Stop the Bleeding – How to Keep Your Current Clients Even When Their Premiums Go Up

Agents often fear the anniversary of their client’s insurance policy. They are resigned to the possibility of losing their client to another broker or agent.

Top producers know this, but it doesn’t need to be so.

Renewal time is a great opportunity to generate additional revenue, whether you are pursuing current customers or re-inserting old prospects. Good timing and finesse can lead to renewal dates that bring new leads and sales.

The best way to find new customers is the ones you already have

A customer’s upcoming renewal date is the ideal opportunity to contact them. If handled properly, this can lead to a discussion about other products or referrals.

Customer service is the key to both of these topics.

Telemarketing is not something you want to do. Also, you don’t want your customer to lose trust in you and, worst case, make them feel annoyed by your telemarketing tactics. You can score points by making sure your client feels taken care of with some careful wording. This is how you can do it:

“Hello Carol, this Jason from BBG Insurance. The renewal date for your policy is approaching. I am calling to perform an insurance check-up and to assess how your plan compares to the market. “

First, it shows initiative. You also put your service commitment front and center.

You can address any issues or questions they might have before you offer them the chance to move somewhere else. Even if there are no issues with their current plan they might be open to discussing other products or asking for referrals.

Offer to help them compare plans if you are certain that their premiums have increased. You may need to switch them to another plan or carrier. A multi-carrier insurance quote engine is the best way to do so. It allows you and your clients to compare various plans side-by side.

The end of the conversation can be used to ensure that all their needs have been met. You might also ask if they have any questions about additional services. Alternately you could use this opportunity to inform them that you are available as an insurance resource. This is a great way to strike a balance between grace and directness.

“Okay, great! That’s great! Keep in mind, however, that I am happy to assist you with any other insurance needs, such as car insurance or life insurance. That goes for any of your friends as well. My goal is to provide you with the best insurance resource possible. “

Old Prospects – Strike When The Iron’s Renewal Date is Up

A prospect may not have signed up for a policy last year, but that doesn’t necessarily mean they will this year.

It is possible that they are unhappy with the policy or agent they have chosen. Even if they were satisfied with their agent or policy, it’s possible that they have received a notice about a premium rise.

No matter what reason they have, renewal is your chance to convince them. But how can you convince them to switch?

You can be the one giving them options and keeping your offers in mind.

This may sound like magic for some agents but it is really as simple as clicking a button for any agent who has email autoresponders. An email autoresponder allows agents to schedule email campaigns for key times, such as before renewal dates.

LeadMiner is a top-rated marketing autoresponder in the insurance industry. It even integrates seamlessly with multi-carrier quotation engines. This allows you to send email with custom, updated quotes based on information that your clients submitted back when they were insurance leads.

LeadMiner, an advanced system like it, notifies you when a prospect/client actually views your email and clicks on a link for updated quotes. This indicates that they are serious about insurance and would be a good candidate for a call or an email reminder.

Whether you’re trying to court a prospect who got away, or if you want to get referrals from existing customers, don’t miss the opportunity for renewal. The potential for new revenue is too great.