Does This Renewal Need to Be Remarketed?

Clients expect their agents to recognize when a renewal needs attention, without having to raise the concern themselves. But remarketing every renewal takes time and can strain carrier relationships.

A consistent renewal process helps agencies identify which accounts deserve a closer look without requiring an extensive review of every renewal. Clear criteria for flagging accounts allow agents to investigate concerns and determine when remarketing is worthwhile.

Establish Triggers for Additional Review

Establish internal criteria that flag accounts for closer examination before deciding whether to approach competing carriers.

Triggers might include premium increases that exceed an established percentage or dollar threshold, material coverage changes, shifts in carrier appetite, significant changes in the client's operations, or recurring service concerns.

Build these triggers into the agency's renewal workflow or agency management system. This allows routine renewals to move through established procedures while flagging accounts that need a closer look. The agency's client segmentation strategy can also help determine which accounts warrant more proactive attention.

A flagged account still requires professional judgment. For example, a 15% premium increase may be easily explained by increased exposures on one account but warrant market exploration on another. The trigger identifies a potential concern; it does not automatically initiate remarketing.

Periodically evaluate the criteria to ensure they identify significant changes without creating unnecessary work.

Understand What Changed

When an account is flagged, determine what changed and whether the account still aligns with the carrier's appetite and underwriting requirements.

Changes in the client's business, such as growth, additional locations, new operations, or unfavorable loss experience, can affect how carriers evaluate the risk. Changes at the incumbent carrier, including increased rates, reduced appetite, new underwriting requirements, or coverage restrictions, can influence whether the carrier remains a good fit for the account.

For example, a premium increase driven by the client's loss experience may be difficult to improve through remarketing because other carriers will evaluate that same loss history. However, an increase driven by the incumbent's pricing changes may present a stronger case for remarketing.

Define What Remarketing Needs to Accomplish

Before approaching competing carriers, identify what would make an alternative placement worthwhile.

If premium is the concern, determine what level of savings would justify moving the account. If coverage is the issue, identify which limitations need to be addressed. If carrier appetite has changed, consider what a better-fitting market would need to offer.

You also need to understand what is important to your client. A lower premium may hold little appeal if it comes with a substantially higher deductible or reduced coverage. Other clients may place greater importance on specific endorsements, payment arrangements, or maintaining continuity with an insurer.

Without a clear objective, remarketing risks becoming an exercise in collecting quotes rather than improving the client's placement.

Make the Remarketing Decision

Once you've identified what changed, considered the available markets, and established what would make an alternative worthwhile, decide whether remarketing is justified.

If the incumbent still meets the client's needs and there is little reason to expect a better alternative, the account may not need to be remarketed. If another market has a reasonable chance of addressing the concern, pursuing alternative quotes makes sense.

Document the decision and the reasons behind it, whether the account is remarketed or remains with the incumbent.