For insurance agencies, client retention is an important metric. Being able to improve client retention rate just by just a few points can be huge for agency revenue. But more importantly, is what it represents. A high retention rate is a direct representation of proactive communication, excellent customer service, and a great experience. Nobody can keep every client. People move and things change but if you put effort into the factors you can control, you’ll see results. Let’s take a closer look at 3 ways to improve client retention in your insurance agency.
The Feedback Loop
It’s no secret that insurance agencies spend most resources on sales and customer service. Excellent customer service is important but it means you’re only communicating with a small percentage of your clients. It also means you’re being reactive rather than proactive. BUT, if you can take advantage of a small window of opportunity and ask for feedback from your clients on their experience, you’ll be able to use that feedback to generate more business.
These windows open up at key points in the customer lifecycle.
The first window is right at the point of sale. After writing a new policy, you have a limited time to ask for feedback on the customer experience before your new client is moving on with their busy life. But if you can use that window to ask for feedback and then make sure the good feedback goes to your Google Review page, you’ve just set yourself up to generate new business while caring for your customer’s experience. The first step in proactive communication is collecting feedback and making sure every great experience turns into a 5 Star Google Review.
Don’t let your client forget about you
Your client relationship is just like any other relationship. If you don’t nurture it, it won’t last. Most people don’t need to hear from their insurance agent too often but providing value and touching base every now and then keeps your clients engaged. An engaged customer is a customer that sticks around and refers you to other people. There are a million ways to communicate with people now. The important part is being consistent. If you set expectations with new clients that you’ll email them valuable info once a month, do it. If you tell them you’ll be posting a video every day on Facebook, do it.
If writing and creating content isn’t your thing, then outsource it.
Either way, make sure your clients are hearing from you so they don’t forget about you.
The right product at the right time
This may seem obvious but cross-selling is often something that takes a back seat because of how little time most insurance agencies have to dedicate beyond new sales and service. That said, cross-selling the right policy at the right time to the right person not only adds value but it makes your clients sticky. If someone just has an auto policy with you it’s easy to take that policy elsewhere. If they have a slew of products with you, they’re less likely to shop around.
This may seem like a pretty labor-intensive process. And it can be but it can also be automated or outsourced with the right tools and partners.
How Renew King Can help improve client retention
If your clients aren’t hearing from you they’re forgetting about you. But you don’t have to carry the weight of being proactive alone and you don’t have to hire a new employee to improve retention. Renew King will boost your Google Reviews, Engage your clients, and help you strategically Cross-Sell all at a “no-brainer” monthly cost.
To learn more about Renew King and see for yourself how it all works, check out the Renew King demo today.