If you have been wondering – how to review accounts in a hard insurance market, this podcast has you covered!
With a the market going crazy you may be wondering how to review accounts in a hard insurance market? For some insurance agencies they followed one of the following insurance renewal strategies:
- Wait & See: You wait until the client is frustrated and they call you.
- Shop Till You Drop: At a certain rate increase trigger you contact the client and you either have already remarketed the account or plan to do a review and then identify if a remarket is necessary
- Renewal Review: Contacting clients proactively to review their insurance policies (hint this is our recommendation!)
No matter which strategy your insurance agency is running for reviewing accounts in a hard insurance market your team will need to master the art of a renewal review. Similar to an ER nurse you must triage the clients. You won’t have time to personally review every single account. At your insurance agency you will want to tier accounts and create a strategy for who gets your proactive attention.
Renewal reviews = trust. In a 2-5 year predicted hard market now is the year you must build trust with your clients. In addition, we know this is the long game it is important that you and your team work to save their remarketing power for the years to come. In year one we want to focus on updating and cleaning up the account. In the next years we can identify if and when a remarket is the best thing for the client.
We always want to be focused on what is BEST not cheapest for the insured.
We’re Agency Performance Partners; APP is your insurance agency’s best friend when it comes to training, strategies, brutal truth & tough love that’ll grow your agency with hugs & high fives along the way….just like a BFF.
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