The following vendor(s) were chosen
as their top choice(s) in Policy Renewal
Automation of Renewal Notifications and Processes (5 points)
Description: The ability to automate renewal notifications, reminders, and policy renewals without manual intervention.
Considerations: Does the tool automatically send reminders for upcoming renewals? Can it automate the renewal process, including document generation
and approvals?
Client Communication and Engagement Features (5 points)
Description: The system’s ability to engage with clients through personalized communication (emails, texts, etc.) and ensure ongoing interaction to improve
retention.
Considerations: Can the tool send personalized, automated communication to clients during the renewal period? Does it provide multiple channels for
engagement?
AI Capabilities and Renewal Comparisons (5 points)
Description: The tool’s ability to use AI to analyze client data, predict renewals, or provide renewal comparisons to suggest better coverage or pricing.
Considerations: Does the tool leverage AI to predict which clients are likely to renew or churn? Can it offer renewal comparisons with different coverage
options or prices?
Integration with Policy Management and CRM Systems (5 points)
Description: How well the tool integrates with existing policy management and CRM systems to ensure seamless data exchange and real-time updatesAnalytics and updates?
Reporting on Retention Rates (5 points)
Description: The ability to track and report on retention rates, renewal performance, and client behavior insights to help brokers optimize retention
strategies.
Considerations: Can the tool provide detailed reports on renewal success rates, client retention, and churn? Are the analytics insightful for improving
retention efforts?
Ease of Use and Customization (5 points)
Description: The overall ease of use of the tool, including the ability to customize workflows and communications based on the broker’s needs.
Considerations: Is the tool easy to use and customize for specific client segments or renewal workflows? How flexible is it in adjusting settings to match
specific needs?
Pricing Model and Scalability (5 points)
Description: Evaluates the tool’s pricing structure, including whether it is charged per policy, per user, or if there are thresholds that impact pricing. This
criterion also considers scalability for brokers as their client base grows.
Considerations: Is the pricing based on a per-policy or per-user model? Are there thresholds that trigger changes in pricing? How scalable is the pricing
structure as the number of policies or users increases?
