Acquiring new clients is expensive; by some estimates, it costs five times as much to gain a new insurance agency client as it does to retain an existing one. And, as your insurance agency grows, finding new insurance clients gets increasingly difficult and expensive.
Each month that you can extend a relationship with a current insurance client benefits your bottom line. When people cut ties with a business, it is almost always for one reason: according to Social Media Today, 82% of US consumers say that they have left a company because of poor service.
As an insurance agency principal, training your insurance agents to make your clients feel happy and valued is the best way to keep them. Even if your client has had a bad experience at your insurance agency, there's still hope. Of those cited above, about 92% say they would come back if the business extended an apology, offered a discount or showed proof that they have improved their customer service.
Always solicit and listen to client feedback and find ways to make amends to keep their business. The American Agents Alliance is a national insurance association for independent insurance agents that can help your insurance agency thrive. Join today to access local meetings, annual events, discounted members-only E&O and a wealth of other benefits.