| REVIEW AND RENEW: CLIENT SERVICE AS A RETENTION TOOL Today's busy consumer prefers one-stop shopping to running around town in search of the best deals. This tendency applies to insurance shoppers, as well. This works in your agency's favor, since clients will stay longer with an agency that protects multiple exposures for them. But once your agency has written several coverages for a client, how do you retain those clients? How can a CSR help to prevent account attrition? Implementing active review and renewal procedures is a good starting point. Handling renewals can be viewed either positively or negatively. You can see it as: 1) more work for an already overloaded system, or 2) an opportunity to upgrade (increase coverage) or round-out the account (write additional coverage), thereby proactively managing renewal-control lists. The latter is the more professional and profitable attitude to have! Teamwork is crucial to obtaining new coverage while renewing existing clients. Producers, Personal or Commercial Lines managers, and CSRs should meet 90 to 120 days before to the renewal date to discuss a strategy for effectively reviewing and renewing an account. The sample renewal workflow checklist, provided in the supplementary material section of your CSR binder, can be customized, then utilized for smooth account review and renewal. Creating your own renewal checklist will give you guidelines and directions for proactive renewal control. Once all the data for a given coverage or policy has been collected and the account has been reviewed by the producer or a licensed CSR, have a renewal upgrade letter sent to the client, giving a brief description of the producer's recommendations. This letter confirms the discussions and provides documentation in the event of an error or omission. (This may also be an excellent opportunity to record expiration dates for coverage your agency isn't currently writing.) Are your clients enjoying the benefits of one-stop shopping with your agency? Implementing renewal procedures will encourage them to do just that. |