| Detail | For this role |
|---|---|
| Department | Insurance |
| Level | Entry level |
| Reports to | Operations Manager |
| Direct reports | None |
| Experience | 1 to 3 years in renewals, retention or tele calling |
Renewal Executive job description template
Copy this job description, replace the text in square brackets and post it on your careers page or a job portal.
Job title: Renewal Executive
Department: Insurance
Reports to: Operations Manager
Location: [City], [office, branch or site]
About the role
A Renewal Executive drives policy renewals, following up premiums due and retaining customers before their cover lapses. They call and remind customers, resolve what is blocking a renewal, and keep the retention rate high. The role reports to the Renewals or Operations Manager. A good renewal executive keeps lapse low by reaching customers early, makes renewing easy, saves at risk policies with the right conversation, keeps collection on time, and protects the renewal premium that is the steadiest income the insurer has.
Key responsibilities
- Follow up customers on premiums due before their policies lapse.
- Call, message and remind customers through the renewal window.
- Resolve what is blocking a renewal, such as payment or document issues.
- Save at risk and lapsing policies with the right conversation and options.
- Help customers pay renewal premium through the available channels.
- Update renewal status and reasons for non renewal in the system.
- Coordinate with agents and sales on their renewal books.
- Track the retention rate and act on the segments that slip.
- Handle renewal queries on premium, cover and no claim bonus.
- Escalate disputes and grievances that are blocking a customer from renewing.
Requirements
- Graduate in any stream
- Good spoken local language and Hindi
- Knowledge of insurance renewals is an advantage
- 1 to 3 years in renewals, retention or tele calling
KRAs and KPIs for a Renewal Executive
Key result areas for the appraisal form, each with a KPI you can measure every month or quarter.
| Key result area | How to measure it |
|---|---|
| Retention | Renewal retention rate held above the agreed benchmark |
| Collection turnaround | Renewal premium collected before due date above the agreed level |
| Lapse control | Policy lapse kept below the agreed level |
| Save rate | At risk policies saved above the agreed level |
| Follow up coverage | Due renewals contacted before due date above the agreed level |
| Record accuracy | Renewal status and reasons recorded accurately above target |
Skills and tools
Tools used day to day: CRM and renewal systems, Call and messaging tools, Payment links, MS Excel, Policy databases.
Reporting line and career path
Next roles: Retention Team Leader, Operations Manager, Policy Servicing Executive
Interview questions for a Renewal Executive
- How do you reach customers early enough to prevent a lapse?
- How do you save a customer who wants to drop their policy?
- How do you make renewing easy for a busy customer?
- How do you handle a customer disputing a premium increase at renewal?
- How do you prioritise a large book of due renewals?
- How do you keep the retention rate high month after month?
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What does a Renewal Executive do?
A Renewal Executive drives policy renewals, following up premiums due and retaining customers before their cover lapses. They call and remind customers, resolve what blocks a renewal, save at risk policies and help customers pay. They keep the retention rate high and protect the insurer steady renewal income.
Why is renewal important in insurance?
Renewal premium is the steadiest and cheapest income an insurer has, since keeping a customer costs far less than finding a new one. High renewal retention also means customers value their cover. A renewal executive protects this income by preventing lapses and saving at risk policies.
What skills does a Renewal Executive need?
The role needs strong follow up and retention conversation skills, objection handling and payment facilitation, plus command of the renewal system. Add persistence, clear communication and organisation, since the executive works a large book of due renewals and must reach customers before their cover lapses.