Remarketing is a fine line between retention and time wasting. If your agency is always running around being too busy you need to start tracking your remarketing efforts. In this blog we want to really dive deep into how to have strong retention while limiting remarketing activities.
- No Remarketing Without A New Application: To start maximizing retention you need to refresh the application. We too often see old apps being run through the rater. The problem is they are inaccurate and don’t find additional opportunity. If you make remarkets easy and sloppy every client will want one every year.
- Becoming Proactive Limits Remarkets: May seem strange but when you call every renewal you start to limit remarkets because you are controlling the conversation. When you get call after call with the rate bullet it’s difficult to avoid a remarket.
- Remarkets Cannot Wait: Similar to new business we cannot let them pile up. They need to be quoted on the phone and if they can’t be you need to book a time to present the rate increase and deliver new pricing. Too many remarkets never get a return phone call.
So how do you track remarkets? We recommend using activity or action codes in your system. You can use Remarketing Attempt (for when a remarket is quoted) and Remarketing Success (for when you move the account). You can then start tracking the pure number of attempts and success to drive a hit ratio.
Your agency should also create remarketing standards. These are the types of accounts you want them remarketing. We recommend the following:
- 8%+ increase (not because of something they did, claims etc.)
- No remarkets in the past 2 years
- Multi-line accounts (if not multi-line get the other lines to remarket)
When you have standards the team can then use scripts to work on the account. Mastering remarketing is something every agency must strive for to maximize time management.
