Smart Strategies for Retaining Insurance Clients

In the world of insurance, a good customer retention rate is the ultimate goal. The most successful insurance companies retain customers at a rate of up to 95%, while other companies may only retain customers at a rate of 84%.

Your company can be one of those top performers with luck, intelligent strategies, and good decision-making. Once you’ve got a good customer, they’re worth hanging on to! Here’s what you can do to improve your retention rate and keep customers returning year after year.

Manage Customer Expectations, Then Follow Through

Customers get told by businesses all the time that a call back is coming, a document will be emailed, or a form will be sent in the mail – only to have that not be true. A lack of action on your part can be frustrating for clients and is one reason why some customers eventually become disgruntled.

When you tell your customers you will do something, do it. Whether you’ve promised to call someone back or find obscure information, get it done. If possible, over-deliver. Tell them you’ll finish something in two days and accomplish it in one.

You’ll appear more organized when you accomplish tasks faster and more thoroughly than promised. Your customers will be impressed, which will help them feel good about being your customers.

Onboard Customers

Create a step-by-step, streamlined process for onboarding new customers. Onboarding efficiently helps ensure you give all your customers the same important information when buying insurance products. This information helps your clients understand the value of what they’re buying and why they should keep you as their insurance agent.

Have a standardized packet ready for new clients, including your business card, policy dates, policy information, tips for getting the most out of their insurance, and a small gift or thank you note from your agency. Survey customers after their onboarding experience to discover what you could have done to improve their experience.

Establish Excellent Communication Habits

Effective communication is essential for retaining clients. Follow best practices when communicating with clients, including:

  • Communicate with clients in the way they want to communicate. Email, phone, fax, text – different clients have different preferences. Stay available to clients in whatever communication method works for them.
  • Maintain regular communication with clients. Contact clients annually to touch base about their insurance products and needs or offer to review their coverage before their annual renewal.
  • Communicate with clients through social media. Post updates on social media frequently to keep clients apprised of relevant issues and send out helpful reminders.
  • Host a meet and greet for in-person communication. Invite customers to stop by your agency to facilitate in-person communication. Provide food and gifts as an incentive.
  • Schedule appointments to talk about client needs. Make a habit of scheduling checkpoints with clients to learn more about what you can do to meet their needs.

Survey Clients, Know What They Need

Survey your customers to learn more about them, including what products they need most, what keeps them happy with their insurance, and what frustrates them about their current insurance products.

Software allows you to survey customers quickly, or you can add a personal touch by calling customers when it’s quiet around the office. One-on-one conversations can be more revealing and can help your clients develop feelings of loyalty to your agency.

Reward Renewal

Yearly insurance renewal can be a pain point for some customers, especially when premiums increase. You can soften the blow and keep customers loyal to you by offering rewards for renewal. A gift card, a thank you note, or even a mug from your insurance agency are all small things you can do to make your service stand out over other insurance agents.

Sending gifts is more than most insurance agents do, but you can rise above and beyond by personalizing gifts to your customers. You may know where they shop or what kind of coffee they like. Take advantage of this knowledge. Send your clients something that shows you remember them and care.

Offer the Best Products

Customers today expect their insurance agents to offer a range of products. As an independent insurance agent, you can provide clients with precisely what they want. Working with a range of the best carriers makes this possible.

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