The Importance of an Insurance Pre-Renewal Meeting

Author, Greg Garcia, Account Executive, Rancho Mesa Insurance Services, Inc.

At Rancho Mesa, we conduct annual insurance pre-renewal meetings with all of our clients and it has always been a crucial part of the insurance renewal cycle.  Now with increased pressure on all lines of coverage, the importance of the pre-renewal meeting is even more critical. 

Typically, we schedule our pre-renewal meetings about 120 days prior to the renewal effective date.  For example, if an insured‘s effective date is January 1st, we will be conducting our pre-renewal meeting sometime in September.  Keep in mind that insurance carriers are able to accept submissions 90 days before the effective date, and getting a submission out at that 90-day mark is our goal. It allows the underwriter time to underwrite the account properly and gather any additional information they may need.  With insurance markets hardening year after year, underwriters are requesting more information with regard to operations, risk management, and safety procedures. Even requesting a loss control visit from the carrier’s risk consultants are becoming more common. By getting our submission out at that 90-day mark, it allows adequate time for all of that to occur. Additionally, by giving the underwriter ample time to do their job, it allows them to release renewal terms weeks in advance of the effective date.  This aligns with Rancho Mesa’s commitment to complete insurance renewal meetings well in advance of the effective date, allowing then for certificates of insurance to be issued in a timely manner. 

Now, let’s dive into what takes place at these pre-renewal meetings.  First, these meetings give our team a chance to sit down with our clients and go over anything and everything related to their current insurance program.  We talk about any changes in company operations from last year, we make sure all of the vehicle, driver, trailer and equipment lists are up to date, and talk about forecasting payrolls and sales for the upcoming policy term.  In addition to that, we inform our clients on trends in the marketplace while also providing educated budgeting figures for what they can anticipate come renewal time.  Overall, these meetings typically take somewhere between thirty minutes to one hour, with the goal of securing all applicable renewal information for our team to approach the marketplace.

As premium and pricing trends continue escalating, pre-renewal meetings are a great way to get an early start on your insurance renewal cycle, setting your team up for the most competitive terms and pricing well before your effective date.

To discuss your insurance renewal, contact me at (619) 438-6905 or ggarcia@ranchomesa.com.