Keeping Clients: 5 Ways to Improve Policy Retention
Is your insurance company sticky? When you want to keep your clients year after year, how do you ensure that they want to stay with you? From excellent customer service to incentive programs, these ideas will improve your policy retention and make your clients stick with your company in the long term.
1. Reach Out and Ask for Feedback
What do your clients think about your agency? If you're trying to improve your service, sometimes you just need to ask. Offer a survey to new or existing clients to get feedback on what makes you easy or hard to work with, what features they appreciate, and what makes them come back year after year. Look at what you're doing well as well as how you can improve.
2. Make Renewals Easy
In this age of busy people, your clients need to be able to renew their insurance products easily, or they could lapse or move onto another company. Provide the option for automatic payments and automatic renewals to make it easy for your clients to renew. Ensure that your insurance association provides an easy, web-based way to commit to a new insurance plan or pay for an existing one so that your customers can buy insurance on their lunch hour. Make your information mobile-friendly so that they can do it on the go.
3. Provide Incentives for Dedicated Customers
Everyone loves to be appreciated, and when appreciation comes unexpectedly, your clients will be thrilled. Consider introducing discounts for your dedicated clients, or offer a discount on annual insurance to those who've spread the word about your valuable services. Your clients will be happy to receive a discount, and they'll be reminded of how long they've stayed with your company and why. You can also offer non-monetary incentives to your dedicated customers, such as insurance workshops that help with emergency preparation or purchase decisions.
4. Use Technology to Communicate
While some people still love to pick up the phone, most appreciate being able to contact their service providers on their own time after the work day is done. Make sure that your clients know how they can email you, and be prompt in your answers to their questions. Have a Frequently Asked Questions section on your website that addresses common customer concerns. Communicate valuable information to your customers through email newsletters, social media, or text, keeping up with modern communication technology and using these tools to build trust with your customers and build up your business by providing valuable information.
5. Be Flexible
There's an expectation of flexibility out there in the marketplace, and you need to be ready to work with clients who expect it. Baby Boomers are used to having a high level of customer service interaction, while Millennials are comfortable comparing prices and packages online to find the deal that best suits their needs. Your insurance agency needs to come up with insurance products that fit a number of different sorts of individuals and families, from young families renting their first basement suite to Boomers who are insuring vacation properties. Be prepared for the unique questions and needs of each group.
When you're striving to improve your performance in the insurance field, you need an ally. The American Agents Alliance is a group of insurance agents that works together to provide discounted products and other membership benefits such as professional education. We'll help you excel in the insurance field. Contact us today for more information.