3 Ways to Bolster Your Agency’s Retention Numbers

3 Ways to Strengthen Your Bond With Existing Policyholders

Putting fresh new business on the books is a great feeling, right? But what if after all that selling, quotes, applications, and questions, your client leaves you at renewal or worse, mid-term? From price to service, claims to coverage, there are many reasons why clients choose to leave. The following are three ways for you to strengthen your bond with existing policyholders so that, hopefully, they stick around for the long haul, improving your retention.

  1. Improve your onboarding process

    When you’re writing a new policy, are you taking the time to properly prepare for your appointment? Whether it’s a monoline auto policy or a string of commercial buildings, every new client should be made to feel important, leaving your office knowing they bought more than just another insurance policy. Initial appointments should include everything from discussing applicable discounts, services your agency offers, billing/payment options, introducing the client to your support staff, and office hours.

  2. Set up and x-date process and stick to it.

    Contacting clients at least 90 days prior to their renewal date can be an effective way to catch policyholders before they defect. Use this time to get them on the phone (or send an email or card) and ask if they have any questions or would like to review their coverage. This is also an excellent opportunity to thank them for their business and offer to pre-renew their policy. An easy and systematic way to get started with an x-date program is during the initial appointment when the coverage and renewal date is front and center.

  3. Shop the market.

    If cost is standing in the way of a good client staying with you, then offer to go to the market and obtain multiple carrier quotes on their behalf. They’ll appreciate the legwork, and you may be able to retain them if the price is right. For captive agents where marketing isn’t an option, take the time to review current coverages and discounts. You may not be able to adjust the premium, but it shows clients that you value their business and want to keep them. Don’t forget to remind them of loyalty/longevity discounts for sticking around.

Always be looking for new ways to improve your retention numbers. By doing so, you can continue to build an agency with policyholders who value you and your services.

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