Insurance Remarketing Tracking

Many insurance agents and brokers are fearful about talking to clients when it comes to reshopping their insurance, but it’s a necessary evil.

We want to empower you with the best strategies so you can handle the dreaded rate increase conversation like the insurance pro that you are. This will also reduce the insurance reshopping time and energy.

Is it easier to lose a client or keep a client? We say keep a client and boosting your agency’s retention is a bonus.

All too often, our own fears about money get in the way of how we approach a client’s insurance renewal. It keeps us from doing a phenomenal job to help our clients with their insurance. When you have a plan for insurance remarketing tracking you can manage the process.

Here’s a tip straight out of our Agency Performance Pack Online Course that we think every agency should be tracking. This will help knowing the number of renewals you’re remarketing compared to your closing ratio.

We know that there are different strategies and statistics to consider when it comes to reviewing and/or quoting a client’s insurance renewal. Some Account Managers will recommend remarketing the account and some may defend the rate.

No matter the approach, the goal is to increase your agency’s retention rate.

Let’s use baseball as a metaphor. There are multiple statistics to consider that will shed light on the type of training your agency can focus on and where improvements can occur.

One key stat is conversion. Wouldn’t you want to know if the number of insurance renewals you’re closing are increasing or decreasing? This will indicate if you’re conducting frivolous remarketing tasks.

We need to look at the numbers vs. analyzing the projected emotions of your team and your clients. This statistic will provide a plan on how to handle rate before you go through the exhausting exercise of remarketing.

This is essential because many insurance carriers often impose a rate increase, so you will need to consider how you approach your insurance reshopping system.

This accomplishes something else. Imagine how much time you win back in your day if you have a plan based on numbers. For example, if you’re doing two renewal quotes a week, that’s 10 a month. If you could reduce three of those, that could be three extra hours saved.

Learn more about our Agency Performance Pack. As a member, you get all of our videos. New videos drop every quarter. In addition to videos, there’ll be workbooks so you can reinforce all the learning.

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