The Renewal Pipeline in Better Agency is designed to help insurance agents proactively communicate with clients before their policies renew. Here's how to make the most of your renewal pipeline.
Video Walkthrough:
1. Understand the Renewal Pipeline Structure
The Renewal Pipeline is divided into clear stages, making it easy to track and manage policies:
Pipeline Stages
- Pre-Renewal Buckets: Policies are categorized by days before renewal (e.g., 45 days for personal lines and 120 days for commercial lines).
- Rate Increase Thresholds: Policies are split into two buckets:
- Above Threshold: Policies with rate increases exceeding a set percentage.
- Below Threshold: Policies with minimal rate changes.
- Active Stages:
- Working Renewal: Policies actively being reviewed, reshopped, or discussed with clients.
- Renewal Ready: Policies prepared for renewal.
- Completed: Renewals finalized and closed.
Customization Options
- Adjust pre-renewal days and rate thresholds in the Edit Agency section under Customizations.
- Default settings:
- Pre-renewal days: 45 for personal lines, 120 for commercial lines.
- Rate increase threshold: 15% (adjustable based on your market and strategy).
2. Ensure Accurate Policy Data
To make the Renewal Pipeline work effectively, input and maintain accurate data:
- Use the AMS plugin and Ivan's downloads to automatically populate and update policy details.
- Manually adjust non-downloading policies, ensuring fields like policy number, premium, and renewal dates are correct.
3. Automate Client Communication
The Renewal Pipeline includes prebuilt campaigns tailored to each stage:
Above Threshold Policies
- Communication encourages dialogue with the client:
- Message Example: "We’ve noticed some changes in your policy. Let’s discuss the renewal and next steps."
- Avoid automatic reshopping unless necessary. Focus on educating clients and presenting options.
Below Threshold Policies
- Express gratitude and maintain the relationship:
- Message Example: "Thank you for renewing with us! Let us know if you have any questions or updates to your policy."
Working Renewal
- Manually move policies to this stage if reshopping or in-depth review is required.
Completed Renewals
- Trigger a campaign to thank clients and request referrals:
- Message Example: "We appreciate your business! If you’re satisfied, we’d love a Google review or a referral."
4. Customize Campaigns for a Personal Touch
- Review prebuilt campaigns and tailor them to your agency’s tone and style.
- Use the system tools to refine messaging and ensure it aligns with your communication strategy.
5. Monitor and Adjust the Pipeline
- Use the dashboard to oversee the pipeline and ensure policies are in the correct stages.
- Focus on high-impact renewals, such as those with significant rate increases or high-value policies.
- Regularly revisit thresholds and days to adapt to changing market conditions or agency goals.
6. Leverage Cross-Sell Opportunities
- Identify opportunities to cross-sell during or after the renewal process.
- Add relevant policies to cross-sell campaigns to maximize client value.
7. Proactively Engage Clients
- Start conversations early, well before renewal notices are sent by carriers.
- Educate clients on potential changes and demonstrate the value you bring through proactive communication.
The Renewal Pipeline helps you streamline communication, reduce manual effort, and ensure client satisfaction by automating the renewal process. With Better Agency, you can focus on building stronger relationships while managing renewals effectively and efficiently.
Proactively connecting with clients before renewal sets your agency apart, delivering a high-touch service that drives retention and long-term success.