Annual Reviews

[insurancequestion]

What do annual reviews typically look like? Should I send a email out asking about any changes, if there are some changes let me know?
What if their premium will jump up 23%, should I start shopping it?

Why do rates jump up that much after one year?

needless to say..I am still a newbie

thanks

 

[fed up]

You can send a notice but the return will probably be less than 20% of the notices you send out. I pick up the phone and call but the higher percentage of calls are answered by " No, everything is great. No changes" click. people only want to talk about insurance when something has happened: to them, a family member, or a friend. Just make notes about any conversation so you can refresh your memory when they call about something they missed about their coverage.

 

[Markthebroker]

What do annual reviews typically look like? Should I send a email out asking about any changes, if there are some changes let me know?

That's what we do, with all the coverage information.

What if their premium will jump up 23%, should I start shopping it?

Is that even a real question? Of course. It will be shopped, one way or another. Either you will shop it for them, of if you don't, they will call another agent and have them shop it.

Why do rates jump up that much after one year?

Many, many reasons. Ask the underwriter.

By the way, renewal reviews are a great time to ask for referrals. Referrals are how I get 100% of my business over the last several years.

 

[Allen Trent]

Referrals are how I get 100% of my business over the last several years.

Where does the other 10% of your business come from? You always seem to be giving 110%

Keep in mind, you can dial it back to 87% or less & still make more than women who have to give 125-130% to make what you do

 

[Markthebroker]

Where does the other 10% of your business come from? You always seem to be giving 110%

Keep in mind, you can dial it back to 87% or less & still make more than women who have to give 125-130% to make what you do

 

[Al3x Lee]

Definitely depends on the client. I usually review their last year's premium and renewal premium, go over any changes throughout the year, make sure everything is still correct on the policies.

And it won't always be shopped, some clients will have a 200% premium increase and not care, others will want to shop it every year.