Sometimes there are better ways to get it done than the way we've always done something. As the client experience team at ThreeFlow, we know firsthand the challenges that arise from outdated processes and inefficient workflows and the cost that they can have on a brokerage’s revenue.
We often hear that the usual renewal collection process is challenging and frustrating. Renewals can take a back seat to other priorities, causing them to pile up, or fall through the cracks entirely and coverage data to go stale. This can lead to stressed-out timelines and more work for employees, which ultimately takes time away from valuable activities that help retain and attract more customers.
Brokerage firm and ThreeFlow client, Axion, experienced the adverse effects of this way of working. "We often saw that renewals piled up and when we had to process them in large batches, it took more time and effort," said Nicole Minzey, vice president of analytics at Axion.
At ThreeFlow, we firmly believe brokers are the drivers of their renewal collection process, and our team is here to streamline and support (not replace) their current operations. With that in mind, our team proposed a ThreeFlow renewal collection day—a day broker teams dedicate to updating ThreeFlow and collecting renewals.
A new approach to renewals
The premise behind a renewal collection day is that everyone joins in knocking out renewal collections as a group. Our team offers assistance if users encounter obstacles that hinder them from collecting renewals.
We talked with Axion, one of the first brokers to pilot this program, and gathered a few tips for a successful renewal collection day.
Getting leadership buy-in is essential for a successful outcome. Leaders should communicate the bigger business value that a collection day can bring and be ready to support their team as needed. Users also need to be willing to participate in and use the platform for renewal collections versus doing it their way.
Axion decided to mandate a minimum of 180 days for renewal collections. "Collecting renewals early has saved us time and effort because we often don't have to market." Minzey added, "We get put on the radar first, and this also helps encourage carriers to send renewals through ThreeFlow rather than email."
Determine your cadence
Depending on your book of business, you may choose to establish a renewal collection day monthly or only around the busiest season. For example, having a regular renewal collection day in February might not make sense if the broker doesn't have many mid-year renewals.
Axion decided to hold the renewal collection day as a monthly in-person event dedicated to training and renewal activity. Minzey explained, "We weren't sure if it would be as effective as a remote activity. Getting together in person gives us a chance to work as a team every month and complete the tasks together."
Create an action plan
When our team works with brokers collaboratively to make the most of these renewal collection days, using activation data and platform expertise, we find that the days are more streamlined, and everyone understands their role. Creating an action plan or checklist of tasks to perform, and sharing that beforehand with the team, prepares everyone for the day.
"Our account manager sends us a list of everything that needs to be completed, updated, or sent out for renewal," says Minzey, "We're usually able to get 80% of that list done by the end of the day; the remaining is typically information we're waiting on from carriers or clients."
The bottom line
If renewals take time away from growing your business, implementing a renewal collection day may be the answer.
It's a proactive over reactive approach—having renewal rates before needing them creates more lead time enabling your team to better prepare and conduct more effective client and carrier conversations.
Minzey said, "We're three months into this experiment and are already reaping the rewards of being ahead."
It's also a step closer to complete reporting. As ThreeFlow captures more of your renewal transactions, the provided data insights will reflect a more accurate view of your market activity, helping you with better planning and forecasting.
Are you interested in a renewal collection day for your firm? Reach out to your account manager or request a demo.