Travelers Annual Insurance Review GuideSTRENGTHEN CUSTOMER RELATIONSHIPS

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The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183.

This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy. For an actual description of all coverages, terms and conditions, refer to the insurance policy. Coverages are subject to individual insureds meeting our underwriting qualifications and to state availability.

© 2014 The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries. PL-15371 Rev. 10-14

After you complete your insurance reviews, be sure to follow up with your clients to inform them of any suggested changes or provide them with further consultative services based on your discussion.

Once your reviews are complete, measure overall retention (what percentage renewed) and policy activity (automatic payment plan, rounding, added endorsements).

Here are ways to measure retention and policy activity:

Agency management systems typically allow you to flag policies based on specific criteria. This will allow you to filter client policies that have been reviewed and customize how you track success. Refer to your agency management system instructions for more details.

Manual tracking process, such as a simple spreadsheet application, will allow you to track this manually. Track client detail in your spreadsheet, and review lists periodically to determine the percentage of policies that have been retained as well as the other factors listed above.

Your Travelers Sales Executive is a great resource to ask for assistance in obtaining client policy lists and other related information.

Did You Know? Customers who receive outbound, proactive contact are 20% more satisfied than those who don’t. – 2010 J.D. Power and Associates National Auto Insurance Study

What is an annual insurance review?

Client needs can evolve. Annual insurance reviews are a proactive look at existing coverages and limits in order to assess those needs and help minimize potential coverage gaps. You also can use them to bring to clients’ attention other insurance products and potential discounts.

Why is an annual insurance review process important for your agency?

Customer touchpoints strengthen relationships, increase satisfaction, improve retention, generate leads, reduce E&O exposure and actively demonstrate the value of an independent agent.

What’s in it for your agency?

An annual insurance review:• Provides an opportunity to introduce new products

and ask for referrals

• Improves the customer experience and showcases the value of your agency

• Saves time in the long run. Being proactive on your watch means fewer calls for coverage changes throughout the year

• Shows your agency’s value beyond price and product and helps you understand your clients’ lifestyle and strengthens relationships

What is an insurance review and why do you need it?

4. Final step: track retention

Keep your original client list, track your renewal rate and evaluate the success of clients who undergo your review process Track results including response rates, total cost and retention.

CSR: Hello <Client Name>. This is <Name> from <Name of Insurance Agency>. We wanted to thank you for doing business with us and let you know that your policy (ies) is (are) coming up for renewal in the next <timeframe>.

As part of our commitment to you, we like to conduct occasional reviews to help you determine whether anything has changed that could impact your coverage. There’s nothing worse than finding out you are inadequately covered in the unfortunate event of a claim, so we like to be proactive with our clients to help them review their needs. This is also a good time to understand if recent changes have made you eligible for discounts. The review should take about 15 to 20 minutes. Would now be a good time? Or would you rather schedule an in-person or over-the-phone appointment?

<If yes, now is a good time>

CSR: Excellent. Well let’s get started. (Go over checklists completed by client.)

<If no>

CSR: When would be a good time for you? We can arrange an appointment around your schedule as I’m sure you’re quite busy.

<If not interested>

CSR: Well, we again appreciate your business and if you have any questions on your policy, please don’t hesitate to contact us at <Agency contact information>.

Familiarize yourself with any recent rate changes over the policy term

1. Identify clients

Using your agency management system, identify your clients coming up for renewal in the next 60-90 days, and generate the list.

2. Develop strategies

Develop coverage strategies, and begin scheduling review appointments.

Understand the needs of your renewing clients, develop a strategy on your approach and formulate recommendations.

3. Conduct review

Probe to understand client needs, execute your strategy and walk through the review.

REMEMBER: Insurance reviews are a great account development and retention tactic, but follow-up is necessary. Be sure your agency has the capacity to take on activity driven from client reviews in advance.

Annual insurance review process

• How long has the client been with your agency?

• Is the client set up on an automatic payment plan?

• Does it appear that all of the policies are insured with your agency? If not, are there opportunities?

• Are all eligible discounts applied to the policy?

• Review the current limits, coverages and deductibles

• Schedule reviews

Contact clients and invite them to complete the insurance review checklists for Auto, Home or Auto/Home combined as a starting point.

These can be found on the sales and marketing toolkit by searching review checklist.

The following is a sample of a script.