Why insurance agents need to have strategies in place for customer retention

insurance agent customer retention

Being an insurance agent requires you to wear many hats. You have a role to play in making sales, in business development, client meetings and marketing your brand among others. The list is pretty long, but one of the things most people forget to focus on and do not realize is key to their business growth is customer retention. Too often insurance agents put more effort into expanding their company by closing as many deals as possible. While this is not an entirely wrong approach, you are losing plenty of opportunities if you do not pay attention to your existing client base.

Think about it, in the age of constant communication that we live in, your interaction with your customer does not end when you close a deal. Once a prospect becomes a customer, they have after sale service expectations and rightly so. Insurance can be bought by anybody and sold by anybody. So, what can you bring to the table that sets you apart from other agents? Obviously, the answer is in the way you treat them.

We have therefore come up with a few customer retention strategies that you can apply to your work that should help you see a massive difference when going over your client list a year from now.

Keep in touch with your customers – It is important that your customers never feel neglected. But this does not mean you constantly bombard them with calls, emails and text messages. It is important to remain in touch but at various times in a year different means. Wish them on birthdays, send in policy reviews, perhaps even sending an industry update can go a long way. A small token can be gifted or sent (like a voucher) to show that you appreciate your customer. These are the things that make them reconsider looking for another agent.

Set clear expectations from the start – You can write out a list of important dates such as policy renewals, payments, touch up calls so that your customer knows exactly what to expect from you. Think of it like how it used to work in schools and colleges – all students are given a yearly calendar with dates of holidays, exam dates etc. This lets the kids plan their year around those dates and not face any last minute surprises. This will work wonders with your clients and will help you stay informed and remember to give every client of yours the attention they deserve.

‘Atithi Devo Bhava’ applies to your clients too – Welcome your new clients warmly, as you would to a guest visiting your home. You need to have a very strong onboarding process for your new clients. Giving them a welcome kit or doing something that signifies that now they are a part of the insurance family they will be treated as well as a client can be treated.

Keep working on getting more referrals – Remember clients who refer you are more likely to stay with you, so never stop working on referrals. It’s pretty simple, if you treat them good, they will refer you. After referring you they won’t leave you because it makes them look silly to the people they referred you to.

Trial and error will help you as an insurance agent find a system that works for you. But the bottom line is this – retention at the end of the day is a form of sales strategy. In order for it to be effective, you need to find a system and routine in your work that helps you use these pointers through your routine, without having to make the extra effort. All it needs is some forward planning and getting into good habits. So, a set some time aside to pick and choose the strategies that work best for you. Who knows? This might be the very thing that takes your business to the next level.

Read more about How can you grow your business by paying attention to what you customers says on social media.

Read more about Turtlemint’s guide on how to close Insurance deals.



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