Broker Blog | Customer Retention Strategies for Employee Benefits Brokers

When you put the proper retention tools in place, you can stay ahead of your competition and increase customer referrals.

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Published: 07.19.2022

Did you know that acquiring a new customer can cost up to 5 times more than it takes to retain a current one?¹

In the insurance industry, it is crucial to put practices in place to help your current customers succeed. Your agency invests a significant amount of time and money into acquiring new customers, so it is important to invest in habits and strategies that keep those customers around.

When you put the proper retention tools in place, you can stay ahead of your competition and increase customer referrals. It’s never too late to improve upon your current strategy—follow along as we cover the top five strategies for customer retention in insurance sales.
 

Keep in Touch

If you are only talking to your customers when it is time to renew, you’re in trouble. Client communications shouldn’t end once the sale has been made, staying in touch allows you stay top of mind and become a trusted resource when it comes to their company’s benefits.

Whether it is a legislative update, or a simple check-in email, work with your team to create an annual customer communication calendar that will keep your agency on track. This allows you to be proactive with your clients, which can build trust and strengthen your relationships.

If you keep in touch all year round with your groups, you can get ahead of problems before they turn into bigger issues.
 

Provide Excellent Customer Service

Excellent customer service will set you apart from the competition. Make yourself available to your clients, respond to calls or emails in a timely manner and be available to answer any post-sale questions they may have. Customers will notice when you go that extra mile, and you will become an industry expert they can count on.

We all know that problems are more than likely to arise, but triaging issues immediately and letting your clients know that you are handling it will build trust with your agency. How you handle customer issues will speak volumes and are opportunities to strengthen relationships.

When clients feel like they can count on you, they are more likely to send you referrals and recommend you to family and friends.
 

Know What Success Looks Like to Your Customer

Gain an understanding of who your customers are and what drives them. Ask them questions about their professional goals, challenges they face and how their success at their job is measured.

Goals are always changing, so it is important that you keep the line of communication open. Provide customers with annual coverage reviews to ensure that their plans still match their changing needs. Take time to figure out their pain points and obstacles they face and what your agency can do to address them.

Treat your customers’ success as if it were your own.
 

Personalization is Key

Just like you would personalize your employer groups plan or policy, you want to create an entire personalized experience for your clients with your agency. Celebrate customers milestones such as birthdays and anniversaries with your company. Show your appreciation with handwritten notes, gifts or hosting annual or bi-annual client appreciation events.

The key to creating a personalized experience is keeping track of details that are important to your clients. Ask them about their favorite sports teams, hobbies, families and allow yourself to form an authentic connection with your clients that builds trust.  

Understand how they would like to be communicated with as well—would they prefer an email, or would they rather schedule a lunch appointment and have your undivided attention for an hour? Personalize every experience a customer has with your agency.

Providing these personal touches to your services make customers feel valued and special.
 

Seek Feedback and Adapt

The industry is always changing and growing. HR departments and business owners are trying to navigate new obstacles and legislative updates.

You should constantly be seeking feedback from current customers and using that to adapt your agency’s processes. When you make steps to correct or improve based on feedback received, it shows customers that you’re listening and doing your best to implement practices and tactics that account for their changing needs. 

Remember not to take the feedback too personal and use it to fuel changes that improve your agency’s day-to-day operations.
 

Achieve New Levels of Success with Savoy

Savoy can assist you with putting practices in place to increase your agency’s customer retention rate and provide strategies to attract new employer groups.  

With more than 35 years' experience, Savoy offers tools and resources that have the power to advance your career and give you the competitive edge you need.

If you would like to learn more about our latest resources, technology and products, contact your Savoy Sales Team today.
 
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¹https://www.forbes.com/sites/theyec/2020/01/02/customer-acquisition-the-most-important-lever-for-disruption/?sh=2ddf9d024e80