Start Your Insurance Renewal Programme Early
February 13th, 2009
Your premium renewal process should really start around four months before renewal if you are to avoid nasty premium increases. If you ran into renewal problems in 2008, consider these factors this year:
• Start negotiations early and ask tough questions.
• Do your homework on exposure to risk.
• Make sure you confirm the timetable in writing.
• Ensure you co-operate in getting the relevant underwriting data – this will make it easier for the insurer and benefits you.
• Check the workload of people involved in the negotiations.
• Re-think and get creative in advance to ensure all options are canvassed early or premium quotes for variables are obtained with renewal quotes.
• Be prepared to look at alternatives if you are not satisfied with outcomes.
• If you are considering asking other brokers to quote, do so carefully.
Source: Sloan Risk Management Services Limited
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