We have put together renewal email templates to make using the ReFocus AI platform straightforward.
Customer churn is a significant problem for insurance professionals, especially in a highly competitive market where customers have numerous options. Churn can be caused by various factors such as dissatisfaction with the service, price sensitivity, changes in life circumstances, or lack of engagement.
One effective way to mitigate churn is to segment customers based on their needs, preferences, and behaviors. By doing that, you can improve your communication efforts, which can help increase customer loyalty, retention, and satisfaction, as well as cross-selling and upselling opportunities.
The ReFocus AI platform categorizes every renewal into one of the six categories shown in the graphic below.
It is vital to customize the templates according to your business needs and tailor them to each policyholder's specific lines of business. Most management systems and marketing platforms make it easy to create templates that gather relevant information directly into the template.
💡Check out Retention Analytics: A Primer to learn how the ReFocus AI platform generates high, medium, and low scores.
Once you have set up the templates in your communication tool, you can automate email sending based on segmentation, reducing the workload for your team.
As a best practice, you should use these templates as the first email in a more extensive sequence. Receiving an email does not guarantee an immediate response, and it may take several communications over various channels, such as email, text, phone call, or postal mail, before receiving a response.
💡Replace the bolded elements to customize each sample communication further.
Outline the Renewal Process
Reducing policyholder non-renewal starts by outlining what your renewal process looks like. This can alleviate stress and help reduce service work related to receiving the carrier renewal in the mail.
Subject line: We’ve got you covered for your renewal in 60 days
Hello [Insert Name],
With your renewal just 60 days away, we are already preparing for it. I wanted to ensure you are well-informed and prepared for what comes next.
You will receive a renewal notice from [Insert carrier name] in the next few weeks. You don’t need to worry or do anything with it when you receive it; we will also receive a copy and start working on your renewal.
The [Agency Name] Renewal Process
- You will receive a questionnaire next week so that you can review the information we have on file and make any updates. Having up-to-date information allows us to ensure that you have the right coverage at the most competitive price.
- When we receive the renewal, I will let you know.
- I will review the renewal to understand the new quoted price and any changes in coverage.
- I will email you 15 days before the expiration date recommending we either renew your coverage or make changes.
On behalf of the entire Alliance team, I am excited to renew your account. Your business and satisfaction are very important to us. If you have any questions or would like a call about your renewal, you can find time with me here [insert link].
Sample Renewal Communications
Cancellation Risk Detected (High)
Hi John,
I hope you are doing great and having a wonderful day.
I am reaching out to see if there have been any changes in your life/with your company since we last spoke that may affect your insurance needs. You are a valued customer, and I want to ensure you are getting the best service and coverage possible.
I would love to talk to you about your coverage options and answer any questions you might have. Let's schedule a call at this link to review your policy and see how we can make it work for you.
I look forward to hearing from you soon.
Sincerely,
Your insurance agent
Cancellation Risk Detected (Medium)
Hi John,
I hope this email finds you well and that you are enjoying the benefits of your insurance policy with us.
Your policy is due for renewal soon, and I wanted to reach out to you to discuss some options that may interest you.
We value your loyalty and satisfaction as a customer, and we are always looking for ways to improve our service and offer you the best coverage possible.
That's why I have prepared a personalized proposal for you based on your current needs and preferences. You can find it attached to this email.
The proposal includes some possible changes to your policy, such as:
- A lower deductible
- A higher coverage limit
- A discount for bundling multiple policies
- A good student discount for Mary
These changes are designed to give you more peace of mind and save you money in the long run.
I would love to hear your feedback on this proposal and answer any questions you may have. Please reply to this email or call me at 555-1234 to schedule a time to chat.
I look forward to hearing from you soon.
Sincerely,
Your insurance agent
Cancellation Risk Detected (Low)
Hi John,
I hope this email finds you well and that you are enjoying the benefits of your insurance policy with us. With your renewal right around the corner, I wanted to thank you for choosing us as your trusted partner and to remind you of some of the features that make your policy unique and valuable.
- Low deductible for non-collision-related claims
- Free emergency roadside assistance
- Vehicle buying service when you are ready to buy something new
I believe that you have the optimized coverage for your situation and that you are getting the best value for your money. However, if you have any questions or concerns about your policy or if you want to explore other options or make any changes, I am here to help. You can book a time with me or any member of my team using this link: https://calendly.com/insurance-team/consultation
We value your feedback and satisfaction, so please do not hesitate to reach out to us anytime. We look forward to hearing from you soon and continuing to serve you as our loyal customer.
Sincerely,
Your insurance agent
Likely to renew (High)
Hi John,
I hope this email finds you well and that you are enjoying the benefits of your insurance policy with us. I am writing to remind you that your policy is due for renewal in two weeks and to offer you some options to make the process easy and convenient for you.
Option 1
You can renew your policy online by logging into your account and following the instructions. You can also call our customer service team at 1-800-INSURE or visit our nearest branch to speak to one of our agents. If you have any questions or concerns about your policy, please do not hesitate to contact us. We are always happy to help.
Option 2
Your policy is set to renew on 12/01/2023 automatically. If you have any questions or concerns about your policy, please do not hesitate to contact us. We are always happy to help.
John, I want to thank you for being a loyal customer for many years. You are a valued member of our insurance family, and we appreciate your trust in us. We are committed to providing you with the best coverage and service possible. We look forward to continuing our relationship with you and serving your insurance needs.
Sincerely,
Your insurance agent
Likely to renew (Medium)
Hi John,
I hope this email finds you well and that you are enjoying the benefits of your insurance policy with us. As your renewal is coming up, thank you for being a loyal customer for the last 5 years. We appreciate your trust and confidence in our services.
As you may know, your policy is due for renewal soon. I want to assure you that you have optimized coverage for your needs and budget. However, if anything has changed since we last spoke, such as your family situation, health status, or income level, please let me know. I would be happy to review your policy and make any adjustments if necessary.
Please reply to this email or call me at 555-1234 if you have any questions or concerns. I look forward to hearing from you and continuing to serve you as your insurance agent.
Sincerely,
Your insurance agent
Likely to renew (Low)
Dear John,
I hope this email finds you well and that you are enjoying the fall season. As your renewal is coming up, thank you for being a loyal customer for many years. You are very important to us, and we appreciate your trust in our services.
I have reviewed your account, and I have some potential policy changes for you to consider that could save you money and provide you with more coverage. Here are some of the options:
- You could switch to a higher deductible plan, which would lower your monthly premium and give you more flexibility in case of a claim.
- You could bundle your home and auto insurance, which would give you a discount on both policies and simplify your billing process.
- You could add some optional features to your policy, such as roadside assistance, rental car reimbursement, or identity theft protection, which would enhance your protection and peace of mind.
If you are interested in any of these options, please let me know, and I will be happy to provide you with more details and a personalized quote. You can reply to this email or call me at 555-1234 anytime between 9 am and 5 pm on weekdays.
Thank you again for choosing us as your insurance provider. I look forward to hearing from you soon and helping you with your insurance needs.
Sincerely,
Your insurance agent