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How To Retain Your Clients and Thrive

Being an independent insurance agent is without a doubt a rewarding, but challenging profession. As an agent or agency, you are responsible for the generation of leads, the conversion of those leads into written business, but also the retention of your customers. Why is retention so important when your pipeline has more customers? It is more expensive and time-consuming to prospect compared to keeping your current clients. What can agents do to retain their current book of business?

Solving Client’s Problems

We’ve talked previously about the importance being able to offer solutions to your client’s problems. Stop pitching your clients and actually listen to them. What’s their long-term goal? Offer solutions that help them achieve those goals and pull back on cross-selling if those products that don’t help achieve those goals. It’s a fine balance to be able to cross sell and not over sell. If you offer solutions that help clients reach their goals, they will want to continue working with you.

It’s Not You. It’s Your Medicare Product.

We’ve had agents lose clients because they’ve contracted with one Medicare carrier and clients wanted a plan with a carrier they did not offer. As a rule of thumb, as an independent insurance agent, you should have more than five carriers in your tool kit ( MS / MA). Your clients are not all the same…they won’t be able to fit all the same plans. Keep your product portfolio updated by checking on top Medicare plan carriers in your area. This is an avoidable error that usually results in loss of business.

PS: We offer regional market analysis when you call 1-800-695-0280.

Engage With Clients

Reach out to your customers on a regular basis. As an agent, sending monthly newsletters, birthday or holiday cards keeps communication lines open. However, direct mail isn’t always enough. You should be engaging with your customers on social media like on your Facebook page. Let your customers post reviews, ask questions and stay in the loop about your milestones too. If you have to think when the last time you called on a client to ask how they are…then it’s been too long. Let your clients know that you care about them and their wellbeing.

Get Feedback

One of the most important aspects of being in sales is getting feedback from customers and non-customers. Not only will you learn more about what clients are seeking in a competitive industry, but will learn how to improve. Periodically send surveys to your clients, so you continually keep tabs on client needs and changing attitudes. Send non-customers surveys getting feedback on why they decided to use another agent. Use feedback as an opportunity to keep improving your insurance sales solutions and methods.

The senior insurance market is a highly competitive industry so the more you focus on providing quality products and solutions, the more likely it is that your clients will stick with you. Focusing on retaining your current book of business not only saves you money, but also promotes long-term stability for your business. Make customer retention an initiative today and start working on what methods will word for you and your business!

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