AppX Retention: Are You Giving 5 Star Renewal Calls?
So, hey there everyone. It’s Kelly Donahue-Piro here again with Agency Performance Partners. I’m here to talk to you a little more about the APPX Retention Program. If you check out our video blog, you’ll see we are going ahead and outlining how to really get people to drive retention and make proactive renewal calls.
So, the next component of our training is what goes into a really genuine and authentic renewal call. We’ve already discussed the things we see people do that make it not authentic and genuine and how it can actually have a negative effect. There are three different types of experiences a caller can have: the 1-star, the 3-star, and the 5-star experience.
So, what’s a 1- star renewal experience? An example of this is when something goes wrong with someone’s auto-renewal. A 3-star is when someone calls you but the interaction they have with you is very transactional. You know, very call century, not genuine or authentic. On the other hand, the 5-star experience will get people talking about you, word of mouth, good reviews. Basically all the good stuff. This happens when you make the call and you use the person’s name, you know personal things about them such as their kids’ and dogs’ names, what they have going on in their lives. Then you also really stop and break down for them to understand their insurance.
A 5-star renewal call has four main components. The first one is to go into the call with an awesome plan. When you have a plan, you can make the recommendations and control the call. Good things will happen. Step 2 is to confirm contact info. Even if you have it right in front of you, it needs to be confirmed. Step 3 is going through our renewal call checklist. We actually have a checklist of questions to ask. This could be everything from do they need flood insurance, are there any new family/friends driving their cars, has there been an increase in payroll, or is there any new equipment or machinery that needs to be insured. You need to go through all these things to do a thorough review.
I can’t stress this enough. What can you not do on a renewal call is say “Did anything in your life change? No. Ok. We will talk again next year.” Because if you ask me, I’ll say nothing in my life has changed. But if you ask me specific questions, I will realize so much actually has. These types of questions are going to drive good quality discounts as well as opportunities for increased coverage. But if we just assume, we will be back down to a 3-star review. We end the call making our recommendations for the increases, for the increased coverages and for the other lines of business. You can master an awesome renewal call. We have a great ninja case study (there’s a link in this blog) where the agency went up 4 percent. The results will be even crazier when people are making the calls and doing good marketing at the same time. It’s kind of like even more ninja-like to market to our existing customers with things like emails saying things like Happy Halloween, Happy Birthday or sending them tips and tricks to everyday things. You will also see the fact that since you are talking to more people your retention rate will go up. This can make the difference between 92% and 94%. Things can get driven up pretty dramatically.
So, if you’re making renewal calls are they 5-star? Would you go out and tell your friends about them? If you are then you’re going to start seeing your numbers go up. This is really a great program. I’m so excited. I just got off the phone with a customer of ours we launched this with 2 weeks ago. They’re finding so much opportunity to account round and to improve coverage. Things are working so well. So make those renewal calls. It’ll change the industry. If you need help, we are here for you. It’s what we do every day! We partner with agencies just like you to get the job done. And with our current specials, it’s the best pricing we are ever going to have.
So, we appreciate you coming and joining our video blog and seeing how to make a really awesome and amazing renewal call.
Keep following us because we have a few more episodes coming to help make you more awesome.
See you next week!
