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.