Renewals, Cancellations, and KPI Tracking

Renewals, Cancellations, and KPI Tracking
Momentum AMS provides Renewal, Cancellation, and KPI Reports that give agencies a high-level view of account retention, policy performance, and operational efficiency. By monitoring these areas, you can identify at-risk accounts, track progress toward goals, and improve client retention strategies.

Renewal Reports

Renewal reports focus on policies approaching expiration and renewal trends:

Renewal Averages by Carrier – Track average renewal rates per carrier.
Renewal Averages by Parent Carrier – Compare performance across related carriers.
Renewal Averages by Line of Business – Identify which lines have the highest or lowest renewal rates.
Renewing Policies by Insured – See all policies up for renewal per client.
Policy Report with Renewal Terms – Review renewal terms before sending proposals.

Tip: Use renewal reports during monthly pipeline meetings to ensure all expiring policies have active renewal strategies.

Cancellation Reports

Cancellation reports help you stay ahead of potential lost business:

Pending Cancellations by MGA – See upcoming cancellations segmented by MGA.
Pending Cancellations by Referral Source – Identify which marketing sources generate higher cancellation risk.
Pending Cancellations by State – Track geographic trends in cancellations.

Tip: Combine pending cancellation data with claims and premium history to determine if the account can be salvaged before termination.

KPI Reports

KPI (Key Performance Indicator) reports measure overall sales and operational performance:

Leads Conversion Rate per Agent – Monitor sales conversion efficiency.
New Leads per Agent – Track lead generation activity.
Quotes Agent Rate – Review quote generation per producer.
Quotes Agent Response Time – Measure speed to quote delivery.
Quotes Bind Rate – Monitor quote-to-bind conversion performance.

Tip: KPI reports are most valuable when reviewed in regular sales meetings to identify coaching opportunities and reward high performance.

Filtering for Insights

Date Ranges – Focus on recent expiring policies or cancellations.
Carrier or MGA – Compare renewal and cancellation rates by market partner.
Agent – Track producer performance against goals.

Best Practices

Run renewal reports at least 60 days before expiration to allow adequate follow-up.
Assign pending cancellations to account managers immediately to try and retain the business.
Use KPI reports to spot agents with above-average bind rates and replicate their strategies.