• There are no suggestions because the search field is empty.
Insurance Office of America Logo

Tips to Increase P&C Client Retention

shutterstock_267181580.jpgOne of the most important aspects to being a successful P&C insurance producer is maintaining client relationships and ensuring retention. Even top producers have room to grow. Unfortunately, changes in the policy such as rate increases and coverage changes are going to happen. Preparing yourself for the conversation and actively engaging with your current customers can mean the difference between a one-year policy and a lifetime customer.

Here are a few tips to help you increase your client retention rates:

  1. Personalized service. This may seem obvious to many, but personalizing your service for each of your clients will make them feel appreciated and special. A small gesture such as sending a handwritten note once they’ve acquired a policy or calling to check in after a few months will generate more loyal customers and increase renewals.
  2. Sell a second policy. The recent study “Customer Behavior and Loyalty in Insurance: Global Edition 2016” by Bain & Company reports that leading insurance agencies sell double the products as their competitors. Not only will a second policy from an individual increase your profits, but it will increase the likelihood they renew with you year after year. The report also states that “leaders in cross-selling often have higher loyalty scores, longer customer tenures, and favorable demographics.”
  3. Acquire Renewable Clients. It’s important you take the time to uncover as much as you can about new leads and determine whether your offerings are truly the best option for their needs because acquiring clients without truly considering whether you’re a good fit leads to wasted time and money. LexisNexis in their “Proactive Customer Retention: A Driver of Long-Term Profitability for Personal Auto Carriers” report notes, “Effective customer retention begins with targeted acquisition.” This applies to all lines of insurance. 

It May Be Your Agency, Not You

Maybe you’re doing everything right, but your current agency isn’t providing you the resources you need to excel in your position. It may be time to consider an entrepreneurial or lifestyle agency, as opposed to a traditional corporate agency model. Lifestyle agencies give you ownership and stock options, additional tools and resources, increased commissions, and do not require you to sign a noncompete.

ebook-2-lp.png

Switching agencies may give you the opportunity to excel by empowering you with the tools and resources you need to increase your customer retention. Download our ebook “6 Questions Producers Should Ask to Ensure Their Company Fits Their Goals,” to determine whether switching agencies may be the next-best step in your career.

Find Out More