Streamlined Renewal Process to Accelerate Broker Efficiency
Insurance renewals are a critical juncture in the broker-client relationship. They provide an opportunity for brokers to build trust, showcase their expertise, and demonstrate their commitment to finding optimal placements at competitive prices.
Recognizing the importance of this process, we’ve introduced several updates to our Broker Platform to help inform renewal discussions with clients, provide greater visibility into auto-renewing accounts, and improve brokers' ability to self-serve.
Ultimately, these updates aim to give you greater ownership, visibility, and depth of information when it comes to managing renewals.
Enrich your renewal conversations
When managing renewals for multiple clients, it’s easy to lose track of what’s changed from one year to the next. Changes in limits, policy dates, business operations, or coverage can all have a major impact on premium.
Without this information readily available, you can be caught off guard during client conversations, potentially undermining your preparedness and professionalism.
The Year-Over-Year Changes document solves this by helping you prepare for renewal discussions. This easy-to-read summary provides a comprehensive overview of key changes that have occurred within an account since the policy was bound.
When a new renewal quote is issued, the Year-Over-Year Changes document shows how the new quote compares to the expiring policy, including:
Application data changes
Insuring agreement additions, removals, limit changes, and retention changes
Endorsement additions and removals
Company information changes, such as state, industry, employee count, revenue, and web domains
Security and risk contingencies required to renew
Coalition claims data from the last five years
This detailed breakdown empowers you to have more-informed conversations with your clients, enabling you to address potential concerns proactively in advance of the renewal date. Download a sample Year-Over-Year Changes document for a closer look.
By reducing lingering questions and demonstrating your thorough understanding of their evolving needs, you can build stronger, more trusting relationships with your clients. You can also save valuable time that would typically be spent on manual analysis, allowing you to focus more energy on strategic client discussions.
Please note: The Year-Over-Year Changes document is currently available for U.S. primary cyber policies only. Canadian availability is coming soon.
Bind renewals in advance
Managing renewals in the Broker Platform has never been simpler or more efficient. Our new self-service options allow you to schedule renewal quotes to bind up to 90 days before the effective date. This enhanced flexibility gives you more control over the renewal process, aligning with the reality of how you work.
For renewals 31-90 days away, you can schedule a quote to automatically bind on day 30. For renewals within 30 days, you can bind the quote immediately as you normally would.
With the ability to schedule renewals in advance, you can start discussions with your clients earlier, giving them ample time to review and make decisions. Instead of having to remember to bind the policy closer to the effective date, you can schedule the bind immediately, even if it's weeks away. This means you can move this task off your plate right away, freeing up mental space and reducing the risk of oversight.
New self-service options in the Broker Platform allow you to schedule renewal quotes to bind up to 90 days before the effective date.
Greater visibility into auto-renewing accounts
As a broker, feeling like you’re in the dark about your clients' policies can be frustrating. This is especially true when it comes to auto-renewing accounts. Without clear visibility, you might find yourself wondering:
Has the policy actually been renewed?
Are there any changes I should be aware of?
Do I need to follow up with the client or the insurer?
To reduce administrative burden, Coalition may automatically renew smaller accounts (less than $50 million in revenue) that have minimal changes to their business model. These auto-renewal quotes automatically bind seven days before the effective date, requiring no action from you.
However, we understand that efficiency shouldn't come at the cost of transparency. That's why we've provided improved visibility into the auto-renewal process.
Now, you can view quotes and documents for all auto-renewal clients directly in the Broker Platform, allowing you to stay fully informed throughout the renewal process, even for accounts that don't require your direct intervention. You'll know exactly which policies are on deck to be auto-renewed and what changes, if any, have occurred.
Explore our renewal features today
These powerful new features are available directly in the Broker Platform, ready to streamline your renewal process.
We're confident that these updates will significantly improve your renewal process, allowing you to focus on what matters most: providing exceptional service to your clients. By equipping you with more detailed information, greater control over timelines, and improved visibility across your entire portfolio, we're committed to supporting your success.
Log in to the Broker Platform today to explore these new features.
