% Renewal retention

[ailbhe]

Hi. Just wondering if other brokers could give me an indication as to what percentage of renewals they retain each month. I have been offered a position as renewals administrator (downloading, rebrokering and sending out renewals) and the retention target is 95% at the lowest. I have averaged 92 - 93 % the last few months (which means the loss of approx 35-40 policies per month out of 450). I personally don't think this is a bad figure(factoring in clients dying, moving away or simply getting a better quote elsewhere).
So before my next meeting I'd like to know if the target they have is an average retention figure or unrealistic.

 

[briancbyrne]

household renewals have taken a big hit recently due to the amount of direct advertising going on - would you not approach your bda of your largest holding insurer to increase your renewal retention discount given current market conditions.

 

[ailbhe]

We pretty much have the maximun discounts going.It's a big brokers. I just wanted to know if these figures were acurate. What is the renewal retention target in other brokers. (obviously 100% is wanted but in reality, what would other peoples targets be?)

 

[harriet]

So do you have access to every insurer on the net if you are downloading?

Do you work for someone who is online as I see more and more of my colleagues opting for online insurance, suppose it is more convenient cos they can go online at work and seem to get it done and dusted pretty quickly.

 

[ailbhe]

So do you have access to every insurer on the net if you are downloading?

Do you work for someone who is online as I see more and more of my colleagues opting for online insurance, suppose it is more convenient cos they can go online at work and seem to get it done and dusted pretty quickly.

Not an online brokers. Just a new system where more work is done on the broker end. Renewals are downloaded instead of getting hard copy.

 

[EASTCORK]

Hi, renewal retention of 92%+ seems to be the norm now - what part of the country do you operate so I could give an opinion {I am a broker}