Commercial Renewals

Oct 21, 2015

  1. nyc2phi
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    nyc2phi Guru

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    What is your guys process on commercial renewals? Do you have a check sheet that you go over with each client that you can share?

    How close to renewal are you calling. Do you sometimes not even call the insured and just mail it out??
     
    nyc2phi, Oct 21, 2015
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  2. Arnage150
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    Arnage150 Guru

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    E&S renewal are enough to make me want to shoot myself in the head.

    Regular renewals are just checked for basic info, dates, limits, coverages, exposures...etc The most important item is to review and check against any endorsements that were processed during the policy period to make sure they are correct on the renewal. I can't tell you how many times you make a change at the end of the policy period and it doesnt make it onto the renewal. especially auto endorsements.
     
  3. myfakename
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    myfakename Super Genius

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    I renew almost every account in person every year. (100% commercial)
     
  4. nyc2phi
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    That would be impossible for me to do unfortunately
     
    nyc2phi, Oct 21, 2015
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  5. indienoise
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    I would at least review all renewals to see which would be worth visiting in person. Especially established businesses or desireable classes that other agents might be vying to write them. Particularly if they are a decent premium. Make sure there is at least perceived value, even if you're not actually providing any.
     
  6. dean8287
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    What is your average account size? This would be impossible for me to do as well.
     
    dean8287, Oct 21, 2015
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  7. insurance1822
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    Are there any classes of commercial that you can just set it & forget it like personal lines? I mean meeting w/ renewals is actually work. That's why I like personal lines because you just keep shoveling people on the books faster then the few drop off & you never really have to work.
     
  8. MrGolf
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    MrGolf Super Genius

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    Arnage pretty much hit the nail on the head.

    For us, check the policy to make sure all is well with endorsements and such. If no significant/hefty rate increase then just stick it in the mail with a form letter and be done with it. If it had a decent rate increase we will re-shop it around. Bigger clients (50,000 plus) often times get an in person visit with the renewal in hand to make sure everyone is happy and life is swell.
     
    MrGolf, Oct 21, 2015
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  9. dean8287
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    This is exactly what we do as well. Unless an agencies entire book is middle market, I think it is very unrealistic to be able to meet with each client every year. I would say the most work is generated commercially when a company pulls out of a class and an agency either has to rewrite all of the business or lose it.
     
    dean8287, Oct 22, 2015
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  10. nyc2phi
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    What is the form letter, just like a letter from the agency saying thanks for the business?
     
    nyc2phi, Oct 22, 2015
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