CPD / CIP Points = 2.5
Estimated Duration = 2.5 Hours (including a short break)
The Policy Renewal Process | Level 2
Key learning outcomes:
The Policy Renewal Process | Level 2 module builds on the knowledge and skills developed in Level 1 by taking a more hands-on approach to the eight-step renewal process. While Level 1 examines how the process should be managed, Level 2 requires participants to apply that knowledge by working through a detailed Professional Indemnity renewal.
The module follows the renewal process from initial pre-renewal discussions through to binding cover. Participants will compare the previous year’s and current year’s proposal forms and other information, identifying changes, inconsistencies, potential coverage issues and matters requiring immediate action. They will also examine compare expiring policy documentation with renewal quotes, and assess whether the broker’s submission requests have been adequately addressed.
A detailed series of broker/client and broker/underwriter conversations, together with the associated email correspondence, is examined throughout the workshop. These demonstrate how renewal strategies are developed, information is clarified, coverage issues are addressed, negotiations are conducted, and renewal options and recommendations are explained to clients. Particular attention is given to the timing, content and importance of communications at different stages of the process.
Interactive exercises and progress checks are incorporated throughout the workshop. These activities provide practical experience in performing the reviews and making the decisions involved in managing a renewal. A short test is available following the workshop.
On completion, participants will be better equipped to apply the renewal process in practice, undertake thorough document comparisons, identify and address coverage issues, and manage important communications and decisions throughout a renewal. These skills can help improve the quality and consistency of renewals, strengthen client relationships and reduce Errors & Omissions exposure.
