How to Use Retention Ratio Reports in Momentum AMS

Retention is a key indicator of your agency’s success, and the Retention Ratio Reports in Momentum AMS provide the insights you need to monitor and improve policy and premium retention.

Step 1: Accessing the Retention Ratio Reports

1. Log into Momentum AMS using your credentials.
2. Navigate to the Interactive Reports section in the left-hand menu.
3. Use the search bar at the top and type "Retention Ratio."
4. Select the specific report you want to view:
   • Retention Ratio by Line of Business
   • Retention Ratio by Carrier
   • Retention Ratio by Agent

Step 2: Setting Filters

To customize the report to your needs, apply the available filters at the top of the screen. These filters allow you to refine the data for a specific focus:

• Expiration Date Range: Choose a specific period to evaluate retention metrics.
• Agent or CSR: Narrow the data to focus on specific team members.
• Location: Filter by office or geographic area.
• Line of Business (LOB): Use this filter for the Retention Ratio by Line of Business Report to analyze specific policy types.

Once you’ve selected the appropriate filters, the report will display the retention data for the chosen parameters.

Step 3: Understanding the Metrics

Each Retention Ratio Report includes detailed retention metrics to help you assess performance. Here's what they mean:

• Policy Count Retention Ratio: The percentage of policies renewed out of the total expiring policies.
• Premium Retention Ratio: The percentage of expiring premium retained, offering a financial perspective on retention.
• Cancellation Percentage: The percentage of policies that were actively canceled.
• Non-Renewal Percentage: The percentage of policies that expired without being renewed.
• Expiring Premium and Retained Premium: The total premium amount of expiring policies and the premium retained after renewals.

These metrics give you a comprehensive view of retention performance and help you analyze trends and areas for improvement.

Step 4: Using the Retention Ratio by Line of Business Report

This report focuses on retention across policy types. To use it:

1. Select Retention Ratio by Line of Business from the search results.
2. Review retention metrics for each line of business, such as General Liability, Commercial Auto, or Property.
3. Compare the policy count retention ratio and premium retention ratio to identify areas where policy retention may lag but premium retention remains strong.
4. Use the Cancellation Percentage and Non-Renewal Percentage to identify specific challenges affecting retention.

This report is ideal for spotting trends within specific lines of business and determining which areas need attention.

Step 5: Using the Retention Ratio by Carrier Report

This report helps you evaluate retention performance for individual carriers. To use it:

1. Select Retention Ratio by Carrier from the search results.
2. Analyze retention metrics for each carrier, including the number of policies renewed, non-renewed, and canceled.
3. Evaluate premium retention ratios to identify which carriers are retaining high-value policies, even if policy count retention is lower.
4. Identify carriers with high cancellation or non-renewal rates and consider whether additional support, communication, or strategy adjustments are needed.

This report is essential for strengthening carrier relationships and maintaining profitability.

Step 6: Using the Retention Ratio by Agent Report

This report focuses on the retention performance of individual team members. To use it:

1. Select Retention Ratio by Agent from the search results.
2. Review the number of policies expiring, renewed, and non-renewed for each agent.
3. Compare the policy count retention ratio and premium retention ratio to assess individual agent performance.
4. Use the Cancellation Percentage and Non-Renewal Percentage to identify patterns that might require additional training or support.

This report is invaluable for evaluating team productivity and ensuring all agents are meeting retention goals.

Step 7: Taking Action Based on the Data

1. Identify Trends and Weak Points: Use the Line of Business Report to determine which areas need more focus, such as policy types with low retention rates.
2. Improve Carrier Relationships: Use the Carrier Report to evaluate partnerships and address any challenges with retention for specific carriers.
3. Support Agent Development: Use the Agent Report to identify agents excelling at retention and provide training for those who might be struggling.
4. Refine Renewal Strategies: Address high non-renewal rates by improving client communication and follow-up processes.

Conclusion

The Retention Ratio Reports in Momentum AMS are essential for monitoring and improving your agency’s performance. By analyzing retention by line of business, carrier, and agent, you can gain actionable insights that help refine strategies, support team development, and strengthen carrier relationships. Regularly reviewing these reports ensures your agency retains policies and premiums while maintaining strong client relationships.

If you have any questions about these reports or other features in Momentum AMS, our support team is here to assist. Start using the Retention Ratio Reports today to boost your agency’s retention performance!