Improve Your Insurance Agency’s Retention With These Easy Implementations

If you’re considering ways to improve your agency retention in 2022 there are some quick fixes that could help improve your policy life expectancy and customer retention.

Auto-pay policies

Did you know that simply encouraging your customers to go onto auto-pay with their carrier you can improve your policy life expectancy by months on average? There is a reason why some of the larger carriers offer an auto-pay discount. They know it makes customers stick around longer.

Monthly or quarterly newsletters

When was the last time your customers heard from you? If you’re not regularly communicating with your customers you should. Insurance is the single most advertised product in the United States. If you’re not regularly touching base with your customers you risk letting them go to another competitor. Try “touching” your customers a minimum of 6 times per year to help boost your retention. Don’t have a lot of time? No problem. Many options exist for automated contact with customers. In fact, Renew King was created for this exact purpose so all you have to do is provide a client list and we do the rest.

Policy renewal reviews

A lot can change for customers in between policy renewals. Policy renewal is a natural time to reach out to your customer base and see if everything is still the same. They’ll appreciate hearing from you and it could even offer you an opportunity to cross-sell if there are any life changes like children on the way.

Community involvement

Being involved in your community can absolutely be a lot of work, but the agencies we work with that do it swear by it. When your customers see your branding in their community it brings to them a sense of pride. “Hey, that’s my agent!” There are many ways to get involved in your community including sponsoring local sports teams, serving on a board, being involved with the Chamber of Commerce, donating to local charities (this can just be your time, it doesn’t have to be financial), adopting a local highway and more.

Birthday greetings

One of the simplest things to do is to setup automated birthday messages to send out an email to your customers on their birthdays. Many email companies have programs designed to help you create birthday greetings and best of all, it is very inexpensive with the average email costing about $.01 -$.02 each.

Want to see how Renew King works? Check out this short video on what we do for you today.

Remember, keeping an existing customer is easier and less expensive than writing a new one. You can grow your agency purely by improving your retention. Use the steps above to get you on your way.

If you need help with creating a retention plan, reach out to Renew King. Our program was created just for insurance agencies.