Worth business is not business guaranteed. While an effective insurance agency sales campaign will bring you new customers, it is your retention strategies that will continue to turn your new business into a profit. high figure, when viewed on a scale, it can mean losing more than 150 customers out of 1000 every year. These 150 customers can amount to well over six-figure profit margins.
Here are the 5 best strategies you can integrate into your insurance company sales efforts today that will increase your customer holdings for tomorrow.
While most insurance companies are based on the concept of honesty, many fail to follow up. When it comes to retention, honesty is crucial. If your customer files a claim regarding a car accident that she was involved in due to her own fault, you have an ethical responsibility to be honest about what types of compensation may or may not be possible. This honesty will go a long way in improving your customer inventory levels.
Grow Your Current Business as You Do New Business
What sets the best insurance agencies apart from the rest is their unwavering focus on retaining clients. No matter how many new customers you bring in, if your goal is not to grow your current business, you are not doing what it takes to be successful. Expanding your current customer relationships and having an insurance agency sales strategy that focuses on increasing their need for life, home or car insurance is crucial to long-term success.
Specializing Your Product Offers
Specializing your product offers can help you focus on specific customer demographics. When you work with targeted customers, you will be able to provide more personal service and consolidate the relationships you have with them.
Growing your agency around specialized product offerings will help you create a niche. If you are the only agency in town that offers certain types of policies or if you know your product offerings better than any other agency, your customers will stay with you. This is both a good strategy for the sale of insurance agencies and insurance agencies.
Stay up to date on insurance trends and legislation
While the insurance industry will always have its ebb and flow, there are some trends that you need to be aware of in order to remain effective in your insurance company sales. When it comes to understanding what legislation is on the way, you will stay up to date to ensure that you provide your customers with the most up-to-date information. If one of your customers is trying to buy a new car or home insurance, she will want to know if the price of the insurance will rise in the near future.
Recognize your customers' needs
Stay in touch with your customers is the key to long-term insurance company's sales success. The easiest way for you to do this is to realize how you can best meet their needs. Even if you have certain products that are meant to attract new customers, it is a good sales game for insurance agencies to know those who can positively impact the lives of your current customers.
The Right CRM for Your Insurance Agency
An extension of this list of customer retention strategies is to use the right CRM for your insurance agency. With a robust range of automated features that allow you to keep in constant touch with your potential and current clients, as well as the insurance agency management tools you need to track revenue and workflows for team members ̵