7 Productivity Tips for Renewal Specialists

Jim Stockwell

Feeling like you’re spending a lot of time just to produce a quote? Our experience shows the average renewal specialist can be interacting with up to 6 different systems just to make sure the data for a quote is correct. And that’s even before you’ve received a re-quote request from one of your channel partners! Chances are you aren’t just doing one quote a day either, perhaps it’s more like 30-50, so finding ways to reduce time spent on one is vital.

Here’s a few of our tips that might help reduce the time spent on quoting.

1. Start with clean data

We know it’s easy to say on paper, but the rubbish in, rubbish out adage holds true here. The more you can validate the data before it goes into the system the less time you need to check it when the renewal becomes due. This is one of the biggest sources of slow quoting, yet offers the best option for reducing time down the track.

2. Use batch tools to speed up the entry of multiple-line item quotes

Another time-consuming task is entering multiple quote lines. Batch upload or bulk processing tools can be a useful way to minimize any manual entry. You can find a few options online through search engines.

3. Structure your work list and data views with actionable and high priority items first

A task list with 200+ lines of data can seem overwhelming to anyone. Filter on high priority quotes first, such as highest dollar value and overdue quotes, then work your way down the list. Where feasible create separated views that can be updated daily to show shorter and more manageable lists.

4. Where possible, prepare quotes well in advance of expiry dates

The more you can prepare quotes early, the better. A fully streamlined renewal process should involve quotes being distributed a minimum of 90 days before contract expiry (although as mentioned there often is a need to prioritise overdue quotes). The earlier you share these with your channel partners the better your chances of closing on-time renewals.

5. Identify ways to automatically cancel duplicate quotes

Duplicate quotes are a big source of messy and “bloated” data. Ideally you will have a process in place that enables you to provide multiple quote options to customers and ensure that the non-renewing one is automatically cancelled upon acceptance of the other.

6. Don’t dismiss lost renewals but need to manage them effectively

Lost renewals can also create bloated data especially if they are not closed out properly. Rather than just deleting lost renewals, they can offer a potential source of future revenue and can and should be re-quoted the following year. The important thing is to manage them effectively and proactively. This could be achieved by segregating them from your other active renewal contracts and sending your re-quotes at 90 days prior to expiry.

7. Build reporting framework to track your pipeline

The ability to track and manage renewals through the pipeline is essential to creating an efficient process. By implementing a reporting framework that shows each stage of transaction cycle and that can be refreshed on a regular basis (daily or weekly), you will be able to more efficiently plan and prioritise renewals and increase your productivity.

The reality is, managing renewals is a data-intensive, system-heavy process. By identifying a few small ways to improve your internal processes, you will not only be able to achieve greater productivity with your existing workload but also feel a greater sense of satisfaction through focusing more on customers rather than data administration.

Alternatively, a technology solution that can automate and achieve these tips for you may also work!