You thought that it was a long-term relationship, but all of a sudden they’re gone. Why do your insurance clients leave your business and go somewhere else? Client retention is one of the most important ways to maintain and market your business. Gaining new clients can be difficult, so you want to be sure to maintain the clients you have. Satisfied clients also provide your business with excellent word-of-mouth advertising, drawing in new clients.
Tracking Client Retention
When you’re curious about why your clients are leaving, you need to track the life cycle of your client base. Tracking new clients, gathering data about existing clients, and noting why people leave can help you understand how your business is trending and the problems that you might need to address. You’ll become aware of what insurance marketing strategies bring people in the door and what makes them stay. That way, you can pinpoint whether you have to change the way you conduct staff training, whether an individual employee’s demeanor is an asset to your company, and whether your insurance products suit your clients’ needs.
They Don’t Know That You Care
How can you be more welcoming to your new clients and celebrate your existing ones? Your clients should feel that you care about their well-being. From an annual thank you note to a periodic review with your clients, make opportunities to connect with your clients as people. Give them a heads-up about rate changes or new products, and give them discounts as a thank you for being a loyal and long-term client. Get personal as well: if they come into the office with children, give the children a small gift or ask about their family if the family is not there. It’s harder to leave a relationship that feels personal as well as professional: Make your relationship one of those.
They Want Convenience
Sometimes clients avoid renewing simply because it feels like a chore. Instead of having them fill out a piece of paper, set up online and automatic payments. Make your business a one-stop shop, giving discounts on additional products if a client purchases more than one policy at a time. If there is a problem with a product, make the problem-solving process as smooth as possible, and take ownership: Your clients expect you to advocate for them.
They’re Looking for a Wider Range of Products
Do you truly understand your client’s needs? Your insurance clients may require a wider range of services than you offer, or they may not realize that you offer the very products that they need. Work with your clients to build a long-term, in-depth relationship. Ask questions about their full spectrum of insurance interests and needs, and work to meet those needs. By developing an extensive profile of each individual you work with, you’ll be better able to meet their current insurance needs and anticipate their future ones.
If you’re not able to provide a service that your client requires, give a referral to an organization in your network. Develop a group of trusted companies that you’ve worked with in the past whose services complement your own. This helps to make you a trusted resource for your clients.
As you develop your insurance retention and insurance marketing strategies, you need an ally that can help you maintain and build upon your business. The American Agents Alliance is a group of independent insurance agents just like you, striving to serve. Contact us today and learn more about how the American Agents Alliance can help your business find new insurance clients, develop employee skills, and maintain existing client relationships.
