ia Blueprint Onboarding - PL Renewal Process

This is about some of the different things that you can do with your virtual assistant, or your virtual professional. One of those things is have them work in your renewal process, whether it's commercial loans or personal lines. You can have them doing a part of that work for you, what they are really good at is the different tasks type things that are time sensitive, and just repetitive type of transactions. They're very good at that sort of thing and there are couple of different pathways that you can use in your renewal process. Let's talk about personal lines here. So there's really three different ways that you can handle your renewals. One of them is you can basically ignore it until someone says, "Hey, why did my rate go up so much?" That's not the best way but that certainly is a way.

There's two other ways that I recommend and one of those is that you remarket them. Basically set some sort of a floor or a threshold of where you're going to remarket it. In the market right now, you may say that number is 20%. If it goes up 20%, or a certain dollar amount, maybe $500 for the year, then remarket it, but take a different approach, if it doesn't go over that. What you can do is you can have that employee, monitor your renewals and see how much did it increase from last year, and instruct them, if that goes above that amount, then they re-quote it. Re-quote it with the different carriers, give them the list of carriers, and then let them tell you what they find. That's one option that you can do.

What we do with a blueprint in our in our renewal team is we have them do that bridge over to the best couple of carriers that we prefer to write with and then they give it to us in an Excel spreadsheet to show us the option that they had a glance, we can just see what our options are.

The other way that you can handle your renewals is just by doing a review, I like this way the best because it takes the the idea off of just being price sensitive and what you do here is you have that virtual assistant, you give them a list of what your coverage requirements are and your coverage standards. Then make sure that you're rounding out the home, the auto, the umbrella, the toys, all those different things. We want to ensure all those things, and then also the coverages meet what our agency standards are. Sometimes we have older clients or we're not able to close everything up front like we want to. This is an opportunity to do that and then to resell the value that you sold them on upfront. This is value based selling, whereas just remarketing puts too heavy of emphasis on price. So you have them review that and then they report back to you the findings. You then tell the VA, "Hey, I want you to remarket this or just re-quote it with the same carrier, but give me these different limits instead and these coverages". That's two different options, you can forget about the first one, that you can use with your virtual assistant inside of your business to help you streamline your renewal process.