Does your team have an insurance hard market remarketing strategy?
Opinions can differ! Is it a certain percentage increase, dollar rate increase or by who is the loudest? The reality is in a hard insurance market we need clarity on when and who should be re-shopped. In hard insurance market renewals will take a lot longer. This means we need to be strategic with our time management. Remarkets will take 60+ minutes.
This coupled with more inbound questions and an increase in re-shopping leaves account managers with no time. We end up spending more time remarketing and we miss the ability to get proactive and reach out to build relationships with the right clients. Too many insurance agencies are backlogged with remarkets and miss client expectations. Instead you need an insurance hard market remarketing strategy.
Here are the downsides to remarketing:
- Labor intensive
- Miss the opportunity to review and apply discounts
- Premium and revenue reductions
- Inspections
Many times account managers are unclear on the remarketing strategy so they jump to a remarket to calm down the customer and get off of an uncomfortable call. Remarketing may seem like the best solution but often it can cause other issues. For many insurance agencies each team member decides who to remarket. What this means is it can be an inconsistent experience. Other agencies select a certain percentage rate increase to trigger a remarket or review. The challenge is we take out the client’s expectations – they may love their current carrier. We review how your agency can select a better process and program by being intentional in your client experience.
RESOURCES FROM APP ON INSURANCE HARD MARKET REMARKETING STRATEGY
- Hard Market Insurance Rate Increase Training
- Keep your team motivated with Hard Market Hero Swag
- Subscribe to the Ridiculously Amazing Insurance Agent Podcast (wherever you get your podcasts)
