You may be setting your insurance service team up for failure if your insurance agency is automatically reshopping renewal accounts.
We have another tip for you here on how to reduce remarketing efforts while increasing your retention. Put your seatbelt on because this one could be a doozy. I typically never say what you’re about to read.
There is one time in insurance that you should not be proactive. This could be the number one reason that your insurance service teams are stressed.
If you are proactively quoting renewals without calling the customer first to have a conversation, your proactive strategy could backfire. Instead of spending the time to remarketing, pick up the phone and chat with your client first to find out what’s been going on with them. They could have their house on the market and now you’re doing work that is unnecessary.
Most often, there could be someone on your team that is being proactive out of fear; fear that a client will be upset about their renewal rate. They then project that fear by being proactive working diligently to get a lower rate on their insurance to avoid the dreaded rate conversation.
The reality is we’re not protecting anyone when we do this because we don’t know what’s going on with the client. By not having a casual conversation with the client, we aren’t confirming details about their current situation.
When we do this, we make it about price. We are then training our clients to only care about price. Our insurance service shouldn’t be about price.
By being proactive out of fear, we don’t have a clear path to grab other lines of insurance because we are not having the necessary conversations with the client to be able to sell other lines of business.
This is why I’ve created our newest course. Our course will help you reduce remarketing and hold on to high retention rates.
Remember, it’s your biggest investment is your team. Let’s do this so your 2021 is the year that you empower your team with a plan and the best tools.
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