5 Easy Ways to Improve Client Retention

July 7, 2021 | Agents, Insurance, Lead Generation

When we begin working in any form of sales—especially in the insurance industry—one of the first things we learn is how to generate leads. Next, we learn how to turn those leads into sales. However, one of the most significant things we learned is to prioritize client retention, the practice of a business retaining its customers, above all else.

This practice is excellent for your business and for you personally.

Client retention is vital to all insurance agents and brokers because it brings back consumers and introduces the concept of word-of-mouth. If clients are happy about your work with them, they will let their friends and loved ones know, which brings in new customers. On a personal level, retaining your clients makes you feel better about your work. You’re positively impacting your clients’ lives, and that’s no small accomplishment.

If you need quick tips on building your client retention so you can begin to do it yourself, or if you want to know how you can work on yours, look no further. This article defines five simple ways in which you can improve your client retention:

1. Establish A Trusting Relationship With Your Clients

This is listed first because this is one of the most important things you can do. If there isn’t a trusting relationship with your clients, then there is no relationship. This is because it’s based on dishonesty. Be honest with your clients about the policies they want, how you can deliver, and other essential things they need to know about. This will only serve you in the long run because if you lie to them, they will either find out or be negatively impacted by your services. Regardless, a situation that could have been avoided will end up hurting everyone.

It’s worth noting that there will be times when your clients will not be satisfied with the truthful information you tell them. However, you can say that you were transparent in what you provided them and that they will not encounter any surprising information later. The most important thing you can do is be open and honest; they will appreciate that, whether now or later.

2. Communicate With Your Clients

This is also something that you need to be doing, no matter the circumstance. Discussing professionally important things with your clients is essential, even if it sometimes does not paint you in the best light. And while doing that, it’s important to regularly let them know that you are working for them, not for yourself. If things are going great, or if there’s a bump in the road, you need to tell your clients so that they feel as though you truly are looking out for their best interests. This simple act may feel challenging, but it will go a long way with your clients.

This is because they will know everything they need about the policies they have selected, and if something is wrong, they know they won’t be left in the dark.

3. Implement Positive Surprises

There aren’t many people who don’t like surprises meant to brighten their day, so this is safe to do. Not to mention, nothing motivates people more than appreciation. Sending small, handwritten notes of gratitude to your clients is a great way to let them know you appreciate their business. You can do this as often as you like, but once or twice a year is a great place to start.

If you would prefer to show them your appreciation in other ways, you could also post praise on social media (with the client’s permission), send small gift baskets, or host a “Thank You” event open to your clients. Trust us; showing gratitude to your clients tells them you’re willing to go the extra mile. Who couldn’t appreciate that?

4. Utilize KPIs

In this instance, KPI stands for “Key Performance Indicators.” KPIs will help you determine your business’s strengths and weaknesses and guide you toward building upon your weaknesses. For example, you could utilize a KPI to see your typical response time. If your client is trying to contact you, but you don’t get back to them until the next day, that’s a sign that you do not have a good response time. Whatever your client says is essential, so it’s equally as vital to contact them quickly.

Realizing what specific things you need to improve upon will allow you to make the proper steps forward with your clients. It also helps you recognize when you need help. You are only one person, and your time can be spread thin in the insurance industry. It’s important to acknowledge that you need additional help on some tasks to prioritize your clients.

5. Follow Up With Clients You Haven’t Heard From In Awhile

The most effective way to do this is to note each time you physically see or hear from your clients. Once an adequate amount of time has passed, you can then contact them. When you visit your client list, you need to connect with them. Your clients will feel you care more about them than you do about their business. This will allow them to want to continue working with you.

Final Thoughts

Client retention sounds a lot easier than it is, especially if you’re in a position where yours could be significantly improved. That’s why performing these small, simple tasks can make a significant difference between you and your competitors. It makes you unique. These tactics put you ahead of your competition because clients will attract those who put in the effort. Show your clients you’re willing to go the extra mile. You will see how far it will take you.