RiskProNet News


How RPNI Members Approach Personal Lines Renewals

RiskProNet members begin reviewing personal lines policies as much as 100 days in advance of renewal dates. Initial steps include talking to the client and carriers about changes that may affect client needs.

These were among the comments at this month’s Personal Lines Practice Group teleconference:

  • “Check with clients on lifestyle changes. Have they started acquiring collectibles? Inherited valuables?”
  • Face-to-face renewal meetings get clients to pay attention to the process rather than the cost. It’s a good time to offer extra products, such as travel insurance..
  • “One of the biggest challenges is getting clients to compare apples to apples. The industry has shot itself in the foot to a degree with television ads commoditizing policies.”
  • No one has had claims experience with private flood insurance claims, but prices “are out of the park” and as much as double the prices in federal programs.
  • “The question is not if the ‘big one’ will hit, but ‘when.’ We want clients to understand the value of a good policy and a reputable company that will be there if they have a claim.”
  • “We always look for upselling opportunities. Perhaps a client wants to increase the deductible and reinvest the premium in higher liability and umbrella limits.”

Also see the previous blog on factors influencing the personal lines market.

Thanks to Practice Group Chair George Pester of JKJ for chairing the discussion.