Definition
What IRSM stands for?
Internal Renewal Strategy Meeting
why is a loss summary important?
because it helps understand the client’s past claims history, which is needed for insurance renewal and loss run requests.
When does the Renewal Strategy Meeting (RSM) take place?
(RSM) takes place 120 to 90 days before the renewal date.
Name the 6 Key Phases of the Renewal Lifecycle.
IRSM, RSM, Submission, proposal, Bind & post bind, Ongoing services.
who should attend, and who is responsible for leading the prep meeting?
The meeting attendees should include the Account Executive and Advisory Specialist. The meeting is led by you, acting as the Account Representative.
When does the Proposal stage typically occur in the renewal process?
The Proposal stage typically occurs 60 to 30 days before the renewal date.
define the Renewal Lifecycle
The Renewal Lifecycle is a 200-day journey. It’s a continuous loop that ensures we aren't just reacting to an expiration date, but proactively managing the client's risk all year
Key documents and data you should search before IRM (name at least 3 )
Existing RSM template to use, Client Team and Placement team structure, Renewing coverages and policies, including lastyears exposure information, Program structure, Program schematic.
What is the specific timing for the IR SM (Internal Renewal Strategy Meeting) stage in relation to the renewal date?
-200 to -180 Days
What are Loss Runs?
The documented loss experience for the line of business / carrier that underwrote that LOB
Name the 4 client Renewal Prep Meeting-Topics
The current program and anyrecent changes, recent team changes, Potential dates for the IRSMand RSM, Plans for Renewal InformationRequest.
When should the Client Renewal Prep Meeting be scheduled?
The Client Renewal Prep Meeting should be scheduled approximately two weeks before the Internal Renewal Strategy Meeting (IRSM). To determine the best timing, you should consult with your team members assigned to the account.
What are Loss Summaries?
Are tables that summarize total loss data taken from carrier provided loss runs.
What information is included on a loss run?
the status of the clain, Date the Data was Last Updated, Claim Financials
What is the timing for performing the submission process, and which teams are involved?
Should be performed 90 days before the renewal date. The teams involved include the Client Team, the Placement/Advisory Team, and Placement/Data Management.