Renewal review where previous agency had lower agency standards

Overtime your agency may acquire books of business where the standards were different than your current agency standard

When purchasing books of business they are a bit like a box of chocolates - you never know what you are going to get. While they present some opportunity to enhance coverages, you have to be careful to not throw any shade on the previous agency. To help you bring the client to your agency's standards we have a few tips to share with you. 

Start With What the Carrier Is Showing

There are four stakeholders in this situation:

  • Your agency
  • The client
  • The company 
  • The past agency

When you come across a renewal review where the coverages are lower than your agency would recommend, we want to place some clear boundaries on this situation. 

Tip: On the renewal review state XYZ Company is showing...

This is a great way to make sure the client knows your role to be their advocate. 

By approaching any issues this way you can identify that your role is to help them and adapt their policy to today's opportunities. 

Advise The Client

It can be tricky to let them know their past agency wasn't doing them any favors in the coverage area - these clients tend to be the long term past agency clients. They have been friendly with the agency owner, as you can imagine alerting them to coverage weaknesses needs to be handled delicately. 

It's in poor form to throw the past agency owner under the bus so we need to approach your renewal review advice delicately. 

Script: While I have you the phone if I find any new coverages or missing discounts may I bring them to your attention?

You want to position this as a new coverage opportunity for the client. This is where you can state what they have but let them know what that means. Educate them on their options and let them know you recommend they consider moving to the agency standard. 

If The Client Pushes Back

Remember, the client may be reacting and you want to get them to respond. 

👟 Put yourself in their shoes....

Their agent of 20+ years may not have actually done the right thing by them, but they were loyal, paid on time and now are finding out from a stranger! They may take a moment to react.

💼Remember your role....

Your role is to protect their lifestyle. You do this by educating them to their choices in coverage.

🎤 Late Night DJ Voice

When someone is frustrated check your tone. You want to become a late night DJ with very mellow and slowed down pace. It's hard to argue with a late night DJ!

❓ Ask Questions

Whenever anyone is being difficult ask questions (in your DJ voice). Confirm what they would do in an accident or ask what coverage they feel most comfortable in. Here are some questions you can start with:

  • How much coverage do you think you need?
  • What would you do if you were in a severe accident?
  • Have you noticed that people are more litigious than ever?

Oftentimes when you bring the client around to your perspective on the matter, they make the decision with you to improve coverages.