CPD / CIP Points = 2.5
Estimated Duration = 2.5 Hours (including a short break)
The Policy Renewal Process | Level 1 (Recommended Pre-requisite “Avoiding Broking Errors & Omissions”)
Key learning outcomes:
The Policy Renewal Process | Level 1 module builds on the principles introduced in Avoiding Broking Errors & Omissions. While that module examines the renewal process primarily from an E&O prevention perspective, this workshop provides a more detailed examination of the eight-step renewal process itself. Participants will explore the activities, decisions and responsibilities involved at each stage, with an emphasis on managing the process effectively from start to finish.
The module examines the importance of effective pre-renewal client conversations, obtaining and thoroughly reviewing completed renewal information, and identifying changes in client circumstances and insurance requirements. Participants will also explore how to compare expiring policy documentation, renewal quotes and policy wordings, including identifying material coverage differences and potential gaps in protection.
The process of preparing quality renewal submissions, communicating and negotiating with underwriters, and explaining renewal quotes and recommendations to clients is examined in detail. Practical examples of broker/client conversations illustrate how to identify and discuss changes in client exposures, develop renewal strategies, explain insurance options and recommendations, discuss uninsured risks and agree on next steps.
Interactive exercises and progress checks are incorporated throughout the workshop. A short test is available at the end of the workshop or following the session.
On completion, participants will be better equipped to manage each stage of the policy renewal process, conduct effective conversations with clients and underwriters, identify and address important changes in exposures and coverage, and provide clear recommendations to clients. These skills can help improve the quality and consistency of renewals, strengthen client relationships and reduce Errors & Omissions exposure.
