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Policy Retention Tips

Policy retention is critical to building and maintaining a profitable insurance agency. You already know that retention is an immense factor of growing long-term prosperity, but do you exercise the most important policy retention tips and tricks? Try the following:

  • Make more contact with your clients, which will discourage them from shopping around.

  • Focus on cross-selling. Clients with multiple policies have a higher retention rate than those with only one type of coverage.

  • Provide annual coverage and discount reviews to ensure your clients have what they need at the price they deserve.

  • Alert your clients of premium increases before they occur. Clients appreciate honesty and are more open to changing their coverage rather than shopping around if you take this proactive approach.

  • Set up automatic payments to increase policy renewal rates.

  • Offer a referral bonus program not only to increase your client base but to encourage the clients that refer you to stay.

  • Remind your clients that one benefit of longevity is that companies are likely to provide greater service when they make a claim if their policy has been active for years.

For more policy retention tips and tricks, please contact American Agents Alliance today.

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