In commercial insurance, successful renewals do not happen at the last minute. Success comes from the right actions and communications from the service team. For you, one of the methods we use to manage the renewal is through our renewal strategy meetings.

We do not consider your policy expiration to be a deadline, rather a road map. Your service team reviews accounts that are 120 days from renewal on a consistent basis, which works to the service team's and your advantage. They are then able to be prepared to face the changes and challenges that the renewal brings and are able to take advantage of the new business opportunities.

Your team forms an overall renewal strategy at the 120-day mark. We look at where the best options for coverage and pricing are, as well as service and retention, and whether that best option is with your current carrier or whether we start the marketing process. If your business has recently changed significantly, we may recommend a stewardship meeting to review these changes. From that meeting, the service team will define what information is needed and how carriers and/or brokers will be contacted, along with other tasks and preparations for the meetings.

As renewal gets closer, we start collecting new information about your business, which could be changes to payroll, revenue, locations, vehicles, equipment, or how your business functions. We analyze your past claims and look for patterns that will inform your coverage. This also helps us understand what enhancements to coverage may be necessary.

At 60 days prior to renewal, your account is assessed by the marketplace. We correspond with insurance carriers and respond to underwriting requests to create the best options for you. We do this in order to get the process started for you and maximize the time leading up to renewal to present you with options and answer your questions as we finalize your coverage.

The last 30 days prior to your renewal are about option presentations and answering any final questions before we lock in coverage. We have all of the heavy lifting out of the way at this point to aid you in making the best-informed decisions concerning your insurance program.

Having your broker come to you months before renewal helps reduce surprises. With a more predictable cycle, better, easier coverage decisions are the result. Clients appreciate brokers who come prepared, and it helps to create a successful partnership.

The true measure of a broker is not how they react to the last-minute renewal deadline. It is how they operate in the month to months leading up to it that will create actual value during renewal. It takes strategic planning, communication, and preparation to create a consistent experience and better, stronger protection each year.

This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.