https://completemarkets.com/pages/Discussion/dtopic/ziEZtwUli0CA3aprAN5t1w/Need-help-writing-commercial/
So here's the deal. I have a bookkeeping & tax business, and I am also fully licensed in Idaho (Life/Health and Property/Casualty) and I have an fully licensed agency in Idaho. I am really busy with the accounting portion of my business, but I currently have requests for quotes for commercial auto, business owners and commercial liability waiting to be quoted. But with my other workload, I just haven't had time to jump on anything. I don't want to lose them completely, but I just am pushing the limits on my time.
So I am looking for someone that I can get to quote and write the policies, but I would like to still be compensated. I would service the accounts, because they would be bookkeeping and tax clients as well and I would be the "trusted adviser".
Is there someone out there who can help me? With the bookkeeping business, I am constantly getting requests for commercial coverage for new and/or small businesses. But I don't have time to put all of the paperwork together and deal with back and forth to get it placed.
I'd gladly give up the majority of the commission to keep my clients happy. And I really would like to run any commissions under my agency, if possible.
So basically I make the initial contact, your company actually writes the policy doing all of the footwork on the back end and keep a sizable piece of the commission. And then I will be the contact for the client for any service needs.
I'd love to hear any thoughts on the whole idea.
A. Brian Cogan
https://completemarkets.com/Article/article-post/204/Working-Your-Plan-For-Renewals/
Working Your Plan For Renewals
Remember when 'renew same' or 'renew as is' with your initials written on the copy of a declarations page were acceptable directives for a company underwriter? Those were the days, my friend and, alas, they have come to an end.
The renewal process has become far more complex. Without a solid plan of action with specifically defined mechanisms, renewals can easily take control of a CSR's time. When this happens, service suffers.
True risk management - providing total financial protection for clients - requires time and careful attention to details. This sort of quality care leads to excellent retention rates. You've heard it before: It costs far less to keep an existing account than it costs to get a new one. So, implementing a careful renewal transaction plan is of paramount importance.
Planning your work then working your plan helps you accomplish more in a day. A solid renewal control process will help you control your work rather than it controlling you!
Here are some recommended steps for implementing a comprehensive renewal flow plan:
RENEWALS
1) Get the renewal control list. This list should be prepared from the information contained in invoices. The agency's bookkeeper or accounting personnel can prepare this report three to four months in advance of the renewal month. The list should be produced by date and in alphabetical order. If you work in a team, the list can be generated by producer code and in chronological order.
2) Update. Review the list and make direct notations on it with information about modified expiration dates, coverage types, and so on.
3) Review with producers. The list now becomes a skeleton 'agenda' for a meeting of the minds. The CSR (along with other CSRs involved with the account), the producer(s) of record, the sales manager (if you have one), and the bookkeeper should meet to design a strategy for determining who will contact each client and estimating how much time the account will take to renew.
At this time, you should also identify how you will contact the client - by mail,e-mail, phone interview, or personal visit.
4) Review and develop coverage. Establish a strategy to determine the coverage needs of a particular account for the coming year. Note ideas about ways to develop a protection plan. Consider: whether anyone else should be introduced to the account (e.g., a Group Life/Health specialist); what kind and how many service transactions were required during the past year.
5) Create a suspense for each account. Enter a specific suspense date signaling when to start concentrating on a particular account. The suspense should allow an appropriate amount of time for meeting with the client, documenting the information required, submitting it to the carrier(s), and preparing a formal renewal proposal (if necessary).
6) Present the renewal proposal to the client a week to 10 days prior to the actual renewal date. Gather updated renewal information. Review the file and identify as much detail as possible about property and liability exposures, claim frequency and type, transaction requirements, and so on. Do your homework. Try to get as much done as possible internally before contacting a client.
7) Conduct a client review. Use telephone, mail, e-mail, or a personal visit to complete a needs analysis or coverage checklist with the decision-maker or the appropriate representative for the account (the controller, accountant, office manager, etc.).
8) Return this information to the CSR (or marketing representative). When the client review is complete, the information should be returned to the agency in a legible format for premium estimation and proposal completion.
9) Prepare renewal applications. When getting quotes on a particular renewal (after verifying the underwriters' approval and interest), complete and submit renewal applications with an appropriate suspense date.
10) Update the renewal control list. Make a notation on the renewal list (given to you as step number one) concerning progress on the account. Review and update the renewal control list as part of your daily routine.
11) Update the activity log. At the same time you're monitoring the overall control of the renewal process, it's also a good idea to note any actions taken in the client's record. This way, anyone can see at a glance the status of an account.
12) Rate. Another important aspect to the renewal transaction is to determine if premium credits are needed to retain the account. A word of caution - those who live on price will die on price. Ensure that your clients know the added value in doing business with you ,rather than a competitor. Ask agency staff and clients, 'Besides price, what does a client want or need from you?' Once you have the desired price range, determine whether the account will be rated in-house or submitted to the company for premium estimates.
13) Call first. The company underwriter and/or marketing representative deserve the opportunity to indicate their willingness to do a good job on the account. Without their advance approval, you might wait a long time for a response/premium estimate and might not like what you get once you do get it. A common courtesy, and big time-saver, is to call the company first to determine their interest in the account.
14) Prepare worksheets for premium estimates. Compiling the needed facts readies you for the rating process. (It's like preparing for a meal - you have to have all the ingredients before you can begin to prepare a dish.)
15) Submit for rating. If someone else is doing the calculations, prepare the necessary information, then transmit it to the appropriate company representative.
16) Create a suspense. Or note on the renewal control list an appropriate time frame for receipt of updated figures and premium estimates.
When premium estimates are received or calculated, verify and review their accuracy.
Update the renewal control log again, indicating the receipt and preparation of the proposal.
Update the activity log in the client's database indicating the status of the renewal process. Again, this allows anyone needing access to a record to know its status.
17) Review with sales. It's time now to advise the producer that you've received premium estimates and are ready to prepare a formal renewal proposal.
18) Prepare renewal proposal. Using standard forms or pre-formatted documents, print and bind a formal proposal of coverage types, amounts, and estimated premiums for presentation to the client. A deposit premium statement should be included so the producer can procure the client's commitment.
19) Present. Now the producer (along with the CSR when appropriate) meets with the client to explain the proposed renewal coverages and premium estimates. This is also the time to confirm that the client will, in fact, renew the protection plan with your agency.
20) Develop the account. The presentation provides an excellent opportunity to upgrade the client's coverage plan. Earlier in the renewal process, you should have identified specific areas requiring development. Now is the time to ask for the business.
If the client throws you a curve and decides not to renew, refer to cancellation transaction procedures. Don't allow him or her to leave easily!
21) Yes - Renew. The producer should obtain an estimated premium deposit, large enough to commit the client but small enough to modify without too much effort once the policies are actually received. Also, note any corrections directly on the renewal proposal at this time.
22) Send the information to the CSR. The producer brings the renewal presentation back to the agency, providing any correction or changed data and communicates with the appropriate CSR. The CSR prepares the order for renewal for the insurance carrier. Update coverage and order renewal policies based on the information obtained above.
23) Prepare binders; invoice/ID cards. While policies are being prepared by the insurance company, the agency should prepare appropriate documentation as defined in its carrier contracts. Binders of coverage, actual invoices, identification cards, or proofs of insurance are examples of the documentation you can provide.
24) Create suspense for the policies to be returned from the company.
25) Go to 'Policy Received' - another transactional work-flow that can also be used when you've ordered a policy endorsement.
POLICY RECEIVED
Now that the plan for generating renewals has been effective, it's useful to implement a plan for handling the policies you've received. Here are some recommended steps for servicing those accounts effectively:
1) Review for accuracy. Upon receipt of an updated declaration, validate its accuracy. This is an ideal opportunity for a service assistant to learn by doing. Allow him or her to review the policy against your request(s) for coverage.
2) Invoice if applicable. If, following these guidelines, you've only prepared premium estimates and collected a deposit premium, now it's time to actually invoice the premiums due, while preparing a summarized statement for your client to pay.
3) Receive payment from the client. Submit the information to the bookkeeper or enter it directly into the client's database and the agency's accounting system.
If the policy is issued incorrectly, submit a correction request FYI:
Advise the producer that the policies are in the agency and being readied for delivery.
4) Update activity log. Note in the client's database that policies have been received.
Note: Hold the actual renewal delivery until all policies have been received.
5) Update renewal control. Indicate in the control column for policies processed the date you prepared the coverage documentation for the producer to deliver to the client.
6) Update profile. Revise the client's database to indicate new policy numbers (if applicable), new coverage amounts, and any other current information gained thorough the renewal process.
7) Deliver or mail renewal protection plan (with disclaimers and confirmations). Depending on the account's size and service requirements, the producer should personally deliver the updated policies. Smaller, less demanding accounts can easily be mailed.
8) Establish service contact. During the delivery meeting, the producer and the client should arrive at a consensus about the appropriate frequency of service calls. Some accounts prefer monthly calls, while others are perfectly content with a mid-year review. Agreed-upon dates should be suspended for appropriate reminder and scheduling.
9) Notify unsuccessful companies when you get multiple quotes for an account. Relationship(s) can be strengthened with those not earning the business by acknowledging your gratitude for their time and effort and also explaining why they didn't get it.
10) Create audit suspense. Establish a diary that covers the 30 to 60 days following the renewal for receipt of company audit of the previous year's figures.
11) Send a thank-you letter or note to the client (along with any additional insureds) indicating your appreciation for their renewing, inviting their questions and changes throughout the coming year, and introducing any other support team members they may not have met.
The renewal process can be as simple or as complex as you make it. Utilizing this suggested plan of action, with specifically defined mechanisms, can help you control your time while adding value to the service you provide for customers and producers. Plan your work, then work your plan to help you feel satisfied with a job well done!
PERSONAL LINES
The Personal Lines renewal work flow should be slightly simpler than that outlined in the lead article. Some suggested modifications for Personal Lines follow.
The Renewal Control List is very helpful - again, it provides you with a management mechanism. Personal Lines lists can be generated two to three months in advance.
You might or might not need to review the control with producer(s). This point should be predetermined by account type and satisfaction standards defined in league with your customers.
Renewal applications and/or phone calls to the company underwriter are usually not required activities for Personal Lines although renewal questionnaires are sometimes provided by companies. Simply completing the information requested should satisfy the desire for updated information. A call to the underwriter might be in order if the risk potential on the account has changed significantly during the past year (e.g., the insureds have started breeding Dobermans or their twins have just turned 16 and will begin driving the family car).
A review with sales is necessary only if the account falls within predetermined standards for a producer's personal contact. Preparing a renewal proposal can be as simple as a one-page, computer-generated letter that highlights any major changes, summarizes the property description and coverage types, and invites the client to contact you if they have questions.
The final difference between the Personal Lines and Commercial Lines renewal process as defined in the previous pages is that Personal Lines need not 'create an audit suspense.'
CONCLUSION
Advance preparation, managing time and work efforts, account development, and client satisfaction all provide solid arguments for implementing a comprehensive renewal control procedure.