Renewal Management
MONITORING RENEWALS
60 day SOP
The RENEWAL process starts 60 days Before effective date where we ensure
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our files and acords/application are upto date.
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We also AND BLOCK ALL OF OUR MARKETS
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start the quoting process ON SEMSEE PLAtFORM
with other Carrier EXCEPT for Small accounts where we wait for the renewal to come in and then quote if necessary
30 day SELECT QUOTE OR RENEWAL RULE
The 30 days mark is when the RENEWAL FROM EXISTING CARRIER COMES IN AND WE
COMPARE TO THE QUOTES WE SHOULD ALREADY HAVE. We upload the policy and submit with other quotes for approval. The 30 day is the day we SHOULD SELECT A QUOTE OR RENEWAL in Application screen.
Training Link for Renewals Management - https://meet.google.com/qjf-rnof-bto
Prepare acords and Get updated information for MID and LARGE clients.
b) Enter all info on SEMSEE for quoting and Block all markets
Finalize all quoting with updated info on
Retrieve current Renewal and Submit everything to Broker for approval
Finalize Limits,
Enter All Billing
Upload all Issue Binding Docs and deliver policy and CERTIFICATES
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On the left hand column is the Effective Date. Always check upcoming renewals. The goal is to stay 60 to 45 days ahead (to give us enough time to quote).
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Here is the Client’s Name
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Here is the Carrier Name. We know in a blink of an eye what company a client is insured with
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Here you can compare the current premium vs the renewal premium. This is important because we know right away that we need to shop around. Once the renewal is release please update billing.
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This column is the Initial Status that should be STEP 1, prior to ANY quoting. That includes, accords, loss runs and all the preliminary info we need to quote.
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This column refers to the APPLICATION and it indicates the status of the account:
PROPOSED: No action has been taken to update the application
INCOMPLETE: Limits have not been updated
INITIATED: Policy is not contracted in our portal
APPROVED: Application has been reviewed and approved
CONTRACTED: Policy is bound in our portal and all required paperwork is received and uploaded
CREATE AI: Certificate is not renewed or delivered
RETURNED TO CSR: Indication that we have to shop around or make corrections
DELIVER CERT/POLICY: Policy renewal has not been delivered
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This column refers to LIMITS and it indicates its status
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This column refers to BILLING and shows that a proof of payment has been entered and that policy will not cancel on the renewal day
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This column refers to ISSUANCE of the policy in our portal.
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The last column indicates that certificates have been updated and sent and that the policy has been delivered to the client
Handling a Renewal
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Retrieve the policy from the carrier portal
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Once you have the renewal, upload it under #4 Contracts and compare premiums from the term prior
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If the renewal premium increases about 10% from the previous term, we must shop around.
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Shop around: means that we must shop for other quotes, to do this, get quotes from all our carriers​
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SMALL(policies that are up to 10k): we shop only if renewal premium is higher than 10% (underwriting at 30 Day)
MEDIUM(policies up to 20k): Case by Case, and get advice from Broker. (SELECTIVE underwriting at 60 Day)
LARGE(over 25k): Always shop around (custom underwriting) (FULL underwriting at 60 Day..)
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An alternative way to get better pricing on the renewal, would be asking the underwriter if there is anything they can do to lower the premium
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An account will be returned to CSR if we have to shop around or if any changes need to be made
What to Review
First, we need to review the application
Then, we must review the first four steps
