Transform Your Renewal Seasons: Tips for Effective Insurance Management

Transform Your Renewal Seasons: Tips for Effective Insurance Management

| Kim Plympton

by Kim Plympton

The busy season for insurance renewals typically occurs in January and July. This is due to many businesses aligning their insurance policies with the calendar year, resulting in renewals at the start of the year. Similarly, mid-year renewals are common as some policies are set to renew in July, aligning with the fiscal year or other mid-year corporate cycles. These peak periods see a higher volume of renewals and require meticulous planning and organization to manage effectively​. 

Here are some tips you can expect to read about in this article:

  • The benefits of automation: Automations help you stay proactive. For more on how they can assist with renewals, check our help center article here.
  • Communication about Specific Requirements: Clearly state if physical endorsements are needed or if specific verbiage is required in the description of operations. Indicate deadlines and potential consequences for missing them.
  • Reviewing profiles: Now is a good time to review and update your compliance profiles to ensure all requirements are clear and up-to-date.
  • Managing your team’s workload: Tackle one party at a time or reduce the number of documents to review incrementally. Setting smaller, achievable goals can make the overall task less daunting.

Navigating the busy insurance renewal seasons requires a blend of strategic planning, effective communication, and a well-prepared team. January and July are peak periods when the volume of renewals can overwhelm even the most organized professionals. This guide provides essential tips to streamline your processes, ensuring you maintain clarity, manage risks effectively, and stay patient through the hustle. By setting clear expectations, keeping your team informed, and breaking down tasks into manageable goals, you can turn the daunting renewal season into a smooth and controlled experience.

1. Set expectations with clear communications.

Our automations allow you to take a step back when it comes to being proactive which is half of the game. To learn more about how automations can help you with the renewal process check out our help center article here. The other half of that is providing clear expectations of what is needed. January and July have a higher number of renewals than any other month so ensuring your email templates and profiles are clear can help avoid confusion in getting the documents you desire. Do you require physical endorsements along with the certificate? Is there any specific verbiage you need to see that could be copied and pasted into the description of operations? How soon do you need the documents and what are some potential consequences if the documents are not received. These are all things that can be addressed in the communications that are being sent.
Now is the time to review your compliance profiles. Verify that requirements spell out what you are looking for. See how to edit a profile for more.

Pro tip from TrustLayer: if a physical endorsement is needed, call it out. For example, create a custom requirement to say ‘the physical additional insured endorsement must be present (or provided)’.

Create different templates in your automation sequence. We recommend you edit the default emails to your liking but having different templates being sent from the automation will help communicate that something is still needed. How many times have you gotten a 'duplicate' email and just hit the delete button. Something as simple as changing the tone and subject line of the email can help you get the message across without lifting a finger. Check out our article on how to edit email templates.

2. Refresh your team on your risk appetite.

Insurance is ever changing to account for new laws and regulations. That means anyone who is evaluating their risk should try to stay up to date with how to minimize their exposure. Do not fear! It can be hard to keep up which is why it is important to keep your insurance agent informed on your operations. They are the experts which allow you to focus on your role in keeping the business doing business. Your broker can advise best practices to which you can then use your business knowledge to adjust based on the company's risk preferences. From here it is just making sure your team is ready. If changes are made, communicate them. If changes are not made, it never hurts to go over the basics. Like we said, insurance is complex. It is not uncommon for someone to need a few renewal cycles to feel confident in their insurance knowledge.

Pro tip from TrustLayer: Have a guide the team can use to make sure everyone is consistent and understands the risks involved. Be sure to share any best practices such as approved endorsement forms, ways to review the document, and ways to escalate if a second opinion or waiver approval is needed.

3. Be patient

Renewal season is busy, and the documents received are not always what you may be looking for. Don’t forget in the rush of everything to be patient with yourself and the team. If everything is coming in at once, find ways to break it out into something more manageable. Focus on breaking it down one party at a time or focus on getting the number of documents to review down by a smaller percentage rather than focusing on all of them. By having smaller goals that lead up to a larger goal it makes the work less intimidating and workable. 

Pro tip from TrustLayer: Keep your coffee mug full and remind yourself it may be a busy month but we will all get through it.

By incorporating these strategies, you can navigate the renewal seasons more efficiently, ensuring clear communication, informed risk management, and a patient, organized approach to your workload. 

About Kim

Kim Plympton is a seasoned insurance professional with a decade of invaluable experience under her belt. Over the past three years, she has seamlessly transitioned into the dynamic realm of technology, where she's been actively shaping the future of insurance through innovation and digital transformation.

Beyond her professional accomplishments, Kim is a dedicated mother of two and artist. Known for her problem-solving skills and ability to uncover efficiencies, she navigates the intricacies of both personal and professional life with finesse. Her creative mindset serves as a driving force, constantly propelling her to explore innovative solutions and original approaches to challenges.

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