The Secret to Client Retention

In order to be a good insurance broker, you must know your product and bring in clients. In order to be a great broker, you need to keep your clients. Sadly, many brokers are great at selling policies but their client retention dies after the first product is sold. A broker may be the best linked benefit life insurance advisor in the company, but if he or she can’t keep a client and create a life-long customer then they are lacking in real skill. Retention is not only good for the companies that sell the insurance, it’s good for the brokers as well. Keeping customers is an active process as the next few tips will show;

  • Keep in contact. Constant calls will scare clients away but no contact will also leave a client out of mind and free to explore other insurance options on their own. Make contact throughout the year through mediums like newsletters, emails and phone calls. A little contact lets your client know that you value them and are looking out for them.
  • Review coverage. Along with regular contact, it’s important to make a yearly in-person visit to review policy coverage. This gives you as their broker a chance to show the strengths and weaknesses of their policies and introduce new or additional products that will help strengthen their coverage. In person coverage review will let your client keep their policy up to date and possibly create a repeat customer.
  • Let them know when they will be saving and spending. Insurance premiums can rise and fall for many reasons. Take time to contact your clients and let them know of any discounts they might qualify for. Also, contact your client before any rate hikes so that you can work on ways to cut their premium to hopefully avoid the hike. Clients will trust and appreciate the broker who is looking out for them financially.

In the end, keeping a client is one less client you will have to find. Clients will always be free to choose where to buy their insurance, but with some effort and care on your part, they will stay with you as their trusted broker.

Comments are closed.