Client Renewal for Insurance
Manages the contract renewal process for existing policyholders, including performance assessment and terms renegotiation.
Aligns with ASIC regulatory requirements, General Insurance Code of Practice, and AFSL obligations. Includes audit trail provisions.
Workflow Stages
Renewal Preparation
Compile account performance data, satisfaction scores, and financial metrics to inform the renewal approach.
Inputs
- Account performance reports
- Policyholder satisfaction scores
- Financial summary of the engagement
Outputs
- Renewal preparation brief
- Account health assessment
- Recommended renewal terms
Internal Strategy Session
Align the account team on renewal strategy, pricing approach, and potential concessions.
Inputs
- Renewal preparation brief
- Competitive landscape
- Discount authority and guidelines
Outputs
- Renewal strategy document
- Approved pricing range
- Escalation plan if policyholder pushes back
Policyholder Renewal Discussion
Meet with the policyholder to review the engagement, discuss their future needs, and present renewal terms.
Inputs
- Renewal strategy
- Renewal proposal
- Policyholder meeting agenda
Outputs
- Policyholder feedback on proposed terms
- Negotiation points identified
- Verbal commitment or concerns raised
Decision Points
- • Is the policyholder willing to renew?
- • Are term modifications needed?
Terms Finalization
Finalize the renewal terms based on negotiations and prepare the renewal contract.
Inputs
- Agreed terms from negotiation
- Contract template
- Legal review requirements
Outputs
- Renewal contract drafted
- Legal review completed
- Contract ready for signature
Contract Execution
Obtain signatures from both parties and activate the renewed contract.
Inputs
- Final renewal contract
- Authorized signer details
- Signature platform
Outputs
- Signed renewal contract
- CRM updated with new contract dates
- Billing schedule updated
Renewal Confirmation
Confirm the renewal with all stakeholders and set up the next renewal cycle.
Inputs
- Signed contract
- Stakeholder list
- System update checklist
Outputs
- Renewal confirmation sent
- Next renewal date scheduled
- Account plan updated for new term
Frequently Asked Questions
What happens if the policyholder chooses not to renew?
The policyholder offboarding workflow is initiated, and a retention specialist may make a final effort to understand concerns and offer alternatives.
How is renewal success measured?
Renewal success is measured by renewal rate, revenue retention percentage, contract value growth at renewal, and time to close the renewal.
Can renewal terms differ significantly from the original contract?
Yes, renewals can include changes to scope, pricing, duration, and service levels, all subject to mutual agreement and internal approval.
Ready to implement this workflow in your business?
Our team can implement this workflow into your business operations with custom tools and training.