Positive client relations are the heart of insurance business growth. Not only in insurance, but companies in all industries understand that their clients are maybe their most valuable assets. You’ve probably heard how a business is only as good as the clients it serves, and no business gets very far after losing the trust and satisfaction of the clients they have. Managing and improving the overall client experience is crucial for business success and survival. In fact, it’s vital.
Here’s how positive client relations can affect your insurance business growth.
Maintaining a positive connection and relationship with existing clients can greatly affect, and boost, the growth of the business. It's especially important in the insurance industry where trust and accessibility can make or break a relationship. Check out these stats on how sustaining a positive connection and relationship with your clients can make a huge impact on your bottom line.
- 67% of consumers list bad customer experience as one of the primary reasons for leaving. (Kolsky)
- 50% of consumers would use a company more frequently after a positive customer experience. (NewVoice)
- 86% of consumers are willing to pay up to 25% more for a better customer experience. (RightNow)
- 24% of consumers continue to seek out vendors for 2+ years after a positive experience. (Zendesk)
- By 2020, customer experience will overtake product and price as the key brand differentiator. (Walker Info)
- 82% of consumers have stopped doing business with a company because of bad customer service. (Zendesk)
- 67% of customer turnover could be avoided if the business resolved the customer’s issue during their first interaction. (Kolsky)
- 52% of consumers have purchased more from a company after having a positive customer service experience. (Zendesk)
- Only 1% of customers feel their customer service expectations are always met. (RightNow)
- Loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer, and 7x as likely to try a new offering. (Temkin Group)
- It takes 12 positive customer experiences to make up for one negative experience. (Parature)
- 81% of companies motivate employees to treat customers fairly, and 65% provide effective tools and training to gain trust with their customers. (Peppers and Rogers Group)
- Customer churn is attributed to the poor quality of customer service. (Accenture Maximizing Customer Retention Report)
- A 10% increase in customer retention levels result in a 30% increase in the value of the company. (Bain & Co)
The core of client relations is your ability to manage all interaction with current and potential clients. Relationships matter. A lot. In fact, they matter a great deal more in business than you may think, according to the stats listed above. Always make sure it’s your mission and driving force to foster and retain as many clients as possible and for as long as possible. You’re not onlyan insurance agent, but you are also one of your clients’ most trusted advisors and mentors when it comes to the things that matter most in their life. Investing in and nurturing those client relationships will be well worth the effort and bring you long-term benefits.
There’s some stiff competition in the insurance industry. Building and maintaining client relations is more important than ever to put you ahead of the curve.
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References:
https://www.salesforce.com/blog/2013/08/customer-service-stats.html
https://www.ameyo.com/blog/how-insurance-agents-can-build-long-term-customer-relationships
