The renewal application is an essential aspect of today's market, improving your client's experience in the hardening market. As a brokerage, we have found that the level of care and attention applied to renewal applications are improving across the sector; however, some insureds are still completing shorter submissions, resulting in declines or certain underwriters asking them to start again providing more information.
Over the last week, Servca received 5 of the best renewal submissions during this challenging market period regarding the information supplied, supporting information put forward by the insured, and found a vast difference in the level of care and time put into the application. This allowed our brokers to act on behalf of our partner broker and their client even quicker than usual.
We provided a detailed submission to the market and ensured that on all 5 cases, our partner brokers received terms back within 48 hours. As a result, underwriters felt informed of the insured's last year and prior years' activities and understood the insured's intentions for the year to come.
Thanks to the more than sufficient information provided upon the first contact, we were also able to re-negotiate an excess and endorsement for the insured with one of the accounts. The terms for the excess and endorsement were issued within two weeks of the renewal, and our client was more than grateful for how we handled their account.
Given the time we had, we could also demonstrate to our partner broker(s) what other markets would want for the risk. By having less time spent on chasing more renewal application information from presentations sent to us, we were also able to reinforce to our client why the risk is in the best home and why their premium had initially increased. This allowed us also to find and provide more options regarding higher excesses and aggregate limits if needed.
Will we retain these 5 PI Renewal Risks?
Unfortunately, more and more clients in today's market change brokers. Why? They initially do not understand the market and have lost faith in brokers to provide appropriate insurance coverage.
By improving the state of the renewal information in the application, which forms the presentation we send, we demonstrated how Servca works closely with our partner brokers and underwriters.
By hand-holding them through these processes, we allow our partners to build solid trust with their clients, allowing them to talk their client through the hard market at the start of the application process, as opposed to later when the client has already lost faith and trust in their broker.
Better renewal applications lead to:
- Improved turnaround times
- Better options and add-ons provided for your client in their renewal terms
- Better renewal term costs
- Less back-and-forth between brokers hunting down information
- Improved customer relationships
- Better informed clients
- Better loyalty between clients and brokers
- A more efficient customer sales journey
Servca, your local broker
At Servca, our renewals are just as important to us as new business. We are always grateful for the support given by our partner brokers and respective underwriters. Whether you are a partner broker or a new face in the market, we are happy to look at any renewal terms you need to be placed at a long or short moment's notice.
Discover how Servca can help you improve the relationship between you and your clients, ensuring improved client risk management and renewal retention across your accounts.