Your Go-To Guide for Winning Back Star Clients
Many agencies would say that renewals are the bread and butter of their business. However, what do you do when your client tells you they will not be renewing their policy or policies with you? Well, for starters you don’t just give up! There are a variety of reasons as to why they might be canceling, and some of these are extremely fixable. If there is just one thing you take away from this, it is that you must have a win-back process.
For this blog post, we spoke to Mick Hunt, CEO of Premier Strategy Box to help give you some incredible insight from someone in YOUR industry. So, let’s dive into some scenarios as to why a client might not want to renew their policy with you, and how to win them back in a sophisticated and clever way!
They had a bad experience with an agent
This depends on the agent they have worked with. If your client did have a bad customer experience, Mick explained that it is important to do a deep dive and look at some historic notes. By analyzing the situation, you can see if the issue could have or can be resolved. A trend that Mick sees is that it is often an issue with billing. Ultimately, it is about communicating and explaining to them why they may have been charged more this month than last month! Less problematic issues like these are oftentimes easy to fix with a little bit of explaining.
Clients have sold or moved from their property
You will want to explain the risk of canceling their insurance with you, while also sharing that you could potentially meet their needs as an evolving client. It’s important to note that there is a difference between covering the physical structure versus your liability as an agent, says Mick. Ultimately, it is about education and information that the client needs to hear from you. On the bright side, if your client is moving somewhere that you are also licensed, things can work out for both of you.
Canceling due to a cheaper rate
If there is one thing that Mick tries to teach his team, it is to always sell and service to the pinging points! He says that oftentimes, price is NOT the main ping point. If you dive in and get down to the specifics, you will find that it might be a big point but certainly not the largest factor. Ultimately, get down to the root cause but if this is over a dollar or two, let it go!
Advice to others
If Mick could give any advice to agents who might be struggling with this right now, it would be that you must have a win-back process in place. With the help of AgencyZoom, Mick’s agency and many others have been able to efficiently tackle their win-back strategy. Over time, Mick and his team are checking in with this person 4-6 times throughout the renewal process even though they are switching to a different agency. Their win-back campaign is carried out through different emails and tasks. The key is to always stay in communication! Through this process, Mick has been able to win back clients.
AgencyZoom has been able to help other agencies and can help out yours too! By using our win-back feature, you can turn your terminated clients into hot leads at the perfect time. Ultimately, your biggest takeaway should be that having a win-back campaign set in place will benefit your business!
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