Retention Analysis Report

 

NEW REPORT - September 2021:

 

• Policy Retention rates by year.
• Premium Retentions rates by year. 
• Slicers at the top enable you to slice via Carrier, primary contact Province or Policy Type. 
• Table format at the bottom of the report provides a year by year % rate. 

 

Remember to refer to the Data Dictionary for the definitions of terms used within this report - Saved here:  Data Dictionary v5

 

 

• Use the slicers at the top of the report if you want to drill down to the carrier, province and/or policy type.  The data within the report will refresh once the slicers are used, to provide finer analysis.

 

 

 

 

 

At the bottom of the report is a simplified table view of both the Policy and Premium Retention reports, on a year by year basis.

In this example here we can see:

• those that had their first renewal in 2019 had 55.56% renewed.
• those that had their first renewal in 2020 had 70.62% renewed.
• those that had their first renewal in 2021 had 57.68% renewed.

 

 

 

As the below image shows:

• The expected renewals are those that were new policies the previous year and therefore available to renew the following year.  In the below example 27 policies in 2019.
• Actual Renewal are how many renewed out of the expected. In our example, 15 out of the 27 in the year 2019.
• Policy Retention shows the figures as a %.  15 out of 27 = 55.56% in  2019.

 

 

 

 

 

In the below example we see the following:

• 2019 had 15 renewals. Therefore there are now 15 policies Expected to renew in 2020.
• Our report shows that number moves to 2020 expected renewal policy count.
• Of the15 renewals expected in 2020, 13 of those renewed, and so on. 

 

 

 

 

 

• In the same way that 2nd year data shows, the data indicated in grey shows the renewals that are for 3rd year and older.
• In this example below, 13 renewed in 2020 so they are now the expected number (available to renew) in 2021. Shown in grey.

 

 

 

As the below image shows:

• The expected renewal premiums are those that were new policies the previous year and therefore the NET premium of those policies.  In the below example $32,870 premium in 2019.
• Actual Renewal premiums are how much premium,  out of the expected was collected. In our example, $22,709 out of the $32,870 in the year 2019.
• Premium Retention shows the figures as a %.  $22,709 out of $32,870 = 69.09% in 2019.

 

 

 

 

In the below example we see the following:

• 2019 had actual received renewal premiums of $22,709. Therefore this is the $ amount Expected to renew in 2020.
• Our report shows that number moves to 2020 expected renewal policy count.
• Of the $22,709 renewal premium expected in 2020, $21,138 of those renewed, and so on. 

 

 

 

 

• In the same way that 2nd year data shows, the data indicated in purple shows the renewals that are for 3rd year and older.