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3 Ways for Insurance Brokers to Improve Renewals in a Hard Market

As brokers navigate a rapidly evolving insurance market, it is imperative to start renewal discussions early and make the process as efficient as possible for all stakeholders. Hardening conditions have intensified in Q2 of 2020 in response to lingering uncertainty in the wake of COVID-19 and have already begun to impact current renewals.

To maintain a competitive advantage during these challenging times, insurance brokers can improve the renewal process in three key areas:

  1. Ensure complete and accurate renewal data collection.

    Now more than ever, underwriters need more comprehensive submissions to feel comfortable with your clients’ risk. Using a customizable renewal system designed to help simplify and improve the renewal data collection and submission process adds value to your client relationships and improves efficiency for your staff. With so many people working remotely right now, efficiency has become more important than ever. Online digital tools save time and improve the process for your clients along with your team in submitting data and working with underwriters. With this system in place, you will be better positioned to advise your clients early and negotiate the best terms.

  2. Analyze and strengthen safety and loss control programs by documenting status and results.

    A key factor in pricing risk is how proactive a client is in managing their risk. With a centralized system to manage survey results, recommendations, and completed audits, you can dramatically improve your clients’ safety and loss control programs. By providing your clients and colleagues with streamlined technology, you can establish a more proactive approach to safety and loss control while reducing risks and other hazards.

  3. Identify deeper insights into claim frequency and severity, leading to reductions in claim costs.

    Having online access to your clients’ consolidated claim information to help manage, measure, and improve results is the first step in enhanced claims management. By integrating third-party data sources and KPIs along with advanced predictive analytics, you can identify previously undetected claim trends and anomalies in your clients’ claim data. With immediate access to emerging data trends, you can reduce claim costs and take preventive action for your clients.

By prioritizing efficiency, strengthening loss control programs, and identifying claim drivers, insurance brokers will be better equipped to manage risk and capital in a hard market. With a proactive approach and streamlined technology solution, you can significantly reduce the time and effort required to gather and manage renewal data while improving the quality and transparency of your data.

Learn More

To learn more about improving your renewal process, check out our Ultimate Guide to Renewals or this blog by our VP of Product Management.

Jul 29, 2020

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