Business Advice

How to Improve your Client Retention

Episode Summary

This podcast discusses insights from a survey of over 2 million insurance customers on why they stay with or leave their insurance agent. It reveals that the #1 reason for retaining clients is not price or product - it is consistent, caring communication that makes the client feel the agent has their back.

Specifically, the survey found that 64% said communication and attitude were the reasons they stayed with or left an agent, compared to only 22% citing price and product value. Often people claim they left due to price because it's an easier excuse than saying the agent failed to communicate well or make them feel valued.

This highlights the need for insurance agents to prioritize consistent communication that shows clients they care. Some ideas are using Net Promoter Score (NPS) surveys to identify unhappy clients, sending birthday cards and loyalty messages to build rapport (being careful not to sell), and periodically checking in to show clients you care.

The key is consistency, whether an agent has 5 clients or 5000. Automated systems like Rocket Referrals can provide this by tracking clients and automatically sending timely, personalized communications on the agent's behalf. This takes the burden off agents while ensuring regular touchpoints across their entire book.

The goal of consistent communication is getting clients to stay longer (retention), buy more policies (cross-sell & upsell), and refer friends (referrals). By automating various channels like handwritten notes, emails, texts, and reviews, agents stay top of mind. This gives clients no reason to leave for something "better."

Even at scale with 1000+ clients, automated solutions enable a personal touch. Agents can build meaningful relationships and avoid "perceived indifference" - clients feel the agent doesn't care.

In summary, agents shouldn't underestimate the power of communication to build loyalty. Price and product will rarely beat out a caring, consistent agent-client relationship. Using automated platforms removes the friction of manual communication at scale.

The bottom line is agents who communicate consistently and show clients they matter will see huge benefits in retention, share of wallet, and referrals. This generates predictable, recurring revenue. It's worth implementing systems to automate communication across your book.


(0:00:00) - Broker link talks with Torey Mearz about ways to increase client retention
(0:01:27) - You recently surveyed 2 million insurance consumers to find out what they valued most
(0:05:52) - One of the main reasons people leave their agents is perceived indifference
(0:10:10) - Rocket referrals help you get your clients to stay longer, buy more
(0:17:29) - We have an exclusive URL with Rocket referrals. It's rocketreferrals. com
(0:18:01) - The number one reason that clients leave your book of business is communication

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