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Our Proactive Renewal Team has one goal, renew as many policies as possible, year in year out. The team's activities have multiple benefits for both brokers and their clients. The main being an excellent customer experience for the client and a reliable trail income stream for the broker.
Clients will receive a tailored policy review on an annual basis, conducted by one of our retention specialists. This includes an automatic offering of up to three alternative, suitable, quotes in their renewal pack to choose from. These would include the most competitive rates we can offer. The specialist will then follow this up with a call to run through the options with the policyholder, reviewing their details to ensure they are still accurate and answering any questions.
The team regularly achieves a monthly retention rate of 80- 85%. Introduced in late 2015 was the use of automated text messaging facilities to notify clients of their renewal dates and to expect a call from The Source.
As mentioned the benefit for Brokers is a consistent renewal income stream. Having done the hard work in arranging the policy for your client in year 1, we like to support you by securing the client against your broker account year in year out. The best part is you get to keep all the commission - we guarantee to never reduce your commission at renewal unless you expressly allow it in order to save the business.
We also feel the activities of our Proactive Team also supports our Brokers in the sales process for GI. Clients who shop through other 3rd party channels or even direct to insurers are highly unlikely to receive such a comprehensive review of their insurance on an annual basis.
Brokers still have the ultimate overall control with The Source. You may want to manage the whole renewal process for your clients yourself. In which case we will take a step back. Other brokers prefer us to do only part of the process, the choice is yours.
With Source, we give you all the information you need to actively manage renewals yourself. You can see the new renewal documents with the prices on offer. These are all held in our 'YourPlace' broker information system.
Combining these activities with our Commission Guarantee means you can be sure you will receive a consistent trial income from your GI clients, for the life of the policy, even if you retire or leave the industry.
Take a look at what the Source can offer you in 2016
