Back Policy Renewals

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phredman Jul 11, 2007 1:17 PM
I'm a new agent, who started my independent agency at the begining of this year. I was a producer for a capitive agent. Now that I'm at that 6 month mark, renewals are coming up. Since a lot of my customers have no prior insurance (non-standard), what are some suggestions at this point? Do you keep them with the same insurer? Requote them? Thanks!
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volstrike3 Jul 12, 2007 2:01 PM
Part of being an independent agent is providing options to your clients. If the current carrier is the best option available then leave them be, but how do you know unless you check the market?
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nancbell Jul 24, 2007 2:06 PM
I'm a new agent, who started my independent agency at the begining of this year. I was a producer for a capitive agent. Now that I'm at that 6 month mark, renewals are coming up. Since a lot of my customers have no prior insurance (non-standard), what are some suggestions at this point? Do you keep them with the same insurer? Requote them? Thanks!
As an independant agent myself I would review the renewal offer from their current company and review the rates of your other auto carriers with the 6 month prior. If you can save them $ let them know and groom them for more business. Most insureds w/o proof prior need to learn the insurance ropes of what the companies look at to save them money, some will forever just be yoru PIP/PD's and you'll want to phase them out. Good luck!
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dawgdaze Jul 31, 2007 2:10 PM
If you don't go out to the markets you have, someone else will. What a bummer to have the business go away when you had that opportunity and blew it. What would your client think? Unless you KNOW that you're in the ONLY GOOD SPOT for the risk, you had better send it out to bid.
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tmcmahan Aug 8, 2007 2:29 PM
As company guy, hate to say this, but... If I were an agent, I'd shop the renewals. Most companies don't offer renewal discounts, but they do offer proof of prior insurance discounts (depending on the state). Moving a customer who has shown they can be responsible could save them a ton of money. In turn, if you can save this customer money and create a positve exerience, the personal testimonial could be priceless as they tell their friends and family about your great service. Even if you don't move them to a new carrier, you should send them a note and let them know that you looked and that the carrier they're with is still their best option. That way they know you're still providing a valuable service. There is the question of whether the work involved is worth the benefit. It would make sense to be organized and methodical about handling your renewals to get the most bang for your buck. Know your companies. Which ones took rate increases in the last few months? You might want to work those renewals first. Be careful though. Moving a customer to the lowest premium is not always the right choice. You might save them money with a B-rated company, but what's the cost of a poor claims handling or billing experience???

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