How Do I Attack Lost Business In My Insurance Agency??
As an insurance consultant, I’m often asked how to generate new business. Rarely do I ever recommend more than two strategies to start with (if you’re already doing these two we can go on to more ninja like strategies).
- Attack Lost Business
- Regain Unsold Quotes
If I asked you this BIG question how would you answer? If I could sell you a list of your biggest competitors lost business how much would you pay for it? Lots right! Don’t pay a dime, go after your own! Too often we lose sight of a big huge opportunity that is right under our noses. It’s easy to start, you just need this three part strategy.
Step 1: Relentlessly Try to Contact Them When They Leave
Yes, if you want a shot at winning them back you better recognize that they left. If a client leaves and never hears from you how do you think they feel? Probably like you don’t care. Do you think they want to spend a few thousand dollars a year with you again? Nope. When you get a cancellation notice you need to relentlessly call, email and hunt them down. This should fall on the shoulders of a salesperson not just a service person. The client may have had issues with the service person so they should here from a fresh voice. You need to call at least 3 times, email and send them something in the mail. You need to think of this customer as being in the ER and you aren’t going to let them go! You will save them for your agency! Show you care and find out the following:
- Confirm and update contact information (If we don’t have the best contact info, we won’t be able to call them in the future!)
- Why did you leave?
- Where are you going?
- Can we have the opportunity to earn back your business?
You have to be present at the departure so you can express how much you care about them and want the opportunity to be their agent again.
Now, call them again 30-60 days after they left. Remember, a report may have been run, an inspection could happen, a problem with escrow could arise. You want to be there to earn them back.
Step 2: Stay in Touch
Yes, that’s right, be unforgettable. If you can, automate touch points like birthday messages, monthly e-cards, etc. This will keep your face front and center. A few years ago I used an electrician. He was awesome. I needed some electrical work done again but I couldn’t remember his name to save my life. He lost business from a raving fan because I didn’t know how to find him. Don’t be that person, stay in touch. Even a monthly soft email touch will ensure that the lost business sees you and thinks fondly of you. More importantly, if they have a rift with their current agent you’re right there! It makes you look ten times better than their current agent. You remembered their birthday and the new agent didn’t? Shame on them!
Step 3: Attack the Renewal
We all know rates change, people change and markets change. You need to be ready when that new renewal hits the mail. For many agencies, they are running a reactive renewal strategy. Which means if you call to say hello, at least 50% of the time the other agent is MIA. You can win. But you have to be PERSISTENT. You should make 3 phone calls and then send a quote in the mail to them. You have all the information to quote it.
Send it in a hand written envelope and make the envelope a fun color; anything to get noticed! This is a great job for someone new and learning insurance to learn how to quote. You aren’t wasting high quality leads on them, they get to practice quoting without a customer on the phone and you can easily check their work. What a win, win win!!!! When the customer receives this in the mail they may not respond right away but I bet they will keep it on their desk or on the fridge for a raining insurance day!
Conclusion
We don’t need new leads all the time. Sometimes we need to focus on our existing database and seal up any profit leaks first. We work with agencies across the country on enacting this very strategy with training, scripts, letters and tracking! If it’s too much for you to handle, let us know and we can talk to you about our Lost Business Strategy Guide which includes everything you need to launch it on your own!
