Tools For Commercial Renewal Handling

by Gil Simonds

Commercial P/C agencies have been using a variety of renewal checklists for years. The checklist shown in conjunction with this article streamline and simplify the approach.

The VIP Renewal Checkpoint checklist was designed for some larger agencies, and their Commercial account handlers (managers and CSRs) really like it. Instead of documenting all the minutia that could be monitored, this checklist identifies eight key checkpoints in the renewal cycle, and treats each one as an important place to stop and evaluate the status of the renewal.

The Smaller Account Renewal Checkpoint checklist differs in one regard from the VIP version. Rather than having the producer meet with the insured in a pre-renewal visit, for smaller accounts the CSR simply sends a renewal update letter. The letter can be issued using 'mail merge' on the agency's automation system.

Account handlers like the checklist approach because they're treated as professionals while management still monitors the important things. At the outset, if account handlers haven't previously been subject to scrutiny with respect to renewals, a status check can be done twice per month.

I encourage agencies to set up the checklists in renewal notebooks, tabs separating the months, with one checklist per account. Account handlers find this format useful for keeping producers updated on account renewal status during their communication sessions. In fact, many producers review the notebooks themselves. Of course, some agencies simply set up the forms in Microsoft Excel and keep them online.

Trigger dates-the number of days before expiration date (BX) -- can be altered, depending on how early you want to get started.

The Marketing Status sheet is a companion form that is attached to the Renewal sheet when an account is being re-marketed. Used properly, a CSR or producer can tell at a glance exactly what has come in, and what the pricing was for each market by line. This has proved very beneficial for marketing people. In fact, the Marketing Status sheet was originally designed for a marketing person who had trouble keeping up with incoming information, and staying organized on accounts that were out to market. These sheets helped him know where he stood, and enabled him to communicate any account's status during renewal update meetings with producers and principals.

Insured: ________________________ Renewal Date: ________________________

Insured: ________________________ Renewal Date: _________________________

Insured: ________________________ Producer: _________________________