Renewal Specialist

This Position is for Share India insurance Brokers Pvt Ltd

Job Description: Renewal Executive Commercial Insurance

Position Overview:

The Renewal Executive for Commercial Insurance is responsible for managing the renewal process of commercial insurance policies, ensuring timely follow-ups, client retention, and seamless policy transitions. The role involves coordinating with clients, insurers, and internal teams to ensure that policies are renewed without lapses while maintaining high customer satisfaction.

Key Responsibilities:

• Policy Renewals:
• Proactively track and manage renewal cycles for commercial insurance policies.
• Ensure timely communication with clients regarding upcoming renewals and policy changes.
• Work with insurers to obtain renewal quotes and negotiate terms as needed.
• Client Relationship Management:
• Maintain strong relationships with clients to understand their evolving insurance needs.
• Address client queries and concerns related to policy renewals.
• Provide recommendations on coverage enhancements or modifications based on client requirements.
• Documentation & Compliance:
• Ensure all renewal documentation, endorsements, and policy amendments are processed accurately.
• Adhere to regulatory and compliance requirements related to commercial insurance policies.
• Maintain updated records of policies, renewals, and correspondence in the CRM system.
• Collaboration & Coordination:
• Liaise with underwriters, brokers, and internal sales teams to facilitate smooth policy renewals.
• Coordinate with the finance team for premium collection and invoicing.
• Support the claims team by providing policy details when required.
• Reporting & Analysis:
• Generate reports on renewal trends, retention rates, and revenue impact.
• Analyze reasons for non-renewals and suggest strategies for improving retention.

Qualifications & Skills:

• Bachelors degree in business, Insurance, or a related field.
• Minimum 1 year of experience in commercial insurance, preferably in policy renewals or customer service.
• Strong understanding of various commercial insurance products (Property, Liability, Marine, etc.).
• Excellent communication and negotiation skills.
• Ability to manage multiple renewals simultaneously with attention to detail.
• Proficiency in MS Office and insurance CRM systems.

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