Know How Insurance Agencies Can Increase Client Retention

increase client retention
Published 2 days ago

There could be different customer retention strategies in insurance industry. Hence, if you are a licensed insurance agent, it is important that you know them as they may help in raising profitability of your business.

Remember, anything you will do for increasing client retention will bring more referrals. But certain established processes are required to be practiced for securing guaranteed results.

To that effect, here is some vital information relating to the methods which you can deploy to ensure retention of your existing customer base.

  1. Maintain regular contacts with customers -
  2. Stay in touch with your clients via emails, telephone, postcards, newsletters, etc. and send them latest updates of various policies.

  3. Sell more policies to your existing customers -
  4. One of the customer retention strategies in insurance sector is to try and sell more insurance policies to your present clients.

  5. Provide reviews to clients on insurance policies -
  6. if possible, send weekly or monthly reviews on insurance products to your customers. It will make them think whether they need to review their coverage.

  7. Give details pertaining to new premium discounts -
  8. Customer retention in insurance industry will be easier if you contact clients and tell them about updates in premium discounts. Such a move may enable you to even retain clients that have left you in the past.

  9. Contact clients to let them know about rise in premium -
  10. If there is going to be a substantial hike in insurance premiums then it is important that you contact your customers to tell them regarding the same in advance.

  11. Help customers in shopping and comparing multiple quotes -
  12. Insurance agent retention rate may also be impacted depending on the support and services that you provide to probable clients. By helping lead prospects during the shopping process, you cannot just retain retaining existing client base but also trap new customers. It helps people in making informed decisions on their purchase.

  13. Call on existing clients prior to renewal of their policies -
  14. You can make phone calls or send holiday cards for intimating customers about renewal of their insurance covers.

    To learn more regarding effective insurance customer retention strategies, it is suggested to seek help from reliable and reputed lead generation companies like PFA.