Do you believe in long term relationships? No, we’re not getting all mushy on you and asking about your dating or married life. We’re talking about your client relationships.
The basis of your insurance business’ success is your ability to maintain long-term relationships. As your clients’ needs change over time, these relationships can grow and change. But the one constant remains: your overall goal is client retention. Suffering from what we commonly refer to as ‘the leaky bucket’ syndrome can put a big damper on your growth.
But you’re in luck since we want to share some of the best—and easiest—retention strategies to implement in your business.
4 Retention Strategies to Keep Your Clients
According to a study from Grow, the number one reason clients left or were upset with their insurance agency was that they never hear from their agent outside of renewals and claims. Furthermore, there were many complaints of lack of communication altogether with no personal contact, no call backs and no customer care.
Here’s where you can take control and set yourself apart from the competition.
Be responsive and communicate with clients in a meaningful way. Developing a relationship with your clients will set you on the path to high client retention. Here are some simple ways to connect with clients and improve overall communication:
- Encourage your clients to contact you with concerns
- Start a dialogue about where your agency may be weak and what you can improve upon. If you want to improve your service, sometimes all you need to do is ask
- Connect with your existing clients to see if they have any questions either through an individual email or monthly email newsletters
- Get personal! Whether it’s a thank you note or birthday card, keeping in touch with clients to let them know you’re thinking about them will show that you value them
- Host events. Very few insurance agents go this route, and it’s sure to set you apart. Host a picnic or movie event and invite your clients and their guests. Creating these experiences and memories will significantly increase brand loyalty.
Increase Retention Rates With Client Focus
At the core of Client Focus’ philosophy is the absolute supremacy of client satisfaction. We’ve consistently proven that providing a superlative client experience translates into growth for agents. But that’s not all. We’ve also spent a decade coding that philosophy and experience into our proprietary client management technology.
Our platform ensures client satisfaction and prevents “churning and burning” through client lists. Client Focus can do this with one of our most popular services:
- Thank You Calls
- Welcome Calls
- Appointment Scheduling
- Marketing Campaigns
- Defector Calls
Listen First, Speak Second
One of the easiest retention strategies, but most difficult to follow: close your mouth and open your ears. Always keep in mind that you are there to listen first and speak second when you meet with clients. Allow your clients time to explain any fears or concerns they have regarding current policies or other financial concerns. After listening, thoughtfully acknowledge their concerns and offer any solutions you can. The goal of every conversation should be to make sure that you do everything in your power to ensure they understand that you genuinely have their best interest in mind.
Find Your Core Clients
When thinking about the best client retention strategies for your business, consider who you are really speaking to. Ask yourself some identifying questions about your audience:
- Who is your ideal client audience?
- Who are your long-term clients?
- Where have you been successful in keeping clients satisfied?
- What did you do to develop and maintain long-standing brand loyalty?
When you really break this down to who exactly you’re speaking with, you will be able to effectively develop your client retention strategies accordingly.
Taking the time to implement these simple retention strategies will make all of the difference in how your client’s view you and your agency to keep your relationship solid. The added bonus? Many of these retention strategies can also result in increased word of mouth referrals. It’s a win-win!