Consider this question: Why did you first go to your favorite grocery store? Chances are you had a need and the store was convenient or someone had recommended it.
Now consider: Why do you keep going back to that store? Maybe the prices are good, or the produce is high-quality, or the clerks are friendly, or you get great coupons, or one of the dozens of possible factors that made your experience a good one.
Client retention can be thought of in a similar way, even in the insurance industry. Your clients first come to you because they have a need and you’re convenient or come recommended. They become a client because you can solve their problem. They stay for life because you can give them the best experience.
Retaining clients in any business depends on providing them with the best products and the best experience. You have the products down, but are you confident you’re offering an experience that outshines the competition? Here are three ways that you can directly influence your client retention: Insurance customer service, communication, and cross-selling.
Insurance Customer Service
Customer service is one of the most important aspects of success in any industry. Always making a good first impression is the first step. But to really be able to sell to your clients, you have to understand them—what drives them, what their needs are, etc. Ask yourself what your clients want and then give it to them.
Clients are more likely to stay with you for the long-haul if you’re adding value to their lives. Keep offering them more and make sure they realize the benefit of working with an in-person agent. Everything you do should be centered around your client and their needs. Be genuine with every communication and make sure your clients know you care about them. Set yourself apart, focus on your clients, and deliver results.
Communication is the backbone of every relationship. This includes your relationships with your clients. You want them to be open and honest with you, so you should be open and honest with them. Set expectations from the beginning, but never make a promise for something you can’t keep. It’s better to underpromise and overdeliver. Do, however, talk to your clients about what you can do for them longterm.
Stay in touch with your clients ongoing – not just during the sale. This could mean anything from following-up after a meeting to sending a regular newsletter. Keep in mind, though, that these should be meaningful conversations that keep you at the forefront of your client’s mind and serve a purpose. The better you communicate with your clients, the more likely they are to stay with you for life and the more likely they are to refer their friends and family to you.
Cross-Selling from your Book of Business
People like value. More value can come in the form of cross-selling, meaning, adding on products to their existing plans. It’s easier to up-sell extra coverage than it is to make the first sell, which means you should always put energy into this area of sales.
Focus on what your client needs and what is important to them—this is where the value comes in. Find a problem and offer your ancillary products as a solution or give them something they can’t easily get somewhere else. Having more benefits from you also makes it harder for them to move away from you. You want your client to understand that by bundling their policies with you, they are saving money, time, and hassle.
Combining these three factors—great insurance customer service, meaningful communication, and effective cross-selling—can give your clients the experience they want and help you retain them for years to come.
If you want to take your business to the next level, but aren’t sure how to offer the things above with your existing process or team, Agent Link can help. Utilize our Concierge Services to offer your clients better customer experience and improve your client retention.