Retention Secrets for Your Insurance Business

Creating Lasting Customer Relationships

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Retention Secrets for Your Insurance Business

I recently had a customer service experience that was so extraordinary that I felt compelled to leave reviews online and now, write about my experience. This experience at Men’s Wearhouse left me thinking about earning customer’s for life. Not one-timers, but companies that earn my business even if their prices may be higher. I can think of a handful of these businesses who had such excellent customer service, that even if prices were better elsewhere, I would still go back. My insurance agent is also one of these companies. I’ve been there for years and unless they close, would not likely go anywhere else because of the exemplary customer service they’ve provided.

As a full-service insurance agency marketing company, we often forget to remind our clients of ways you can provide your customers service that will keep them loyal. Not only are there ways to improve your closing rate, but there are ways to grow your overall book of business. Take a look at these few items you can do to earn an insurance customer’s business.

Create a great culture

  1. Reach out

When was the last time you reached out to a customer just to check in? When did they hear about news from your agency like charity work, local community involvement, a new agent, new carriers you have or new products you offer like earthquake or life insurance?  Insurance agency newsletters are a great means to reach out to your customers and you can do this at a tiny cost! Companies like MailChimp and Constant Contact cost about $.01 per email address and have easy to use, mobile responsive e-newsletter creators. Thinking about mailing them? We’d recommend a mix of both mailed and electronic. If you have to go one way or the other, email is certainly the lower-cost route.

  1. Yearly Reviews

My agent calls me once a year. I know they’re busy writing new business, but they appreciate mine. It makes me feel good to hear from them. So many other agents through the years simply wrote my business and I never heard from them again. My agent calls and ask if anything has changed, if I’m happy with my rates and offers me options like breaking up my home and auto insurance if they see something that I don’t. I’ve had it a variety of ways from packaged with one carrier to 3 separate companies.

  1. Offer value

When I look back at my Men’s Wearhouse experience, I was offered a retail value and exceptional customer service. They went above and beyond to ensure I was happy. With insurance, we don’t have a tangible product, nor can we mark it down in price to make someone happy. We need to be more creative. You can offer clients value in many ways. You know your companies inside and out and just by talking to your customers, you probably know whose rates will be best and what company profile they will fit best. Simply showing your customers your rates is a great way to build trust and show them, “hey, I’m trying to earn your business.” Please note, we are not saying rate shopping is the best approach for all agencies. Offering many company choices is a great value. Multiple quotes provided by a comparative rater is a value.

  1. Give back

I love giving to charity. Both in my personal life and in my business. Giving to charity or donating time can be a part of your business culture. My insurance agent donates time of the business, time of her employees and monetarily to causes she believes in. Letting your customers know you’re giving back to your community or other charitable organizations shows them that money they spend with you is going to a greater cause. It makes them feel good to spend money with you. It’s a win-win.

Just like my experiences, you too can create lifelong customers for your insurance agency. We do what we can, providing services to our clients to help them along the way. It may not generate more revenue for us immediately, but the long-term benefit of the services we provide for free from time to time far outweighs the negatives of those services.