Automated Remarketing Beta
Modified on: Wed, 10 Apr, 2024 at 5:48 PM
With this release, we are happy to announce the Retention Center - Automated Rating Beta is now available! If you are interested in participating in this Beta, check out our Participating in Beta section of our Frequently Asked Questions - EZLynx article.
Remarketing workflows provides many opportunities for agents to lose business. Without understanding if the customer is “at-risk”, you may be focusing on the wrong accounts to retain and letting good accounts leave. Automated Remarketing will add intelligent decision points where the system will provide a retention score and under certain parameters, perform automatic rating. There is also an Automation Center Auto Quoting action available which can automate the process even further. Let's see how everything works!
TABLE OF CONTENTS
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How to setup
To setup this Beta feature, you must be a Retention Center Admin. Hover over the Retention Center icon and choose Settings. If you do not see this icon/option, you are not a Retention Center Admin. Please work with your Agency Admin to setup this Beta feature.
On the Retention Center Settings page, we added a new section in the Retention Center setting page called Automated Rating that will allow to configure automated quotes for high-risk accounts in renewal list. If you ever aren't sure what a setting does, you can select the info icon next to the settings for more details.
Application Update Threshold
The Application Update Threshold setting will allow you to determine which date to use for automated rating, renewal data or application data.
If application data has not been updated in over X days the renewal takes priority. If application data has been updated in the last X days, then application data takes priority. You can choose between 30, 60, or 90 days.
QAS Quote Templates
Retention Center uses our Quoting Automation Services (QAS) templates to generate a quote. So, we need to tell the system which QAS Template to use.
You can either pick an existing QAS Template by using the Select Template dropdown or create a new one by select the Create Template option.
If you select an existing template from the dropdown and it doesn't correspond with any carrier, an error message will appear, prompting you to edit your selection or choose a different template.
If you select the Create Template option, you'll be taken to the Quoting Automation page to create a template for the respective line of business. Check out our How to Setup a QAS Template to learn how to setup a QAS Quote template from scratch.
Once you have chosen the threshold and setup which QAS Templates you want the system to use, select the Save button to save your setup. Now you're ready for Automatic Quoting!
How to access
Once you've setup your Automated Rating settings, you can automatically generate quotes with a simple button click. Hover over the Retention Center icon and choose the Overview option. This will take you to the Retention Center Overview page and you will land on the Renewal List by default.
On the Renewal List look for high risk accounts that have either a Home or Auto policy. Once found, select the expand arrow on the right to display the Details. Here, you will see the new Get Quote button.
How it works
Once you have found the Get Quote button, simply click it to and see the output.
The quotes that appear will correspond to your choices and setup within the selected QAS Template. To view your quotes with more information, select View Quotes and the system will redirect you to the Quotes page.
As soon as you select the Get Quote button and view the results, a notification will be received, and a system log and task will be created.
Just like the Rating Engine, sometimes you will run into errors whether they be carrier errors or errors in setup. Here are three most common you could run into.
| Error | Reason |
|---|---|
| No template configured | If no templates have been set up on the settings page, the system will display an alert message informing you of this. You will have the option to be redirected to select an existing or create a new one. |
| Application Error | If there are invalid data in the application level the system will alert you and redirect you to correct your application and submit it again. |
| Quote Failed | After retrieving your quotes, if there are errors originating from the carrier side, the system will notify you and provide you with the option to review these errors. |
Automation Center Auto Quote Action
Using the Automation Center, we can push the auto quoting feature even further! The new action - Execute Automated Quote - enables the automation of quotes in the Retention Center specifically designed for high-risk accounts for both the Home and Personal Auto lines of business. This means instead of you having to select the Get Quote button when you need quotes, you can have Automation Center get the quotes for you and have them ready as soon as the customer has been added to the Renewal List in Retention Center.
Before we get started though, it is essential to first configure your QAS Template preferences in the settings. Check out the How to setup section of this article if you have not already. Once this is done, you can proceed with creating the workflow, as detailed below.
To setup Automation Center workflows, you must be an Automation Center Admin. To check if you have Admin permissions, hover over the Settings icon and look for Automation Center option. If you do not see this option, you do not have Admin permissions. Please work with your Agency Admin to setup this feature.
If you do see this option, you have Admin permissions and can access the page by following the path below:
Settings > Automation Center > Workflows > Create New Workflow
Once on the Create Workflow page, find the Retention Center section and select the arrow to see the triggers available. The Execute Automated Quote action can only be found under the Applicant Added to the Renewal List trigger, so select that card. This will take you to the Workflow Editor page.
On the Add Filters step, you'll find that we added a new filter for the Total Premium Change value. This new filter provides you with the flexibility to focus specifically on your high-risk accounts by filtering for specific values.
On the Add Actions step, you will find the new Execute Automated Quote action. Simply select the action to add it to the workflow. Please note, there is no sequence editing available on this action. That means that this action will happen as soon as a customer is added to the Renewal List in Retention Center.
When a customer is added to the Renewal List in Retention Center this workflow will trigger and the system will trigger the auto-quote action. Just like the manual Get Quote button process, your quotes will be on the Overview page of Retention Center.
Keep in your mind that if you don’t have a QAS Template configured or your application is missing data and needs to be corrected, your automation workflow will fail.
Furthermore, if the workflow trigger is activated for accounts that do not have Home or Personal Auto policies, or if it's triggered for low-risk accounts, the workflow will be skipped and considered invalid.
Why is this important?
Efficiency in Renewals: Automated quotes can help make the process of policy renewals faster and more efficient. The system can track renewal dates and calculate the renewal price based on any changes to the risk profile.
Speed up the process: Assist in delivering potential policy details and pricing to customers quickly. This can speed up the process of retaining existing customers as they can see policy renewals and changes instantly.
Speedy Policy Issuance: Once a customer's information and risk profile are determined, an automated quote system can quickly calculate the cost of the policy and issue it. This significantly reduces the time you spend manually calculating premiums and eliminates the chances of mathematical errors.
We hope you enjoy this new Beta feature and look forward to our future releases! Check out our related articles on the right-side to learn more about how to master EZLynx!
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