norcalinsurance
Expert
- 68
A thing of the past Guaranteed Replacement cost is. No longer, since the CA Oakland fires, as someone in this thread said.
10 best ideas for increasing retention
- Thread starter theinsurancelady
- Start date
A thing of the past Guaranteed Replacement cost is. No longer, since the CA Oakland fires, as someone in this thread said.
BRIS
Expert
We still have the guaranteed replacement with a few companies in VA, but not all. I remember when, as an Oregon agent with Allstate they stopped offering it, some mention of CA being the cause!
As for retention, offer two pay plans, EFT and paid in full. You'll be amazed how much calmer your office becomes and fewer problems. But you lose some first, then the numbers will come back. Fees fo payments in the office, but EFT being totally free with many companies can save them an easy $10 a month (5 from company, 5 from you). Just an idea, worked for us!
As for retention, offer two pay plans, EFT and paid in full. You'll be amazed how much calmer your office becomes and fewer problems. But you lose some first, then the numbers will come back. Fees fo payments in the office, but EFT being totally free with many companies can save them an easy $10 a month (5 from company, 5 from you). Just an idea, worked for us!
- 105
Ok, here is an idea I am in the process of implementing. So it's not a tried and true idea but sounds plausible to me.
I am accumulating email addresses for my clients. I am going to send one or two emails per month with a very short email on an insurance topic. The purpose is NOT sales related but sharing information. The idea is to keep your name in front of them - real and perceived value, and to give them helpful and (hopefully) valuable tips and advice.
I am accumulating email addresses for my clients. I am going to send one or two emails per month with a very short email on an insurance topic. The purpose is NOT sales related but sharing information. The idea is to keep your name in front of them - real and perceived value, and to give them helpful and (hopefully) valuable tips and advice.
I love your idea ! Of course we do the email in conjunction w/newsletter. Every once in a while we include a trivia question with a prize for the first responder to ***@agent.com We actually had a contest announced through our newsletter to win a $500 shopping spree, only thing you had to do to enter was send us an email saying "enter me" That got us a pile of email addresses with minimal work. Good luck
DenverINS
Expert
Its mostly been covered and I agree with the others.
EFT helps prevent lapses.
Just a simple phone call and asking them if anything has changed, or would they like to do a review. Send out a birthday card. We call it "touching" your client (its good touch I assure you!). Basically remind them 4-6 times per year that you exist.
Finally, clients stay longer if they carry more products with you. This is a bit harder with substandard because they'd rather buy a new TV then make sure their family has life insurance. Try to get them into HO, renters, life; even if its a small policy.
Substandard folks always think they are getting screwed. If you show them respect and make them feel important that can go a long ways.
Though, some clients are just hopeless. If you do all of the above and they leave you to save $5 a month then be glad they are gone. Those are the ones making claims, complaining about their billing etc...
EFT helps prevent lapses.
Just a simple phone call and asking them if anything has changed, or would they like to do a review. Send out a birthday card. We call it "touching" your client (its good touch I assure you!). Basically remind them 4-6 times per year that you exist.
Finally, clients stay longer if they carry more products with you. This is a bit harder with substandard because they'd rather buy a new TV then make sure their family has life insurance. Try to get them into HO, renters, life; even if its a small policy.
Substandard folks always think they are getting screwed. If you show them respect and make them feel important that can go a long ways.
Though, some clients are just hopeless. If you do all of the above and they leave you to save $5 a month then be glad they are gone. Those are the ones making claims, complaining about their billing etc...
- 117
Don't stop with birthday cards, I like to send Christmas cards too. You need to "touch" them 10 times a year. That could be calling them on their birthday, birthday card, Christmas card, annual review, x-sell letter, life insurance letter, get creative with it but you want to be in front of them every 30-45 days.
I don't think you need to do much more than you're already doing though, 73% is pretty good for non-standard.
I don't think you need to do much more than you're already doing though, 73% is pretty good for non-standard.
Not sure I agree with 10 touches/year.
10 times/year x 3500 clients x.42 each = $14,700 annually in postage alone for me. Wow, I love my clients but I'm drawing the line at 4 quarterly newsletters/year and a bday letter ! ROI on touching them 10 times a year seems like it might get tight unless you are generating craploads of referrals and spin offs. I'd actually be afraid my clients might start wondering who the hell is financing all the mailings ?
10 times/year x 3500 clients x.42 each = $14,700 annually in postage alone for me. Wow, I love my clients but I'm drawing the line at 4 quarterly newsletters/year and a bday letter ! ROI on touching them 10 times a year seems like it might get tight unless you are generating craploads of referrals and spin offs. I'd actually be afraid my clients might start wondering who the hell is financing all the mailings ?
B
Beach Broker
Guest
The ten touches per year is excellent advice. You just have to be creative in how you do it to make it affordable.
There are at least 5 ways to touch clients and they don't all have to be through the mail.
1. Staff member calls them 2 times per year.
2. Voice broadcast 2-3 times per year on major holidays. Voice broadcasting is THE cheapest mass media available on the market offline. The best way to use this is to make it go to their voice mail, not a live answer. That way you just leave a message on their machine and wish them a merry Christmas.
CAUTION: Don't sell on these messages, use them as a touch, a relationship builder, and a friendly reminder that you are never too busy for referrals. (Let me know if you want a lead on a service that does this, or just google "voice broadcasting" you'll find plenty).
3. Email them at least 1 time per month with relevant, interesting content.
Never sell through email, just provide value, and don't bore people to tears with insurance jargon. Make your emails personal and interesting. Share case studies from clients who had the right coverage, and were glad they did.
4. Cross sell letters at least 3 times per year. The customer list is where the money is.
5. Monthly newsletter. I've heard some people dis newsletters, saying only do them once or twice per year. I have to tell you in my experience... that's bad advice.
Sure if you send a boring, stuffy, insurance focused newsletter, it's not going to get read. But make your newsletters interesting, fun to read, and full of human interest and clients look forward to them each month.
PLUS, they more than pay for themselves with increased retention (substantially in some cases) and increased referrals. This is a tool that self perpetuates when it's done right, because people like the newsletter, and they share it with friends and neighbors. Plus you can always remind people of your referral program within the newsletter.
Make the newsletter PERSONAL. This is the most important part. Creating a relationship with the clients happens by them feeling like they know and like you, and this is what you can accomplish with good personal newsletters.
Beach Broker
P.S. This may seem horribly self serving, but there's there's a copy of a great newsletter, and an explanation of how to create a great one, check out http://www.insurancemaverick.com and opt in on the right side, no strings, no sales pitch, just free info. The videos have some content, but once you opt in, you can download the newsletter and the instructions.
There are at least 5 ways to touch clients and they don't all have to be through the mail.
1. Staff member calls them 2 times per year.
2. Voice broadcast 2-3 times per year on major holidays. Voice broadcasting is THE cheapest mass media available on the market offline. The best way to use this is to make it go to their voice mail, not a live answer. That way you just leave a message on their machine and wish them a merry Christmas.
CAUTION: Don't sell on these messages, use them as a touch, a relationship builder, and a friendly reminder that you are never too busy for referrals. (Let me know if you want a lead on a service that does this, or just google "voice broadcasting" you'll find plenty).
3. Email them at least 1 time per month with relevant, interesting content.
Never sell through email, just provide value, and don't bore people to tears with insurance jargon. Make your emails personal and interesting. Share case studies from clients who had the right coverage, and were glad they did.
4. Cross sell letters at least 3 times per year. The customer list is where the money is.
5. Monthly newsletter. I've heard some people dis newsletters, saying only do them once or twice per year. I have to tell you in my experience... that's bad advice.
Sure if you send a boring, stuffy, insurance focused newsletter, it's not going to get read. But make your newsletters interesting, fun to read, and full of human interest and clients look forward to them each month.
PLUS, they more than pay for themselves with increased retention (substantially in some cases) and increased referrals. This is a tool that self perpetuates when it's done right, because people like the newsletter, and they share it with friends and neighbors. Plus you can always remind people of your referral program within the newsletter.
Make the newsletter PERSONAL. This is the most important part. Creating a relationship with the clients happens by them feeling like they know and like you, and this is what you can accomplish with good personal newsletters.
Beach Broker
P.S. This may seem horribly self serving, but there's there's a copy of a great newsletter, and an explanation of how to create a great one, check out http://www.insurancemaverick.com and opt in on the right side, no strings, no sales pitch, just free info. The videos have some content, but once you opt in, you can download the newsletter and the instructions.
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