Retention Ideas

lisar1208 · 09-17-2008, 03:08 PM

Would anyone like to share any ideas or procedures that you have in place with rentention.
Is everyone feeling the crunch here and find that the customers are shopping for price. We have customers that have been with us over 30+ years and are shopping.
We do contact each person at renewal to go over their policy, but the ones that are cancelling seem to be the ones mid-term.
Any advice would be great

1manshow · 09-18-2008, 10:16 AM

Are you offering to "shop" their policies at renewal ? Or do your clients at least know you will shop for them ? Unless you're captive ?

We have one lady in the office that reviews all renewals 90 days out looking for triggers that indicate some shopping may be necessary. It's real touchy, but I also occasionally mention the shopping benefit in our quarterly client newsletter but it's hard to mention without causing the phones to ring off the hook with clients wanting us to shop their insurance for them.

saieddie · 09-18-2008, 10:21 AM

Find out which company is getting your business and get an appointment with them.
Do a policy review with them when they call in to cancel - maybe they've bought a house, gotten married, somethings fallen off their record before their renewal, etc. Then adjust their policy to reflect the changes.
Do any of your companies short rate? Make sure the client knows if they do before they cancel midterm, then do a policy review at renewal and if possible, rewrite for a better rate.
If all else fails, realize some clients are always price shoppers and noone will be able to retain them for very long. No company is cheapest all the time.

lisar1208 · 09-18-2008, 11:32 AM

Thanks for the tips, We are appointed with 5 different carriers right now. We are not capitve. The problem that we are facing seems to be the clients that have been here awhile and are now shopping or just leaving. We have been able to requote and save some.
Our clients do not know that we would shop them. We contact the clients that have increases at renewal to offer a requote to lower the insurance. It'st he ones that are cancelling mid-term etc.

1manshow · 09-18-2008, 01:27 PM

Are you in regular communication with your clients ? Other than just renewal time.

Frank Stastny · 09-18-2008, 02:07 PM

Originally Posted by 1manshow

Are you in regular communication with your clients ? Other than just renewal time.

That's the question I was going to ask him.

Contacting a client once a year is not nearly enough today. It may have been 30 years ago but not now.

If you only contact them only when you want something you are and will remain "just another insurance agent" to them. There will be no difference between you and the "other" guy they talk to.

Regular communications will build trust and loyalty. It's all about making them feel "warm and fuzzy" about you as a person and not just an agent.

They need to perceive you as the "go to person" for their insurance needs and information. When approached by another agent your client should first think of calling you to get your opinion.

I have a large number of clients who call me when another agent tries to roll my business.

lisar1208 · 09-18-2008, 06:25 PM

For the most part I would say a good percentage of our clients we do talk to more than once a year, We have about 4000 clients and we have 2 sales people and 2 service people.
So it's hard to find time outside of our regular duties to call the other clients that we don't have regular contact with.

Frank Stastny · 09-18-2008, 06:41 PM

Originally Posted by lisar1208

For the most part I would say a good percentage of our clients we do talk to more than once a year, We have about 4000 clients and we have 2 sales people and 2 service people.
So it's hard to find time outside of our regular duties to call the other clients that we don't have regular contact with.

Maybe you need to put on a couple of more "service people".

Which is more important to you, saving a couple of bucks by not paying an additional "service person" or losing clients and putting that extra few dollars in your pocket?

It is an expense of doing business. It sounds to me like the only problem you have is not investing in your business as it grows.

I was going to say that you are cheap but I didn't think that would be "politically correct".

lisar1208 · 09-19-2008, 09:21 AM

I would love to hire another person however I am not the primary agent, I am a associate agent. So I do not make those decisions.

1manshow · 09-19-2008, 09:59 AM

One thing that has been helpful to our retention has been having our telemarketer call clients just to say " I noticed your birthday is tomorrow...blah blah, we all wanted to send you our best wishes. We're here if you need us." No sales crap at all, just another touch during the slow telemarketing times or if she wants a break from the beligerent cold call recipients. We also have a list for each CSR of client Bday calls they are to make each day. It's only 2-3 calls per day per CSR and it is part of their quarterly bonus so they really haven't complained about it...they are also allowed to leave the greeting as a message if they get a machine. Really seems to help build loyalty....and production. Top of mind awareness gets us those additional referrals,spin offs and has kept our retention at ridiculously high levels.

Frank Stastny · 09-19-2008, 12:10 PM

Originally Posted by lisar1208

I would love to hire another person however I am not the primary agent, I am a associate agent. So I do not make those decisions.

That sucks. Why is it that people like you and me can see this and the "big guys" can only see $ signs today and not seen them as they relate to "tomorrow"?

Frank Stastny · 09-19-2008, 12:24 PM

Originally Posted by 1manshow

One thing that has been helpful to our retention has been having our telemarketer call clients just to say " I noticed your birthday is tomorrow...blah blah, we all wanted to send you our best wishes. We're here if you need us." No sales crap at all, just another touch during the slow telemarketing times or if she wants a break from the beligerent cold call recipients. We also have a list for each CSR of client Bday calls they are to make each day. It's only 2-3 calls per day per CSR and it is part of their quarterly bonus so they really haven't complained about it...they are also allowed to leave the greeting as a message if they get a machine. Really seems to help build loyalty....and production. Top of mind awareness gets us those additional referrals,spin offs and has kept our retention at ridiculously high levels.

Regardless of what a lot of agents think this is still very much of a service industry. Every time I make that statement there are always those who say that is "Old School". It may be but it is still true.

I have a group of very sweet ladies who who I call each Valentine's day because I know that no one else is going to call them.

Those agents who stay in contact with their clients are going to prosper. It's a whole lot easier to keep an existing client than it is to have to go out and find a new one.

Leaving the "sales crap" out of the phone call is one of the best thing agents can do. It makes the client really believe that they are important to you as a person and not just as a part of their commission check.

Doing things like that and sending personalized birthday letters has had a huge impact on my referrals and retention.