Insurance Agency Retention

Insurance agency retention is a hot topic. We all know it’s much more profitable to keep a client than it is to replace them. However, insurance agency retention is lagging in many agencies. Clients are more difficult than ever to keep happy. And, honestly, many front line agents were never given a great plan to succeed. To keep retention high in your agency, you need strategies that work.

Every insurance agency needs to understand how to track retention on their book of business. Too often agencies don’t track this key performance indicator because doing so is tricky. But here at APP, we know the ins and outs of all the top management systems in the country. Our programs outline the best practices for getting and tracking this key metric.

Once you know your agency’s retention rate, you need clear strategies for how to improve it. We work with the top agencies in the U. S. and Canada to help them get proactive on insurance renewals for personal and small commercial lines. By making proactive renewal review calls, we can improve retention by 1.5% points within 6 months.

To boost retention, agencies need to focus on renewal review calls, scripts, improving coverage, account rounding and cross selling. They also need to gain confidence in speaking to clients about rate increases. When we get proactive, we can actually reduce insurance re-shopping and increase our hit ratio on re-markets.

When you have a fully trained team with a plan, your agency can start working to improve retention and have better team morale. Getting proactive helps improve your agency’s retention rate quickly.