Insurance Policy Renewal Software; the Best Way to Handle Your Policy Renewal Management

June 13, 2022 in Insurance Broking

Insurance Policy Renewal Software; the Best Way to Handle Your Policy Renewal Management

Streamlining the policy renewal management process for effective insurance renewal submissions is one of the major indicators of successful policy management. That’s why Sibro insurance broking software’s effective policy renewal feature constantly focuses on improving their automated policy renewal feature. This not only helps the insurance brokers but also the agents to effectively manage their incoming policy renewals with the help of a secure and easy access policy renewal feature.

This article will transform your thought process about handling your policy renewals, the benefits of automating renewals and shape your in-house insurance broking into a productive and organized procedure.

What is the renewal process in insurance?

The policy renewal process is a type of revision procedure performed by the insurers at the end of the current policy period in order to regulate the coverage and the premium amount of a policy that is about to expire.

What is the renewal date of an insurance policy?

The renewal date of a policy is the date at which the current policy provisions expire. As per the rules, it is mandatory to renew a vehicle insurance policy on or before the expiry date. The insurer will notice its users 30 days prior to the expiry date.

What are the benefits of automating your policy renewal process?

Managing your policy renewals with the help of software will offer you certain cutting-edge benefits every modern insurance broker desire.

  • Manual data management is one of the word pain in insurance and this can be totally eliminated with the help of the best insurance broker software
  • Enhance customer satisfaction by sending professional email and whatsapp alerts on time to your potential customers requesting renewal initiation
  • Easily reduce the insurance renal time if you use an insurance broker software for the same
  • The volume of renewals can be increased and thus your entire broking productivity can be increased exponentially

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How Sibro insurance broking software is the best option to handle your policy renewals?

Let’s go through a real-life scenario of one of the potential clients that directed us to look into the renewal queries.

They were using Sibro for quite a long time and are completely happy with the way things are going. One day one of their representatives came up with a concern. They detailed the issue to our Client Support Team. The issue was they were not able to allocate renewal cases individually to their concerned person.

Quoting their own words,

Scenario 1: If Mr. X is one of our agents and I want to allocate his renewal cases to the employee who takes care of the renewals. But, I don’t want to give access to Mr.X’s fresh businesses to that employee who is taking care of a particular agent. Please suggest the best possible solution for that?

Scenario 2: If I am searching an agent name in the search box, I don’t what the fresh cases entries to be accessible to the person who is taking care of renewal.

Our team has done enough brainstorming sessions for analyzing the scenarios and we cross-checked all the possibilities and related outcomes. That’s the moment our Client Success team understood the importance of having the provision for client-wise allocation in Sibro insurance broking software.

  • Added a new drop-down called ‘Policy to be renewed’ at the Policy Master section itself. This will act as a default renewal condition when a user adds a new policy to the software
  • Classified the entire upcoming policies into two sections; Fresh and Renewals. The fresh section will display the new businesses and the rollover business recorded in the software. The renewals section will show all the upcoming renewals separately
  • Introduced the provision to restrict new/rollover/renew businesses at the employee privilege level. From now onwards, users will be able to allocate renewal cases individually to their respective concerned persons
  • Introduced the email facility to send renewal alert emails to the customers from the software itself with a provision to “CC” it to the respective receiving points. From now onwards Sibro users can send renewal notification emails to the customers and notify them about their upcoming renewal date straightaway
  • In the upcoming polices section while downloading the renewals, we have introduced a provision called “Policy Document URL”. By clicking on it, the user can download the policy document instantly.
  • Multiple alert options for policy renewal management have also been introduced for smoothening the policy renewal process

The above features evolved after addressing our clients’’ pain points, when practiced systematically and professionally have become the best tools for insurance brokers and agents to effectively manage their policy renewal procedures.

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