5 Ways Automation can Increase Insurance Retention
Is your agency investing where it counts? No matter how efficiently you bring in leads or how many calls you can make in a day, it means very little if your customers don’t stick around more than a year. Extending your customer lifespan can increase revenue by nearly 80% and allows you the freedom to spend more on acquisition. What’s even better, many of you already have the tools you need to drastically boost retention. Here’s how automation can make a world of difference in your customers’ minds.
Bank Big on the Little Things
When it comes to retention sometimes the smallest actions can have the most profound results. In the past, this might have meant hand-writing Christmas cards to your whole book of business, but today its easier than ever to leave a lasting impression. Engagement Automation in tools like AgencyZoom allows you to reach thousands of customers in minutes with personalized and meaningful holiday messaging. Showing customers that you care has never been easier or more important.
Speak your Customers' Language
We’ve discussed in detail how using custom tags and lead sources can help your agency provide hyper-targeted language that resonates with different customer segments in prospecting. What if I told you that you could apply the same strategy to retention? Continuing to build custom workflows throughout a customer’s lifecycle can help them feel like you’re the expert in their field. Especially in the months leading up to renewal, providing industry specific messaging to different customer groups can provide the assurance those customers need to stick with your agency.
This one’s easy. People are, by and large, lazy animals. Replacing one policy is easy but replacing seven policies… that’d be a nightmare. Using automation to keep the conversation going throughout a customer’s life cycle can open the doors to cross-sale opportunities that further cement their continued business with your agency.
Remind Them What’s Coming
How many of us are guilty of chasing after the shiny new toy, be it the new phone, laptop, car, or clothing? While this industry is full of vibrant community, you also must keep in mind that your customers are leads to the agency down the road. Informing customers that their renewal is coming up and providing messaging that reminds them why they chose you in the first place can help keep wandering eyes trained on you.
Ask for Referrals and Reviews
We’ve talked before about how getting the family involved can help secure retention. No one wants to explain to their brother or aunt why they’re leaving the agency they just referred them to. Similarly, using automation to ask for referrals and reviews helps solidify in customers’ minds why they chose you. Giving them a voice in promoting your agency is a win win. You get free promotion, and they have more stake than ever in your insurance agency.
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