A NEW and IMPROVED Agency Renewal Processor: Version 2.0 is released
It is now even better! Agency Renewal Processor version 2.0 is now in general release. Over the last 12 months, we have received many great suggestions for improvement and new features from existing customers, and incorporated them into the 2.0 release of the software.
As you know, The Agency Renewal Processor 2.0 is an easy to use, browser based, renewal tracking system designed to maximize agency productivity and retention. It simplifies the renewal management process and enables the agency to have a uniform renewal procedure, and to ensure that all milestones are met. The program is an add-on to your existing agency management system and works seamlessly with your data.
“Previous to incorporating Renewal Processor in our systems, we had more than 3 processes that people had to jump around to manage their renewals. Renewal Processor keeps everything in one place and allows individuals to self manage their renewals.” – 50 user agency in CA.
In today's competitive environment, agencies must more efficiently manage their renewals
The Dilemma:
Agency staff are simply over-whelmed with information and procedures today. Expecting your staff to follow a uniform checklist and set of procedures for each renewal is often an unfulfilled expectation. Trying to manage renewals through staff meetings and expiration reports seems inefficient.
You want your staff to do a thorough job on every renewal, but how do you ensure they will — without constant meetings and follow-ups?
The Challenges:
To retain accounts today, it’s not just about renewing the policy; agents must design and execute a renewal workflow with milestones well in advance of the renewal. But how do you automate this workflow and assure that it is executed uniformly?
Renewal information is spread out in most agencies. Due to time demands on staff, and the fact that not everyone on the team consistently uses TAM, information is scattered in employees’ email files, paper files and memory.
Where do you look in TAM to determine the current status and stage of each renewal (out to market, proposal stage, collecting data, etc.)?
Have you ever wasted a lot of time searching emails, t-files, etc., to pull information together from last year's renewal to determine what markets you approached and what renewal strategy you employed to beat the competition and retain the account?
The Solution:
The Agency Renewal Processor™ 2.0 is an easy to use, browser based, renewal tracking system designed to maximize agency productivity and retention. Our product will:
Work seamlessly with your existing TAM data.
Simplify the renewal management process and save the agency countless hours of renewal meetings and follow-ups.
Dramatically improve your retention ratio.
Enable your agency to implement a uniform renewal procedure and ensure all milestones are met.
Allow everyone from CSR to Producer to Agency Owner to collaborate and share information more easily.
Provide an electronic marketing file to store everything related to each renewal, both for the current renewal term and historically.
Agency Renewal Processor™ 2.0 is easy to install on your existing systems, has minimal system requirements and conforms to YOUR renewal “best practices”.
New features of the Agency Renewal Processor 2.0 include:
Claims information. # of open claims is displayed on the customer screen.
Marketing Information: The program allows you add detailed notes about quotes and declines from each carrier, so you can easily keep track of your renewal marketing. The information is retained for up to 5 years, so for example next year you will see that Hartford declined to quote and why.
All new, more powerful Search Function-all names are indexed and tied to conglomerate feature. You may search by first name, last name, or partial name. Lists all related accounts in search results and totals premium, commission and reflects average commission, all on the fly.
A complete dashboard of meaningful Live Reports that don’t require you to run reports the traditional way. Each dashboard view also has a link to more advanced reports which provide additional levels of detail.
Historic Monthly Premium and Commission Report for the agency showing accurate net premium and commission changes by month.
CSR Productivity Report: Will give you average commission per policy and account, # of policies and accounts, # of Activities closed, # Renewal Notes, # of Renewal Strategies created. Know quickly how many activity entries have been made in your Agency Management System and the Agency Renewal Processor.
CSR Workload Report: Percent of Policies in the Service Center, # of Top 20 Accounts, # of New Accounts, Average Age Accounts, # of Accounts >10K in revenue, Average Revenue Per Account. Use this report to gauge relative workloads between CSR’s.
Renewal Delinquency Report: Alerts an owner or producer to accounts that are critically behind in their renewal process, so that corrective action can be taken. No need to have meetings to learn where CSR’s are on each renewal.
Ability to change the column names on the Renewal View, as well as remove and add columns on the fly individually for each user.
Instead of being limited to displaying a time frame of months; you may now choose to display a specific month of Renewals.
First Written Date for the account (not a particular policy) is more accurate, as it is now also retrieving information from the Policy History.
Ability to create your own Renewal Phases; add, edit and remove, as well as specify a time frame for each phase to be completed. As every agency has their own workflow and milestones; you can now control when you should go out to market, or when a proposal should be sent, etc.
For Service Center accounts, you can easily customize the program to have different/fewer Renewal Phases.
You now have more control over the graphical alerts in the views, by telling the program that for a certain phase the alert color can never go beyond a certain level, no matter how far off track the policy is.
When adding a Renewal Note that corresponds to a phase, the program can optionally also change the Renewal Phase at the same time.
“Live” total agency commission is displayed with a breakdown of Personal Lines and Commercial Lines, as well as change from day before, first of the month and first of the year.
For agencies that are not using the Status code to indicate lost business, the program can also read specific Activity Codes that correspond to lost business.
Ability to select multiple Producers and/or CSRs to allow you to view multiple staff member’s renewals.
New Agency and Department filters.
Program can ignore old policies from a specified date.
Ability to exclude specific policy types or department codes from main views as well as book of business reports.
Optionally allow the program to keep the policy on the renewal view until phase equals “Done” although policy has renewed (exceptions can be set for small premium policies, Personal Lines policies and Service Center policies).
Agency Renewal Processor™ 2.0 is easy to install on your existing systems, has minimal requirements and conforms to YOUR renewal “best practice”. Here are the benefits:
Benefit 1: Provides a centralized electronic marketing file that stores everything related to each renewal.
You no longer have to search emails, Word and scanned documents to see what markets were approached and strategy was used, simply click the renewal history file for any year.
Benefit 2: Analyze at a glance whether your renewal milestones are on-track for a book of business. Easily drill down to view details on the pre-renewal call, strategy and renewal activities.
This feature holds staff accountable without the need to constantly meet or email. Nothing falls through the cracks and there are no surprises.
Benefit 3: Build and automate “best practice” renewal workflows to meet the goals and objectives of your agency.
Tracking workflows and milestones outside of TAM can be frustrating and time consuming when done manually or in rudimentary tools like Excel. Agency Renewal Processor™ 2.0 rids you of this frustration, saves you time and increases your retention.
