What Strategies Do You Use to Manage Client Policy Renewals?

What Strategies Do You Use to Manage Client Policy Renewals?

To uncover effective strategies for keeping track of multiple clients' policy renewals, we’ve gathered insights from industry professionals, including a Founder and an Insurance Agency Owner. While they share their expert techniques, we’ve also included additional answers to provide a well-rounded perspective. From implementing a client engagement calendar to hosting client education webinars, here are some of the top strategies used in the industry.

• Implement a Client Engagement Calendar
• Use a Comprehensive CRM System
• Set Up Digital Calendar Reminders
• Schedule Automated Email Alerts
• Send Timely Text Message Reminders
• Include Renewal Notices in Billing Statements
• Utilize a Dedicated Renewal Department
• Host Client Education Webinars

Implement a Client Engagement Calendar

At Blue Insurance, to keep track of multiple clients' policy renewals, I have implemented a 'client engagement calendar.' This approach goes beyond just sending reminders; it involves scheduling regular check-ins with clients well before their renewal dates. Each client is assigned an account manager who conducts quarterly reviews of their policies to address any changes in their circumstances or coverage needs.

These scheduled touchpoints are not just for policy updates but also for building deeper relationships and understanding clients' evolving needs. This personalized, high-touch approach ensures that we are always ahead of the renewal process, providing tailored advice and adjustments, leading to higher client satisfaction and retention. By making renewals part of an ongoing conversation rather than a last-minute reminder, we ensure our clients always feel valued and well-covered.

Use a Comprehensive CRM System

I found a couple of ways to keep track of clients' policy renewals. I use my own CRM system to enter dates of renewals as well as birthdates, anniversaries, etc. My particular CRM is AgencyBloc. I also use the resources from my General Agency, which includes running an in-force business report each year on what policy periods are coming to an end, what policy conversion options are nearing, and what policies have cash values that might be used in other situations to improve the policy performance. Thank you.

Set Up Digital Calendar Reminders

I use a digital calendar to keep track of when my clients' insurance is up for renewal. The calendar sends me reminders before each renewal date, so I can call my clients and make sure their coverage is still good. This helps me keep my clients happy and makes sure they don't miss any important dates.

Schedule Automated Email Alerts

Insurance agents often use automated email alerts to remind clients about upcoming policy renewals. These emails are scheduled well in advance of the actual renewal date to ensure clients have ample time to review and update their policies if needed. The alerts typically contain important information about the current policy and any changes that might affect the new term.

This proactive communication helps prevent lapses in coverage and fosters trust. Consider setting up automated email alerts to stay informed about your insurance policies.

Send Timely Text Message Reminders

Text message reminders are another effective strategy used by insurance agents to manage client policy renewals. Text messages are quick and reach clients wherever they are, making it easy for them to remember important dates. These reminders often include a summary of the policy and steps for renewal or updates, ensuring clients can take action promptly.

Timely text messages can significantly reduce the risk of unintentional policy lapses. Be sure to opt-in for text reminders from your insurance provider.

Include Renewal Notices in Billing Statements

Some insurance agents include renewal notices with the clients' monthly billing statements. This approach leverages routine communications to highlight upcoming renewals, ensuring clients are aware without the need for separate correspondence. Including these notices with billing statements provides a convenient context for clients to review their financial commitments alongside their insurance needs.

This method also encourages clients to budget accordingly for the upcoming policy term. Review your monthly statements closely for any important renewal information.

Utilize a Dedicated Renewal Department

Larger insurance firms often have a dedicated renewal department to manage communications about policy renewals. This specialized team focuses exclusively on ensuring that all client policies are renewed on time and that any client questions or concerns are promptly addressed. The renewal department might use a variety of communication methods, including phone calls, emails, and letters to keep clients informed.

With an entire team devoted to renewals, clients receive personalized and consistent service. If you have any questions about your renewal, reach out to your provider's renewal department.

Host Client Education Webinars

Client education webinars are another strategy used by insurance agents to discuss the policy renewal process. These webinars provide an interactive platform where clients can learn about the steps involved in renewing their policies, ask questions, and get detailed explanations. Webinars might cover topics like understanding policy changes, comparing coverage options, and tips for maximizing benefits during renewal.

This educational approach empowers clients with the knowledge they need to make informed decisions. Look for upcoming webinars from your insurer to stay informed about your policy renewal.