In your agency is it clear when to remarket an insurance policy? If it’s not you aren’t alone. Listen to our podcast on our recommended strategy.
Is it clear to you when to remarket an insurance policy?
Opinions can differ! Is it a certain percentage increase, dollar rate increase or by who is the loudest? The reality is in a hard insurance market we need clarity on when and who should be re-shopped. In hard insurance market renewals will take a lot longer. This means we need to be strategic with our time management.
Remarkets will take 60+ minutes. This coupled with more inbound questions and an increase in re-shopping leaves account managers with no time. We end up spending more time remarketing and we miss the ability to get proactive and reach out to build relationships with the right clients. Too many insurance agencies are backlogged with remarkets and miss client expectations.
Here are the downsides to remarketing:
- Labor intensive
- Miss the opportunity to review and apply discounts
- Premium and revenue reductions
- Inspections
Many times account managers are unclear on the remarketing strategy so they jump to a remarket to calm down the customer and get off of an uncomfortable call. Remarketing may seem like the best solution but often it can cause other issues.
Instead we want to encourage your team to professionally explain why insurance rates are on the rise. When your clients know why remarketing decreases. In addition, if you can educate your client about the potential risks of shopping their insurance (with or without you) they understand it’s not always the best choice.
RESOURCES FROM APP ON WHEN TO REMARKET AN INSURANCE POLICY
- Hard Market Insurance Rate Increase Training
- Keep your team motivated with Hard Market Hero Swag
- Subscribe to the Ridiculously Amazing Insurance Agent Podcast (wherever you get your podcasts)
