Does your agency have insurance retention rate challenges?
Retaining customers is very challenging. There is no shortage of competition and clients can be price sensitive. However, top insurance agencies are hitting 94% retention rates by overcoming insurance retention rate challenges. Retaining insurance clients can become simple when you identify as a growth insurance agency. Not an agency just focused on service or sales but instead the idea of true insurance agency growth. Retention is key for a sustainable insurance agency, and there are many challenges in retaining clients. Agencies need to have a sales process that introduces the agency, finds out what’s important to the client, and sells the value of the agency. Cross-selling, account rounding, and referrals are also important components and every agency needs a strategy to experience growth from the agency’s book of business.
Renewal reviews are essential and should be done annually to build trust with clients, get contact information, protect the agency, and increase cross-selling and referrals. Fears such as staff leaving and customers shopping can be addressed by providing scripts and training. Renewal calls should be seen as an opportunity to show value and build trust.
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