Policy Review For Renewal Preparation: A Practical Guide for Agencies

Policy review for renewal preparation is not a task you complete at the last minute. It is a structured process that starts 90 days before every commercial renewal and produces better outcomes - higher retention, better coverage, fewer surprises at claim time - than any approach that compresses preparation into the final weeks before the renewal date.

Vertafore 2025 Agency Growth Study found that agencies with documented 90-day renewal processes retain 6% more accounts than agencies that start renewal preparation at 30 days. On a book of 200 commercial accounts, that is 12 more accounts retained each year without any new business effort. This guide walks through exactly how that 90-day process works and what the policy review at its core should cover.

Key Takeaways

• Vertafore 2025 Agency Growth Study: agencies with documented 90-day renewal processes retain 6% more commercial accounts than agencies starting at 30 days.
• Loss runs should be current within 30 days of the renewal date for accurate underwriting submissions; runs pulled earlier are often outdated by the time submissions are reviewed.
• The remarket threshold based on industry benchmarks: consider remarketing when the carrier's renewal rate increase exceeds 15%, when the carrier signals appetite concerns, or when the client's coverage needs have changed materially.
• A written renewal summary document presented to the client is both a client service deliverable and a risk management tool that documents the advice provided at renewal.
• Mid-term endorsements added during the policy period must be explicitly confirmed for preservation at renewal; carrier renewal offers sometimes revert to prior-year terms without mid-term changes.
• IIABA 2025 recommends that renewal documentation include the basis for the coverage recommendation, not just the coverage selected, to support an E&O defense if a claim arises on the renewed coverage.

Why Renewal Is the Most Important Review of the Year

Every policy review on a commercial account matters. The renewal review matters most because it sets the terms for the next 12 months of coverage. Every gap that exists at renewal persists for the full policy year. Every limit that is inadequate at renewal remains inadequate until the next renewal.

The renewal is also the highest-risk moment for client loss. A client who feels their renewal was handled without attention or care - a form letter and an invoice - is far more likely to accept a competing bid than one who received a thorough review, a clear recommendation, and an explanation of what changed and why.

The 90-day process described here addresses both problems: coverage quality and client retention.

The 90-Day Renewal Preparation Timeline

Day 90: Pull Loss Runs and Request Exposure Updates

The process starts 90 days before the renewal date with two simultaneous actions: requesting current loss runs from the carrier and sending an exposure update request to the client.

Loss runs need to be current within 30 days of the renewal date for underwriting submissions. Pulling them at Day 90 gives you an early look at the loss picture and enough time to respond if something unexpected appears.

The exposure update request is a structured questionnaire that covers all the categories of business change that affect coverage and pricing at renewal:

• Has the client's revenue changed materially from the prior year?
• Has payroll changed? New employees added or headcount reduced?
• Have any new locations opened or existing locations closed?
• Have any new vehicles been added to the fleet or removed?
• Has the business added new products, services, or operations?
• Has the client signed any new contracts with insurance requirements?
• Have there been any losses, incidents, or near-misses, even if unreported to the carrier?
• Has the client changed any business practices or safety programs since last renewal?

Do not wait for a phone call to get this information. Send the questionnaire and set a deadline for response. Build your follow-up schedule into the account's renewal task list.

Day 75: Complete the Policy Review and Coverage Adequacy Assessment

Once the questionnaire is returned and the loss runs are in hand, you have what you need to do the substantive review work.

This is the core of renewal preparation: compare the existing coverage structure to the client's current operations and determine what needs to change. The review covers everything in the full annual review scope - coverage types, limits, endorsements, exclusions, exposure figures - plus the specific renewal-focused items described below.

Allow adequate time for this step. Compressing it to Day 30 means you have one week to act on anything you find before presentation. At Day 75, you have three weeks - enough time to get quotes, request endorsements, or complete a remarketing submission if needed.

Day 60: Complete Marketing Submissions if Remarketing

If the review at Day 75 produced findings that require remarketing - significant rate increase from the current carrier, appetite concerns, coverage needs that the current carrier cannot meet - your submissions go out at Day 60.

This timeline gives markets sufficient time to quote and gives you time to review and compare quotes before your renewal presentation to the client. Submissions at Day 30 or later typically produce quotes that arrive after the renewal date, which forces an extension or a rushed decision.

Even if you are planning to stay with the current carrier, Day 60 is a useful checkpoint for discussing the renewal strategy with the client. What does the client expect in terms of pricing? What are their priorities for the upcoming policy year? Are there any operational changes planned that will affect their coverage needs?

Day 45: Review Quotes and Prepare the Renewal Recommendation

With quotes in hand - whether from the current carrier, alternative markets, or both - prepare the formal renewal recommendation.

The recommendation document should include:

• A summary of all coverage lines and any changes from the prior year
• The renewal premium from the current carrier and any alternatives quoted
• Your recommendation (stay or switch) with the specific basis for the recommendation
• Any coverage changes recommended, with the reason for each
• Any coverage changes declined by the client, with the declination documented
• A comparison table if presenting multiple carrier options

This document becomes your client presentation material at Day 30 and your file documentation after the meeting.

Day 30: Present the Renewal Recommendation to the Client

The renewal meeting is your annual proof of value. Present the recommendation in person or by video call - not by email. Walk the client through what changed, what you found, what you recommend, and what it costs.

Clients who understand their coverage and see the work that went into the renewal review are far more likely to renew and far less likely to shop the account. The Vertafore 2025 data on retention improvement with documented 90-day processes reflects this dynamic: the documentation is a proxy for the quality of the service.

Get decisions at this meeting. Do not end the meeting without knowing whether the client is accepting your recommendation or requesting changes.

Day 14: Bind Coverage or Confirm Renewal

Two weeks before the renewal date, all decisions should be finalized and coverage should be bound or confirmed.

If binding with a new carrier, confirm the effective date and issue a binder. If renewing with the current carrier, confirm the renewal terms and any endorsement changes in writing with the carrier.

Issue updated certificates of insurance and evidence of property insurance at this stage, not after the renewal date. Certificates that expire on the renewal date create gaps in contractual compliance for clients with active contracts.

Day 0: Policy Renews

On the renewal date, the policy renews under confirmed terms. Issue updated evidence documents if not already done. Update the AMS with new policy numbers, premium figures, and any coverage changes.

Specific Items to Check at Renewal

Beyond the standard annual review checklist, renewal preparation has its own specific focus areas.

Confirm Mid-Term Endorsements Carry Forward

Mid-term endorsements added during the policy period do not automatically appear in carrier renewal offers. Some carriers generate renewal offers from the base policy form, and any mid-term changes must be re-requested.

Check the endorsement schedule on the current policy against the renewal offer. If the client added a blanket additional insured endorsement mid-term and it does not appear on the renewal, catch it before binding.

This is one of the most common renewal errors in commercial accounts. The endorsement is present during the expiring policy year, the renewal binds without it, and the gap is discovered when a certificate holder requests an AI certificate and the coverage is no longer in place.

Verify Loss Runs Match AMS Records

Compare the carrier-issued loss runs to your AMS records. Open claims should appear on both. Closed claims from prior years should be consistent.

Discrepancies between carrier loss runs and AMS records create two problems. First, they may indicate that a claim was reported and handled without the agency's knowledge, which is an account management gap. Second, they can create submission errors if you submit loss runs that do not match the carrier's own records.

Resolve discrepancies before submitting renewal applications.

Check for Carrier Appetite or Underwriting Changes

Before assuming a client will simply renew with the current carrier, confirm that the carrier still has appetite for the account type and risk profile. Markets shift. A carrier that aggressively wrote restaurant accounts in 2022 may have tightened their appetite significantly by 2025. A carrier that was willing to write large commercial auto fleets may have added restrictions.

Check for any carrier bulletins or underwriting guideline changes since last renewal. Your underwriter contact at the carrier is the best source for this, supplemented by your agency's carrier communications.

Review the EMR and Loss History Presentation

For accounts with a workers' compensation experience modification rate (EMR) above 1.0, prepare a narrative for underwriters that explains the losses behind the EMR. Losses that look alarming in raw form often have context that significantly changes the underwriting picture.

Did the losses result from a specific project or job site that is no longer in operation? Has the client implemented safety programs since the loss period? Are there frequency or severity trends that show improvement over the experience period?

A well-prepared loss narrative can mean the difference between a renewal at market rates and a premium surcharge that makes the account uncompetitive.

Renewal vs. Remarketing: How to Decide

One of the most consequential decisions in renewal preparation is whether to stay with the current carrier or go to market. The decision criteria are specific, not vague.

Stay with the Current Carrier When

• No significant losses on the account; loss ratio is within acceptable range for the carrier
• The client is satisfied with the carrier's service, including claims handling
• The carrier's renewal rate change is within the current market range (typically under 10% for stable risks)
• The carrier continues to have clear appetite for the account type
• The renewal terms match or improve on expiring terms without significant adverse changes

Consider Remarketing When

• The rate increase is above 15% without a clear underwriting rationale tied to the account's loss experience
• The carrier has signaled appetite concerns or issued restrictive endorsements without discussion
• The client's coverage needs have changed and the current carrier cannot meet the new requirements
• The client has experienced service issues with the current carrier, particularly in claims handling
• A market check reveals significantly better terms or coverage from a comparable carrier

The Remarket Decision in Practice

Remarketing takes time and creates work for your team and for the client. Remarket when the business case for the move is clear. Do not remarket to justify the appearance of market work if the current terms are competitive.

Document your remarket decision and the basis for it. If you stay with the current carrier despite a significant rate increase, document why you recommended staying and confirm the client understood the alternatives.

The Renewal Summary Document

The written renewal summary is the client-facing deliverable from your renewal preparation process. It is also your primary documentation of the advice you provided.

A complete renewal summary includes:

Keep this document in the client file. It serves as the record of the advice you provided at renewal and the client's informed decisions. IIABA 2025 recommends that renewal documentation include the basis for the coverage recommendation, not just the coverage selected - this documentation is what allows an E&O defense to be built if a dispute arises from the renewed coverage.

The Retention Impact of Early Renewal Preparation

The Vertafore 2025 Agency Growth Study finding - 6% higher retention with documented 90-day processes versus 30-day starts - deserves unpacking.

The retention improvement is not primarily about catching coverage gaps earlier, though that matters. It is primarily about the client experience.

Clients who receive a structured renewal process - a questionnaire, a review meeting at 30 days, a clear recommendation, a written summary - experience their broker as a proactive advisor. Clients who receive a renewal invoice and a brief call experience their broker as an order-taker.

When a competitor comes in with an aggressive pitch, the client who sees their broker as an advisor is far more likely to give the incumbent an opportunity to match or explain. The client who sees their broker as an order-taker has no particular loyalty to protect.

The documentation in the 90-day process is not bureaucratic. It is the physical evidence of the advisory relationship. It is what the client sees and feels as the renewal season unfolds.

Frequently Asked Questions

When should an agency start renewal preparation for commercial accounts?

Start renewal preparation 90 days before the renewal date for commercial accounts. Day 90 is when you pull loss runs and send the exposure update questionnaire. The substantive policy review and coverage adequacy assessment happen at Day 75. Remarketing submissions go out at Day 60 if needed. The renewal recommendation is presented to the client at Day 30. Starting at 30 days compresses everything and leaves no time to respond to what you find.

What specific items should be reviewed at policy renewal?

The renewal review covers everything in the annual review scope - coverage types, limits, endorsements, exposure figures - plus renewal-specific items: confirming mid-term endorsements carry forward to the renewal offer, verifying loss runs match AMS records, checking for carrier appetite or underwriting changes, reviewing the EMR and loss narrative for workers' comp accounts, and confirming that any contractual insurance requirements the client has added during the year are reflected in the renewal coverage structure.

How do you decide whether to remarket a renewal or stay with the current carrier?

Stay with the current carrier when there are no significant losses, the client is satisfied with carrier service, the rate change is within current market range (under 10% for stable risks), and the carrier maintains appetite for the account. Consider remarketing when the rate increase exceeds 15% without an underwriting rationale tied to the account's losses, when the carrier has signaled appetite concerns, when the client's coverage needs have changed and the carrier cannot meet them, or when a market check reveals significantly better terms from a comparable carrier. Document the decision and the specific basis for it either way.

What loss run information is needed for renewal preparation?

Loss runs should be current within 30 days of the renewal date for underwriting submissions. Pull them at Day 90 to get an early look and allow time to respond to anything unexpected. Compare carrier-issued loss runs to your AMS records and resolve any discrepancies before submitting renewal applications. For accounts with an EMR above 1.0, prepare a loss narrative that provides context for the losses - job site, safety programs implemented since, frequency and severity trends - to support the renewal submission.

What should a renewal summary document include?

A complete renewal summary covers the account overview, all changes from the prior year with the basis for each change, the loss summary including loss history and EMR, each coverage recommendation with its specific rationale, premium comparison between current and renewal figures by line, a market comparison if the account was remarketed, a decision record of the client's choices on each recommendation, and documentation of any declined recommendations with specific language. This document goes into the client file and serves as the record of the advice provided at renewal.

How does early renewal preparation improve client retention?

Early renewal preparation improves retention because it creates a demonstrably different client experience. Clients in a 90-day process receive a questionnaire that shows the broker is thinking about their business, a substantive review meeting with clear findings and recommendations, and a written summary that documents what was done. This experience positions the broker as a proactive advisor. Clients who experience their broker this way are far less likely to entertain competing bids and far more likely to attribute market-competitive renewal pricing to the broker's work on their behalf. Vertafore 2025 Agency Growth Study quantifies this at a 6% retention advantage versus agencies starting at 30 days.

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Written by Javier Sanz, Founder of BrokerageAudit. Last updated April 2026.