Retention Management

Overview

Retention management is a proactive process designed to identify and address factors that may cause a client to cancel or shop for new insurance coverage. The goal is to maintain continuous coverage, improve client satisfaction, and reduce churn. Momentum AMS gives you the ability to flag at-risk policies, assign tasks, create service requests, communicate directly with insureds, and document outcomes in a structured workflow.

Best Practice: Always document retention activity in the insured’s record. Use Notes, Tasks, and Service Requests together:

• Tasks = internal follow-ups and reminders for agency staff.

• Service Requests = client-submitted or client-facing servicing needs (e.g., COI, loss runs, address changes).

1️⃣ Identify Policy Risk Factors

• Purpose: Detect policies at risk early to allow for proactive engagement.

• Workflow Goal: Use reports, tags, and service request triggers to flag policies likely to cancel or shop.

How to do it in Momentum AMS:

1. The specific report you use will depend on the type of information you are analyzing. All reports can be found in the Interactive Reports area, organized by category such as Policies, Tasks, Insureds, Claims, and more.

   • If you’re reviewing claims activity, open the Claims category within Interactive Reports.

   • If your focus is on policies, open the Policy Reports category and filter by MGA to help identify agency-billed policies. For additional insights, you can also review:

     • High Claim Frequency (via the Claims by Policy report).

2. For billing-related items, such as past-due invoices or receivables, go to Miscellaneous → Accounting Items → Agency Receivables, which is outside of Interactive Reports. From there, filter for accounts with a positive balance and marked as past due to quickly identify outstanding receivables. 

   If you want to analyze rate increases (% Premium Change > 10%), this can only be done from the Renewal Center, not from Interactive Reports.

3. If a client requests declaration pages or loss runs:

   • This often comes in as a Service Request (entered via Client Portal or agency staff).

   • From the insured’s Details Page → Activity History → Service Requests, open the request and click Convert to Task if retention review is needed.

4. Tag the policy by clicking Policy Details → Tags → Add Tag and enter Retention Risk.

5. Create a Task under Activity History → Tasks → Add New, link it to the policy, and assign it to the account manager or producer with a due date 5–10 business days out.

2️⃣ Develop Policyholder Retention Messaging

• Purpose: Craft personalized communication that reassures the client and prevents shopping.

• Workflow Goal: Use AMS messaging tools to store and track communication.

How to do it in Momentum AMS:

1. Review flagged policies and any open Service Requests (e.g., a client asked for loss runs → potential shopping signal).

2. Draft a message addressing the concern (rate increase, underwriting issue, etc.).

3. To send:

   • Email – From Insured → Actions → Send Email.

   • Text – If enabled, use Send SMS from the insured’s profile.

   • Phone Script – Upload to Documents → Add File or paste into a Note.

4. Add a Note titled Retention Message Sent – [Topic], and summarize.

5. Create a Task to follow up in 5 days.

3️⃣ Conduct Proactive Policyholder Outreach

• Purpose: Engage directly with the client to address concerns.

• Workflow Goal: Log every touchpoint in the insured’s record.

How to do it in Momentum AMS:

1. From the insured’s Activity History, review Notes, Tasks, and Service Requests that indicate shopping (loss runs, COI requests).

2. Contact the client by their preferred method (call, email, or text).

3. After the call, click Add Note and title it Retention Outreach – [Client Name]. Record objections, timelines, or requests.

4. If the outreach triggers an action (requote, COI, loss run), create a Service Request under the insured’s profile → Activity History → Add New Service Request and assign it to the servicing team.

5. For internal follow-up, use Tasks. For client-facing deliverables, use Service Requests.

4️⃣ Provide Policyholder Retention Offers

• Purpose: Deliver tangible solutions such as endorsements, rewrites, or billing adjustments.

• Workflow Goal: Use AMS features (endorsements, Momentum Rate!, invoices) to execute offers.

How to do it in Momentum AMS:

1. Decide on strategy: endorsement, rewrite, or billing adjustment.

   • Endorsement → Policy Details → Endorsements → Add New.

   • Rewrite → Start new quote in Momentum Rate! with insured’s details prefilled.

   • Billing adjustment → Documents → Invoices/Receipts → Add New and regenerate invoice.

2. Upload supporting docs under Documents → Add File.

3. If the client must receive updated documents (new COI, revised dec page), create a Service Request → type Certificate of Insurance or General Request.

4. Add a Note titled Retention Offer – [Type] and create a follow-up Task in 3–5 days.

5️⃣ Track Policyholder Retention Outcome

• Purpose: Measure effectiveness and refine strategies.

• Workflow Goal: Finalize results using Notes, Tasks, Tags, and Opportunities.

How to do it in Momentum AMS:

1. Review the insured’s Activity History → Notes & Service Requests to confirm what was done.

2. Add a final Note titled Retention Outcome – Won/Lost, summarizing result and reason.

3. Update Opportunity Stage under insured’s Opportunities to Closed – Won or Closed – Lost.

4. Update Tags: Replace Retention Risk with Retention – Won or Retention – Lost.

5. If the final resolution involved a Service Request (e.g., endorsement processed, COI issued), mark the Service Request as Completed to close the loop.

6. Share insights in an internal Note or Task comment for team learning.

✅ Result: By combining Tasks for internal accountability and Service Requests for client-facing deliverables, Momentum AMS creates a clear retention trail. This ensures at-risk policies are flagged, engaged, and resolved with full documentation.