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When Things Go Wrong: Policy Retention after Client Challenges

The nature of the insurance industry is that sometimes, even when everyone involved has the best of intentions, clients face challenges. And even though you might believe that everyone at your agency is doing their best, your clients might disagree. It is possible to retain clients even amid challenges, but you must have the correct approach. Take a look at some strategies your agency can use after things go wrong for your clients.


Acknowledge the Problem 

You and your clients both know when the relationship begins to decline, so don’t pretend that it’s not happening. Clients appreciate an agency that’s truthful with them. Acknowledge what’s happened. Detail the difficulties that your client is facing. Explain what’s happening from your point of view, then stop and listen to your client explain how they see things. Try to reflect what you heard your client say in your own words so that the client knows you’ve been listening to them.

Even if your relationship with your client is troubled, it can heal if everyone is on the same page and willing to listen to each other. You may need to find a compromise, or give your client a very good reason why they need to follow your recommendation. But you won’t even get that far until your client knows that you’re listening, that you understand the problem, and that you have their best interests in mind.


Make the Payout Simpler

Client Policy Retention
Don’t leave a client hanging while waiting on resolution.


One of the biggest things that can drive insurance clients away is making it too difficult for them to file a claim and collect a payout. No matter what kind of insurance is involved, a customer seeking a payout is already going through a difficult time. They don’t need it made more difficult on your end.

Of course, that doesn’t mean that you shouldn’t investigate claims fully, and it doesn’t mean you should pay out on frivolous claims. But let the client know that going forward, you will look for ways to streamline claims and make the payout process for qualified claims as simple as possible. A customer who knows that they can count on your agency to stand by their policies and payout in a timely manner is a customer that will keep their policy or come back for another.


Personalize as Much as Possible

No one wants to feel like a faceless number. The more you can personalize your service for the client, the more likely you are to retain the client. When a client is expressing dissatisfaction is a good time to assess how well the current product is serving them. Reassure them that you can provide flexibility to meet their policy needs as their life changes.


Avoid Future Problems 

One-size-fits-all policies are increasingly a thing of the past. Have in-depth conversations with your clients so that you can assess their current needs. Check in with them on a regular basis so you can make adjustments as their needs change. Not only will your client appreciate it, but a personalized policy is more likely to withstand a variety of client challenges.

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