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Title : How 34 Insurance Way Retentiveness Strategies: The Ultimate Agent Resource
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How 34 Insurance Way Retentiveness Strategies: The Ultimate Agent Resource

Retention is necessary to create in addition to maintain a successful insurance agency.

Every agent knows that.

You know pocket-size boosts inwards memory volition grow long term turn a profit immensely.

You know it costs to a greater extent than to larn novel customers than to hold electrical flow ones.

And you lot likely know the hurting of losing to a greater extent than policies than you lot wrote inwards a week.

You don’t hear as much most these ii things:

1. Retention is a sales strategy – Every unmarried thing you lot practise to improve memory makes customers to a greater extent than probable to refer you.
2. Retention requires established processes –  Unless you lot create upwards one's hear precisely which methods inwards this article are going to run for you lot in addition to constitute formal procedures inwards your purpose to follow through, you lot volition non run across results.

I wrote this article thus you lot couldn’t say, “I don’t know how to resultant our retention.”

Here’s 34 ways to improve your insurance agency’s client retention. No excuses, create upwards one's hear which memory strategies you lot similar in addition to accept action!

1) More Customer Contacts

Don’t harrass your clients, but the to a greater extent than times they hear from you lot throughout the twelvemonth the less probable they’ll consider shopping around.

The fundamental to multiple touches throughout the twelvemonth is to vary the method in addition to brand sure enough you’re ever bringing value. The same e-mail every calendar month most why to purchase life insurance doesn’t cutting it.

Need ideas? Here’s a few: emails, telephone calls, newsletters, posttruckman.blogspot.com">cards, seminars, policy reviews, vacation truckman.blogspot.com">cards, birthday truckman.blogspot.com">cards, text messages, surveys, handwritten letters, webinars, community events, recommendations, gifts, billing notices, client appreciation parties.

2) Cross Sell More

It’s really simple: The to a greater extent than lines you lot sell someone, the higher their memory rate.

I used to run for a companionship that gave such a big discount on your auto insurance if you lot bought a renters policy it was commonly cheaper to have got both.

H5N1 lot of agents thought the companionship was crazy but I didn’t.

I know the memory charge per unit of measurement for those clients went through the roof when nosotros added that extra policy.

3) Annual Coverage Reviews

I could write a majority most the value of providing coverage reviews for your clients but you’ve already heard it hundreds of times.

What holds most agents dorsum is deciding they’re going to practise it, developing a process, in addition to next through.

Make it slow on yourself in addition to start amongst a pocket-size destination of doing ane coverage review a calendar week (or fifty-fifty less) in addition to solely larn afterwards your best clients.

Remember that fifty-fifty when clients pass upwards your offering to review coverage, they’ll all the same appreciate the gesture in addition to won’t live able to use, “I never hear from my agent.” as an excuse to store around.

4) Discount Reviews

Has a client ever left you lot to salvage 10% when you lot could have got saved them 15% simply past times applying all the discounts they were entitled to?

Don’t lie.

It’s incredibly frustrating in addition to I know a lot of agents that volition blame the client for non calling you lot first. This is wrong.

Asking your clients a few questions every twelvemonth to brand sure enough they have got every discount they’re entitled to volition brand them experience to a greater extent than confident they’re getting a fair cost in addition to they’ll live to a greater extent than endeared to your commitment to saving them money.

5) Strengthen Your “Onboarding” Process

Marriage is the most of import in addition to longest lasting commitment most people ever brand in addition to that’s why every civilization makes such a big bargain out of marriage ceremony ceremonies.

I know it sounds silly, but I encouarage agents to compare their novel client onboarding processes to a marriage ceremony ceremony.

Do your novel clients experience similar they’ve simply joined a family, or made a concern transaction?

Unless Kim Kardashian is your client, the to a greater extent than your onboarding physical care for resembles a marriage ceremony the longer they’ll stick amongst you.

By the way, this is a highly symbolic analogy thus don’t toss rice or necktie cans to their truckman.blogspot.com">car.

6) Call Before Premium Increases

I know many agents prefer to “let the sleeping domestic dog lie”, but when you lot know a client is going to have a big premium increment I recommend existence proactive most it.

If you’re opened upwards in addition to honest, the expert clients volition appreciate it. You tin also give people an chance to alter coverages some or position whatsoever additional discounts to cut down the effect.

Orient your conversation some what is causing the increment in addition to what tin live done to offset it if needed. Assume that leaving your way is non an option.

7) Setup Automatic Payments

Clients on EFT payments renew their policies at a much higher charge per unit of measurement than those who write a cheque in addition to postal service it every month.

It’s simply likewise convenient to rest in addition to likewise inconvenient to leave.

Getting your clients on automatic payments is a mini-sale inside the sale in addition to should live appreciated for its value.

Make sure enough your staff is aware how of import it is in addition to compensate them accordingly.

8) Get More Referrals

Every agent loves referrals in addition to you lot tin never have got likewise many, but ane value that often goes unappreciated is that clients who refer are to a greater extent than probable to renew.

It’s psychology… if I tell everyone you’re the best agent ever,

1. I’ll believe it to a greater extent than every fourth dimension I say it aloud.
2. I’d experience stupid switching afterwards maxim you’re the best.

Read this article for to a greater extent than ideas on getting referrals

9) Shop Rates For Them

Obviously it won’t run for the captive agents but for the independent guys, sending your client comparing quotes amongst your other truckman.blogspot.com">carriers ane time a twelvemonth is a peachy way to hold them amongst your agency.

It doesn’t thing if you lot transportation quotes for the worst truckman.blogspot.com">carriers, simply seeing a few other numbers that are higher than what they’re paying is all most people demand to rest put.

10) Pre-renewal Phone Calls

Simple idea: telephone weep upwards your clients earlier the renewal to give cheers them for their continued loyalty in addition to offering to response whatsoever questions they may have.

If reaching out to your entire majority sounds daunting, position the most of import clients in addition to reach out to them. Or position the “flight risks” in addition to telephone weep upwards them.

11) Pre-renewal Holiday Cards

truckman.blogspot.com">cards-retention.jpg" height="122" style="border: 0px; display: block; float: right; margin-left: 15px;" width="250" />This is a petty twist for agents who transportation out Christmas truckman.blogspot.com">cards.

Send clients a vacation truckman.blogspot.com">card inwards the calendar month earlier their renewal arrives. Each calendar month you’ll have got a novel truckman.blogspot.com">card for the vacation but it solely goes out to your clients renewing the next month.

In Feb you lot transportation Valentines to the clients renewing inwards March in addition to inwards March you lot transportation St. Patrick’s twenty-four hours truckman.blogspot.com">cards to the clients renewing inwards April. (and thus on)

It’d live most the same cost as Christmas truckman.blogspot.com">cards, but to a greater extent than timely in addition to to a greater extent than noticeable.

12) Remind Clients of Longevity Benefits

I used to live a claim adjuster in addition to tin honestly say that when a enquiry arises most paying a claim, ane of the firstly things looked at is the client’s longevity amongst the company.

H5N1 straightforward claim volition non live affected but if it could larn either way (and claims often can) a 10 twelvemonth client volition larn coverage  at times that a firstly twelvemonth client volition not.

Don’t live afraid to remind your clients this. It’s true.

13) Educate Your Clients

The to a greater extent than your clients sympathize insurance, the to a greater extent than value they’ll run across inwards your services.

On the other hand, when clients solely sympathize cost you’re 100% dispensable.

If you lot genuinely sympathize in addition to believe that clients should rest amongst you lot regardless of cost it’s your undertaking to educate your clients as to why.

If you lot can’t practise that, maybe you lot don’t actually know the response yourself.

14) Random Acts of Kindness

There’s a term inwards psychology called reciprocal altruism that says, “do something overnice for someone, in addition to there’s a meliorate run a jeopardy they’ll practise something overnice for you” (like renew their policy).

Sending clients an occasional handwritten notation or personal email, giving their children balloons when they come upwards into the office, or mentioning a client’s concern on your Facebook page are simply a few ideas.

The manus that gives, gathers.

15) Remember Clients’ Children

It likely sounds silly, but when people I practise concern amongst retrieve my childrens’ names in addition to enquire most them, I experience really respected in addition to greatly appreciated.

If my insurance agent asked most my kids every fourth dimension I saw him I would never leave.

This mightiness live expert information you lot tin hold rails of inwards your CRM.

You tin pretty much ever enquire “How’s the family?” in addition to cope your way through the conversation appearing to know a lot to a greater extent than than you lot do.

16) Anniversary Present

Earlier inwards this article, I likened the on-boarding physical care for for novel clients to that of a marriage ceremony ceremony. If you lot actually desire to accept this analogy farther transportation your clients an anniversary gift each year.

If you follow this schedule you won’t demand to purchase a diamond for threescore years.

You could also simply transportation a “virtual” anniversary gift.  Email a motion-picture demo of a gift in addition to explicate you’d similar to purchase it for them, if solely the insurance regulators would allow it. 

17) Reward for Renewals

I’m sure enough at that topographic point are others, but I know Allstate, Nationwide, in addition to United Healthtruckman.blogspot.com">care offering some variety of deductible reduction for each continued twelvemonth of insurance.

As an insurance agent you lot can’t alter the policy offerings but perchance at that topographic point are sure enough benefits you lot tin offering your longtime clients thus they experience to a greater extent than appreciated in addition to similar they’d live giving upwards an earned practise goodness past times leaving.

I’m sure enough you lot tin come upwards up amongst meliorate perks, but here’s a few to larn you lot thinking. Give your longtime clients a special telephone number, an appreciation party, access to your travel past times client service representative, a special client service e-mail address, or a special discount truckman.blogspot.com">card that saves them coin at other local businesses.

18) Birthday Cards or Letters

Face it, everybody likes getting birthday truckman.blogspot.com">cards. It doesn’t thing who it’s from or how former you lot are, simply knowing someone remembered in addition to made the essay makes you lot experience good.

If you’re worried most the cost, fourth dimension involved, or distraction, consider sending birthday truckman.blogspot.com">cards to your travel past times 10% of clients.

19) Exaggerate Your Sales Success

Your electrical flow clients desire to run across that you’re selling a lot of insurance.

When they intend people are lining upwards to purchase insurance from you lot every twenty-four hours of the calendar week it proves that they all the same have got a expert cost amongst a expert company.

When you lot say things like, “we’re having a tedious month,” your clients volition hear, “No ane wants to purchase the production you’re currently paying for… fourth dimension to store around.”

20) Make Them Laugh

I estimate this is to a greater extent than of a simply a full general client service/experience tip, but every express joy you lot larn from a client makes them a chip to a greater extent than of your friend in addition to a chip less of your client.

When your clients are your friends they’re a lot to a greater extent than forgiving when the policy goes upwards at the side past times side renewal.

21) Follow upwards amongst Claims

Customers who have got had a claim inwards the final policy menses are ane of the most probable segments of your client base of operations to non-renew.

Why?

Because claims suck.

I was a claim adjuster long agone in addition to I know at that topographic point are many peachy claim experiences but a really high percent of them are really unpleasant.

But here’s the expert news: As an agent, you lot tin play an integral purpose inwards your clients’ claim experiences. In social club to practise so, you lot demand to constitute a physical care for to contact customers amongst claims in addition to follow upwards regularly until the claim is complete.

When clients have got a bad claims experience in addition to they don’t tell you lot most it, they’ll intend the solely way to transportation a message to the companionship is past times cancelling the policy.

Take the complaint, absorb it, apologize, in addition to hold the client.

22) Attract Better Clients

Okay, I know that everyone would similar meliorate clients. Most agents are to a greater extent than than willing to accept anyone amongst a heartbeat in addition to I understand.

I estimate my betoken is this, when you’re trying to determine where to pass your marketing dollars, hold inwards hear the lifetime value of each sale.

It may cost one-half as much to larn clients from the incorrect side of town, but if they travel out your way 3 times as often pass your marketing dollars elsewhere.

23) Remind Clients About Discounts

Insurance shoppers love discounts. And they loathe non getting discounts.

When you lot remind your clients most every discount they larn during every interaction, it does ii things that aid retention:

1. It reinforces the thought that they’re non paying likewise much.
2. It makes them less probable to larn to some other companionship without the same discounts.

Have you lot ever had a conversation similar this?

Prospect: “Do you lot offering a discount for X?”

Agent: “Unfortunately no, but I’m confident nosotros tin salvage you lot coin fifty-fifty without that discount.”

Prospect:  “Well, I can’t larn past times the fact that they vantage me for X in addition to you lot guys don’t fifty-fifty truckman.blogspot.com">care.”

Wouldn’t you lot similar your competitors to have got that conversation if your clients ever telephone weep upwards them?

24) Build Social Network Connections

I mentioned how of import it is to “touch” your clients as often as possible. Connecting through social networks makes this fifty-fifty easier.

Each fourth dimension you lot connect amongst a client virtually they’re making a chip to a greater extent than of a commitment toward you.

When clients connect amongst you, it’s similar combining the recommendation practise goodness from #8 amongst the connexion practise goodness inwards #7 in addition to the increased number of contacts practise goodness of #1!

25) Take Ownership of Problems

Because nosotros often desire to brand ourselves aspect better, when things larn incorrect amongst a client it’s solely natural to blame the job on factors out of our control.

While this is the intuitive approach, it is non best for business.

When your client has a electrical charge in addition to you lot blame forces exterior your command they have got no argue to rest amongst you.

The job is probable to reoccur.

Blame yourself in addition to explicate why it won’t come about ane time again in addition to you’re far to a greater extent than probable to retain that upset customer.

26) New Client Follow-Up Schedule

Clients who have got been amongst you lot for less than 2 years are the most probable to non-renew.

Develop a physical care for for keeping inwards regular contact amongst them past times phone, email, or snail mail.

It should live “contact-heavy” at the showtime in addition to tin relaxation off over fourth dimension but should ramp upwards ane time again during renewals in addition to whatsoever other of import times inwards the life of the policy.

For the firstly yoke years, brand sure enough your clients don’t larn whatsoever surprises.

When their policy, declarations page, renewal, in addition to whatsoever other paperwork comes inwards the postal service they’ll live expecting it in addition to already know what to practise amongst it because you lot called them first.

27) Make Someone Responsible for Retention

When everyone is every bit responsible for retention, no ane is.

Put someone inwards accuse of developing strategies to increment memory (they tin likely simply read this article) in addition to pay them for delivering results.

Also, your other staff members may live to a greater extent than probable to back upwards the goals of way memory when it’s non existence driven past times the somebody who has the most to gain. (You)

28) Pay Staff on Retention

If you’re non paying your staff for client retention, why should they truckman.blogspot.com">care?

I believe ane somebody should concur the lion’s portion of the responsibleness in addition to the potential commissions for memory success but anyone else who tin play a purpose inwards helping or hurting memory should have got some peel inwards the game.

Your non-commissioned CSRs mightiness live to a greater extent than of import amongst memory that your producers.

29) Customer Surveys

When you lot enquire clients for feedback most your way it accomplishes a lot of things:

1. It gives unhappy clients a run a jeopardy to demo their unhappiness amongst words instead of actions.
2. It shows clients how committed you lot are to keeping them happy.
3. It reinforces positive thoughts most your way for anyone that gives you lot travel past times reviews.
4. It allows you lot to enquire questions most things other than price, to remind customers that cost is non the solely consideration.
5. It’s some other touching point. (See #1)

Need I say more?

30) Don’t Burn Bridges

This isn’t actually a memory strategy as much as a re-acquisition strategy but I thought it belonged hither somewhere.

When someone leaves your way in addition to there’s zilch you lot tin practise to retain them, brand sure enough it’s as pleasant an experience as possible for them.

In this business, the grass is often non as dark-green as it looks over at that topographic point in addition to many customers volition come upwards dorsum if you lot allow them travel out amongst appreciation in addition to respect.

31) Improve Your Customer Service

I estimate I had to seat this somewhere on the list, right?

Focusing likewise much on the memory strategies on this page when your client service sucks is putting the truckman.blogspot.com">cart inwards front end of the horse.

For example, tin customers work your agency’s website to handle the most mutual client service issues? If non it’s fourth dimension to telephone weep upwards your spider web guy or get an insurance website you lot tin update yourself.

32) Give Referrals to Your Clients

If you’re a regular rootage of referrals for clients that ain pocket-size businesses or run inwards sales, they’ll never travel out you.

When you lot tin command connections of people inside your community you’re offering an amazingly valuable service on travel past times of insurance advice.

Make sure enough you lot larn credit for every referral you lot give in addition to consider making a tabular array or bulletin board inwards your purpose somewhere for client promotional materials.

Just thinking they mightiness larn yanked off your “Wall of Recommended Businesses” could live plenty to hold many people from leaving.

33) Promote Your Most Loyal Customers.

Social proof is a sales tool that involves showing prospects other customers who bought from you lot in addition to are happy.

Video testimonials tin live a peachy for novel sales but they tin also live used as a memory tool.

For example, larn a video testimonial from ane of your most loyal customers in addition to notice ways to demo it to your electrical flow customers. Post it to Facebook, e-mail it to your “flight risk” clients, play it on a monitor inwards your waiting room, etc.

34) Don’t Sell Only on Price

It’s tempting to sell on price, peculiarly when you’ve got the lowest one.

Selling on cost may run today but it kills retention.

If you lot tin salvage a prospect coin in addition to you lot have got the cheapest rate, displace on to all the other benefits of your agency.

They won’t forget the savings, I promise.

In the insurance business, no honest companionship tin have got the cheapest rates forever.

Here’s What To Do Next

First - Click the Like push clit on this page thus I know you lot desire to a greater extent than content similar this.

Second -  Share a link to this article amongst an agent or sales managing director you lot trust in addition to hash out the ideas that volition run best for you.

Third - Develop a innovation of laid on for boosting memory in addition to accept activity past times the showtime of side past times side week.

Retention is necessary to create in addition to maintain a successful insurance agency.

Thus the article How 34 Insurance Way Retentiveness Strategies: The Ultimate Agent Resource

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