Track Renewal Workflow

Agency principals are always concerned about the workflow of their renewals. 'What’s going on with ABC account? Have we remarketed the account? Have we received information back from the companies? How far ahead are we working from the renewal? Where are we?' Renewals are the continual life of the agency. 'We worked so hard to get the account in the first place. Let’s not mess this one up.' Principals need to know the status of every account within the renewal process.

To do the job, you’ll need to develop a record of the renewal workflow process. Delegate each CSR to keep records for each account within the process. Pass this information around. Keep everyone up-to-date. And, finally, hold meetings to keep everyone on track.

RENEWAL WORKFLOW PROCESS RECORDS 

Start by developing a chart. On the left side, list the agency name and then list in columns the step-by-step renewal workflow process. Include every step from receipt of the expiration report to delivery of the renewal policy to the insured. Here’s a sample:

1. Receive Expiration List
2. Review Files
3. Gather Information from Insured
4. Market Account if Applicable
5. Contact Company with Insured Information
6. Receive Renewal Policy
7. Review Renewal Policy
8. Process Endorsement if Necessary
9. Suspense for Renewal
10. Process Binder
11. Process Invoice
12. Process Finance Agreement if Necessary
13. Suspense if No Renewal
14. Update Customer File
15. Interface Policy if Necessary
16. Process Certificate
17. Process Scanning
18. Process ID Cards if Necessary
19. Deliver or Mail Policy to Insured

Once the chart has been developed, track each renewal by dating each step as it’s completed. This is a thorough way to see exactly where each account is within the process. When problems arise, it’s easy to take further action because the chart contains all information on the renewal.

CSR RECORDS

In most agencies, the CSR plays a very important part of the renewal process. CSR usually receives the initial expiration report and starts the renewal process by reviewing the account with the producer and following the producer’s instructions on remarketing the account if necessary. After this point, the CSR is responsible for making sure every step in the process is followed and handles most all the paperwork. It’s the responsibility of the CSR to track the renewal process through the workflow sheet. The CSR should know the status of the renewal account at any time and make sure the agency principal and producer receive updated renewal workflow process records weekly.

RENEWAL REVIEW MEETINGS

Include everyone in the renewal review meetings. The agency principal should attend to oversee the renewal process to ensure that renewals are handled smoothly, and make sure the renewal actually happens. The producer is the hands-on agent who processes the renewal with the customer. The CSR handles all paperwork, makes sure the step-by-step process is followed, and guides the producer through the renewal process. Each of these players plays an important role in tracking the renewal to its end. No single person can act without the other.

Most agencies have at least two renewal meetings per month. It might be best to have weekly meetings to track the day-to-day renewal process, especially for large Commercial accounts on which it’s essential to keep everyone up to date.

CONCLUSION

Some agencies neglect the renewal review process on smaller accounts. Be sure to check out all accounts —there’s always an opportunity to sell an account during the renewal review process. Keep the process going and get everyone involved. Develop a dated checklist from the start of the process to the end to make sure every step is completed with every account. Have the CSR track the renewal process through the workflow checklist. And, always keep everyone up-to-date on the status through weekly or every-other-week meetings.

Renewals are your agency’s livelihood. Don’t miss even one! Keep the agency growing!