many calls is the agency getting each day?
- How many prospects are suspensed to requote at a future date?
- How much premium volume is each CSR bringing in from account rounding, renewal review, or new business?
The Personal Lines record should include the date and name of the insured or prospect. It should also state whether the contact:
- Is an account round or new business
- Originated from a referral, special marketing letter, walk-in, yearly renewal letter, or by other means
- Was quoted and if so, for what premium amount
- Was closed or suspensed for contact at a later date
EASY ACCESS
After you develop the records for each CSR to complete daily, make sure the records are easy to access. If CSRs have difficulty entering contacts quickly, they may forget the entry altogether.
REVIEW
Review each CSR's report carefully each month. Ask the following questions:
- If the agency is sending out the renewal review letter 60 days ahead, are CSRs getting phone calls from clients to endorse or evaluate their policies?
- Is most of the new business coming from walk-ins or referrals?
- Is a recent marketing piece or advertisement paying off?
- Is one CSR closing more contacts than another is closing?
MEET
Ideas from the staff often become successful programs. Meet with all Personal Lines employees to discuss the monthly reports. Discuss which marketing programs have been the most successful for the agency and which contacts are bringing in higher revenue and for which types of coverage.
Start your Personal Lines reporting system today and watch your business grow!