For insurance agencies, setting up an annual review with existing clients is by far one of the most important steps when it comes to client retention. In order for your agency to continue to grow, you have to sell yourself and your agency to your clients every year. This is a golden opportunity to deepen the relationship and communicate face-to-face with your clients.
While most agents pay lip service to the concept, a small percentage of all insurance agents actually conduct an annual review. Enhancing customer relationships is critical for long-term success. If an annual review is conducted properly it will be comfortable and non-threatening for the client, and often result in additional business, so agents shouldn’t shy away from doing them.
For clients, the annual review is an opportunity to find out if they’re properly insured. As an agent, the more opportunities you have to sell yourself and your agency to your clients, the more chances you have to sell, cross-sell and increase retention.
Scheduling annual appointments is also a critical opportunity for you to educate the client and discover unmet needs. The client may have a newly licensed driver in their home or possibly purchased a rental property in the last year. There are many lifestyle changes that can happen in a year and it is your job as an agent to determine what additional exposures exist and properly educate your client on how they can be best protected.
Research shows that customers that are contacted more frequently by their agency have more policies placed with that agency and are less likely to shop around or change insurance agencies/carriers.
By executing an annual review with your clients, you can expect to deepen the relationship, increase retention and potentially expand their coverage.
If you would like to learn more about the effectiveness of scheduling an annual review as well as how to implement systems that will help your agency grow, check out my video training series: Unleash the Power of Your Agency.