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How to Build Your Commercial Business with CID Insurance Programs

92 views October 6, 2020 27:07

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ChannelCID Insurance

Description from the creator

Ane Agostini, our CEO, explains why you shouldn't focus only on new business growth, gives a great explanation of how to retain your commercial renewals and goes over the useful tools we have on our website.

CID Insurance specializes in commercial insurance products designed for the business clients of independent and captive insurance brokers. Our products include a range of preferred risks to manageable hard-to-place risks.

Know What Coverages Your Commercial Clients Need:

Property
General Liability
Fidelity/Computer Fraud
Cyber Liability
Professional Liability
Garage
Directors & Officers Liability
Employment Practices Liability
Workers’ Compensation
Hired & Non-Owned Auto
Inland Marine
Umbrella

Manage Your Renewal Process:

Track your renewals by an expiration report confirming each policy is issued and commission is paid

Treat every renewal like new business: send a written proposal and confirm a renewal bind order

Monitor your renewal retention and lapse ratios (keep lapse ratio at 10-15% or less)

Cross sell other insurance coverages at renewal

Ask for referrals while working your renewals

Focus on 50/50 renewal retention and new business production for profitability

The retention of your commercial clients depends on the PIF count per insured

If the average number of commercial policies in force for each insured is less than 2, your renewal retention might be in trouble

The more PIF per insured, the easier it is to retain business

Know what coverages your clients need

Know who controls the other insurance for your insured, as well as expiration dates

Cross sell the other insurance at the time of renewal

Follow-up 60 days prior to the renewal date

Provide formal insurance proposals

Questions? Contact us at [email protected]

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Check out our other previously recorded webinars, they are all uploaded here on our YouTube channel.

You can also register to watch one of our next ones live. Get your questions answered by the experts: cidinsurance.com/resources/webinars/

Get everything else you need on website here: cidinsurance.com/

CID Insurance Programs is a Wholesale Brokerage specializing in commercial insurance products designed for the business clients of independent and captive insurance brokers. Our wholesale insurance products encompass a broad range of preferred risks to manageable hard-to-place risks. We have gained success and recognition in helping insurance brokers build their commercial book of business.

About this tutorial

CID Insurance published this 27:07 video tutorial on October 6, 2020. It has been watched 92 times on YouTube.

Category
Education
Duration
27:07
Published
October 6, 2020
Views
92
Likes
2

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