For broker and agents, remarketing to existing customers whose policies are up for renewal is an easy way to renew and retain current business. However, remarketing Cyber Insurance, specifically, could backfire given the increasingly hardening market – the higher prices are nudging client’s to shop. Unless brokers and agents can provide existing customers with viable options for renewal, the customer almost certainly will look elsewhere to seek better rates and coverage.
A comprehensive insurance remarketing process executed with an insurtech platform can limit non-renewals and make the renewal process simpler for the customer and the insurance agency.
The Importance Of Remarketing Client Accounts
Existing customers likely don’t want to switch agencies for their cyber insurance needs because it’s a painful process. Whenprices and coverages remain reasonable, customers typically would rather keep existing providers than spend their own time and effort on getting quotes and switching.
That said, with insurance premiums rising exponentially year over year, customers can be forced to look elsewhere if the costs and coverage changes become unmanageable. Insurance remarketing can keep them in house and not even consider another agency or provider.
If presented with multiple quotes similar to the initial sales process, customers can see more than one option for renewal and understand the market for their existing coverages. Even if the prices have increased, customers can see that the overall market has changed rather than only their current provider raising prices.
After spending time and effort in selling initial policies to customers, brokers and agents must work hard to retain them and keep their business year after year. Often, sales effort and costs can outweigh the revenue brought in by a client in year one, so policy renewal is key to long term agency profitability.
Traditional Methods Of Remarketing Client Accounts Are Time-Consuming
There's no denying that the traditional process of remarketing client accounts is time-consuming. Agents have to track down the account, review the current rates, compare them to the competition, and then present the options to the client..
Thankfully, there are now insurtech platforms that can automate much of this process. These systems allow agents to quickly find the best rates for their clients and generate custom quotes with just a few clicks.
By automating the quote process, insurtech platforms can make it easier and faster for agents and brokers to compare rates and find the best coverage for their clients needs. In today's market, anything that can give agents a leg up on the competition is worth considering, and insurtech platforms are definitely worth a closer look.
How Insurtech Platforms Make Remarketing Less Of A Burden
Using an insurtech platform like Relay removes the burden of inefficient and costly remarketing efforts. Relay streamlines and automates most of the quoting process to allow brokers and agents to submit information one time (rather than several times) and instantly produce multiple quotes with multiple carriers.
Taking this approach completely changes the equation for remarketing accounts, as the effort needed to produce favorable results for both brokers and clients is minimized and agency. By reducing the effort needed to create custom proposals, existing customers are presenting with the multiple quotes they expect without a burdensome time commitment from the agency.
Remarketing client accounts is a key factor in the success of any insurance business. Keeping up with customer policy renewals and making sure all clients receive preferential service can be quite labor-intensive, but developing a strategy that incorporates automation can make the process easier. By taking advantage of insurtech platforms and other new technologies and services, businesses can save time and money while still creating a personalized customer experience.
With careful planning and execution, insurance remarketing campaigns can become an efficient part of keeping customers happy and loyal to your brand.
