Part 5: Winning@Customer Retention Resources
For additional insights and best practices to help you improve customer retention and service, we compiled a variety of helpful resources from third parties. Click on the title of the resource for a brief description and the link to the content.
Maintaining Your Book of Business: 7 Insurance Agency Retention Strategies
Maintaining Your Book of Business: 7 Insurance Agency Retention Strategies
Finding clients to fill your book of business is challenging. These days, it is not just about establishing a marketing budget and paying for a few ads. You have to maintain a presence on numerous social media channels, build trust with your prospects, and develop a strong brand for your agency’s good name.
- How education can keep clients coming back
- Incentivizing renewals
- Benefits of social media
Full article ABM
State of the Agency – 2021 Report
In the wake of a worldwide pandemic and rapidly evolving market conditions, independent agents are embracing – and thriving in – a more progressive work environment. Per the 2021 state of the agency report, 72% of independent agencies reported increased customer retention.
- Key stats on agency operations
- Customer relationship trends
- Agency growth and retention checklist
Full study The Hanover
3 Simple Tips to Increase Retention at Your Agency
Whether you are an insurance industry veteran or early on in your career and still establishing your agency, you are probably aware that it can cost more to get new clients than it does to retain existing ones. Retention is an essential component of maintaining a successful insurance agency, as retention typically equates to long-term profit via customer loyalty.
- Building a strong relationship through the onboarding process
- Benefits of personalized service
- How to maximize technology and automated systems
Full article ZipQuote 9.2.21
3 Simple Ways to Increase Insurance Client Retention
Building a relationship with a new prospect or client can take several months or more. No matter the type of insurance or benefits you sell, you know the importance of strong client relationships. That's why insurance agents focus so much on client retention. This blog covers three ways you can keep more clients at your insurance agency and how you can put them into practice.
- How to cross sell more policies
- Communicating with clients often
- Developing a fantastic onboarding experience
Full article Agencybloc 6.20,22
Cross Selling Drives Higher Customer Retention and Boosts Sales
Since it’s far less expensive for independent insurance agencies to retain a customer than to land a new one, customer retention is a more profitable priority. And those that do it right, know cross-selling is an effective way to show you understand your client’s needs and grow your book of business. That’s why a retention strategy should rely heavily on cross-selling to your clients:
- Best practices for cross selling
- Benefits of specialization
Full article SIAA 7.15.21
Inflation & Independent Insurance Agents – How to Handle It
As we travel across the country, we see that there is one thing on independent insurance agents’ minds these days and that is inflation. Everyone is being impacted by this, including insurance. So, it makes sense that frontline staff is taking a lot more phone calls from customers concerned about their rate. In this episode of the Ridiculously Amazing Insurance Agent, Kelly talks about how we handle these, sometimes scary, conversations about inflation and its many consequences. PODCAST 21 minutes
- Developing a plan on how to talk to customers
- How to help clients and retain their business
- Remarketing in the face of inflation
The Ridiculously Amazing Insurance Agent Podcast 5.5.22
Connected Insurance Podcast: A Five Point Bump in Retention in One Year
15 years ago Rhett VanScoter took a step back from the accounting world to start his own independent insurance agency from scratch. Like all startup agencies, he quickly realized the value of every single customer. Fast forward to today, VanScoter Insurance Agency boosted its retention rate by five points in a single year and now holds among the highest NPS® scores in any industry. If you want to see how client relationships drive growth in an insurance agency, do not miss this conversation. PODCAST 37 minutes
- Top campaigns that continuously strengthened client relationships
- How to maintain a library of fresh meaningful content
- How to get a steady stream of 5 star reviews
Connected Insurance Podcast 1.20.21
14 Customer Retention Strategies In The Insurance Industry
Never settle for doing the bare minimum to retain customers. Standout from other agencies by proving your dedication to customers and boost service offerings within your community.
- Categorize customers to better understand their behavior
- Be an expert communicator
- Personalize products and services
Full story EverQuote Pro 9.8.21
Customer Retention Strategies Every Insurance Agency Can Put into Practice
While many agents see lead generation as the only way to grow their business, the most successful agencies skillfully balance their search for new customers while continuously providing value to their existing base.
- Learn to calculate your agency’s customer retention rate
- Understand the ROI of renewals and referrals
- Avoid risks of neglecting customer retention
Full story Nectar Marketplace 2.10.22
10 ways to retain your best insurance clients
The cost to retain existing customers is five times less than the cost to acquire new ones, meaning customer retention should remain a priority for your agency, even amid challenging times like the COVID-19 pandemic.
- Engage customers online with best practices
- Add personalized touches for customers
- Proactively identify customer pain points
Full story Arrowhead Group 4.13.21
Insurance Customer Retention: Strategies That Work
Existing clients already have a knowledgeable and trusting relationship with your agency. By doing well and offering them what they need, retention is almost guaranteed.
- Only commit to things you can deliver
- Remind customers of discounts and longevity benefits
- Encourage clients to refer others to your agency
Full story PostGrid 5.1.22
How insurance agents can maximize customer growth & retention
To best serve customers, independent insurance agents should proceed with increased flexibility and digital accessibility for both customers and employees.
- Remember that employee retention leads to customer retention
- Partner with carriers providing omnichannel resources for customer experience
- Create meaningful digital touchpoints
Full story PC360 9.27.21
5 Insurance Agency Retention Strategies Your Agency Should Consider
Agents should prioritize the competitive value they bring to client relationships to minimize the effects of economic uncertainty.
- Offer unparalleled value, rather than a low-bid sales pitch
- Be available for off-cycle touches with clients
- Upsell and cross sell policies
Full story Zywave 7.12.22
Key drivers of customer loyalty in the insurance industry
Insurance is no longer a “low-touch” industry. Customers expect a higher quality and holistic approach to interactions that includes frequency and transparency. VIDEO 4 minutes
- Harness the power of digital ecosystems to engage customers
- Partner with digital distributors to expand services
- Value customer perception of price fairness over levels of premiums
View video Kanopi 9.20.21
5 Tips for Mastering Customer Service in Insurance
John Goodman, the author of the books, Customer Experience 3.0 and Strategic Customer Service and a noted global consultant on customer service and customer experience, shares insights on the best practices he’s derived from other industries for serving insureds.
- How to turn a customer complaint into a positive
- Importance of education
- How to generate engagement early
Full article PC360 8.9.21
101 Sales, Marketing & Agency Management Ideas
A roundup of advice and best practices from agency, carrier, association, and vendor leaders.
- Best practices for improving marketing
- How to engage younger customers
- Tips to better serve customers and improve sales
Full article Insurance Journal 8.15.22
Customer Service Tips for Independent Agents
Regardless of the field, when it comes to business, customer service is a massive part of making any given venture a success. In the field of independent insurance agents, this is doubly true. Customers are looking for someone they will potentially be working with for years. The importance of providing great service is paramount in this industry.
- Scheduling time for one-on-one interactions
- How to view things from the customer point of view
- Asking customers for referrals
Full article QQCatalyst
3 Digital Customer Service Strategies for 2022
The digitization of the insurance industry presents opportunities for agents to simplify and automate some customer service processes, allowing more time to maintaining personal customer connections.
- Streamline channels on a simplified dashboard
- Consider automated self-service options to address common concerns
- Gauge customer sentiment with experience insights solutions
Full story Insurance Thought Leadership 2.2.22
Driving growth with better service for insurance customers
Post-pandemic, insurance agents should revaluate traditional customer service models to address customer’s implicit and explicit needs.
- Use automated self-service and conversational experiences for more meaningful customer experiences
- Provide personalized omnichannel engagement
- Transform service organizations to free up time for more complex requests
Full article Accenture 5.23.22