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to talk to you about customer retention strategies in the insurance industry how to set up and execute renewal review calls for so many strategies that we can use to get a final product or result we need to execute the strategies and adjust them ingly for our agencies what works for one agency will not work for another one thing that we are sure at at agency performance Partners is you do need to make sure you're doing renewal review calls you can't just write a policy for a client and set it and forget it it's not fair to the client I know it may be easier it may seem like that's the way to do it but you're building rapport with a client when you write their policy so it's important that you continue that Rapport now if you are a producer and you're not doing service work maybe you need to introduce your service staff to the client when you sell the policy so they'll feel more comfortable interacting with that person after the policy is written now our problem is we don't follow up with our clients we pretend everything is okay and that they don't need anything afterwards we don't keep up with the numbers we look at DWP your direct written premium and we don't look at our retention so sometimes the business is coming in the front door but going out the back door so we need these strategies so how does this strategy work how do the renewal review calls work well first and foremost you have to get a list once you have a list then you have to distribute it ingly let me give you some statistics for renewal reviews and retention so 65 percent of the customers who leave an agency never talk to an agent before they left eighty percent who did speak to an agent were retained only 13 of your book of business is truly loyal 52 percent of insurance customers describe themselves as relationship buyers so they're looking for somebody to talk to one in three people will shop for a new auto insurance policy this year one half of these people will look at one quote before making a purchase so if you're not the first one there they're probably not looking at it and don't send them the quote make sure that you are on the phone with them when they get the quote customers who shop for coverage once are 350 more likely to shop again the following year are those the kind of clients that you want clients that are constantly shopping the average retention rate within the insurance industry is 84 top agencies are beating that average by 10 and agency performance Partners is here to help you with that 13 of consumers started shopping because of a rate increase but 28 started shopping after receiving what they believe was lousy service retention for bundle policies is 91 and only 67 for monoline 85 percent retention the average agency is losing as many customers as it's selling last but not least stats from one of our agencies that we helped with our Apex retention program and this agency the team achieved 508 coverage increases 2269 account reviews in the six months of the program 78 of attempts to review a client's account with them were successful and 48 of the accounts rounds the team quoted resulted in a sale their remarket quote to remarket success rate was 85 percent so how do we do these calls well we start with a renewal list determine a plan of attack with the agency now usually your operations or management team needs to figure these out before producing it out to the staff you don't want staff trying to pick and choose the clients they want to call so you have to look at how many days out you want the calls to be whether it be 30 or 60. if you don't necessarily want to what they say poke the bear all these big agencies we don't want to poke the bear well if you do the calls as just review calls not necessarily renewal review calls you could just renew it midterm and just say hey we're just checking in making sure you have the discounts and then when it does renew the discounts will already be there but we do recommend it being a renewal review because that's the time when the policy rolls over and it's just easier to renew it then how many calls need to be done daily or weekly you want to make sure that they have a pre-checklist so they need to review the company or the insured information before making the phone call review it for accuracy see what they see see what they can find then when they're actually on the phone with the client they need to do it go through a review checklist this checklist will help them ask questions step by step going through the process determine the percent of increase that allows for a remarketer or a rewrite for your agency discuss any limitations be aware of dangers of rewrites things like inspections losing features of current policies losing longevity Eno policy problems with missing coverages when a rewrite's done and create some scripts for your agency to use when they do these calls when the lists are created determine who's going to do the calls then before the calling your pre-checklist then your checklist make sure that you've discussed the determinations with the percentages and make sure you're selling value you don't want to always sell on price you're looking to sell them what they need not on a cheaper price you are the educated insurance agent so make sure that you are educating them and teaching them about insurance and the coverages they need always try to look if you've got a home and auto to sell an umbrella policy especially with those inexperienced operators it's great for them to have an umbrella of something bad would happen which you never want to wish that on anybody but you want to make sure that they're covered properly voice when you do make a phone call make sure you're using the right tone of voice don't use the mom or dad tone of voice which gives them an option oh you can clean your room if you have time no that's not what we're doing here we're serious and we're not being optional we want to connect with 40 to 50 percent of our customers we can only do that by being professional and serious we are representing the agency and ourselves and our insurance license we need to be professional serious and friendly it's time to get to know your clients and build relationships we've got some scripts in the blog about voicemails and what to do if you actually connect with the client make sure that you're building Rapport so you want to make sure you follow the six things when you're doing a renewal call an introduction to the client building Rapport reviewing the policy making recommendations and then having gratitude and thanking them for answering the phone and answering your call and being your client thank you for your business we do appreciate it here especially if you're a local agency make sure they know you're local and what you do in the community you have to believe that the client is a hundred percent best served by having you and the agency as their agent when you believe you can convince people of anything look for ways to help the agency with time management things like EFT and pay in full you will need to block time to make these calls so make sure that you either block time or you have your staff block time to make the outbound calls our Apex retention program is perfect for this if you want to look for it you can see there's links in the blog or you can go online and just look up our Apex retention program it is also in our online school so key takeaways give the client options offer discounts be excited about what you can do for them about saving them money about reviewing their policy and just talking to them make sure you do the pre-checklist and the checklist change is hard and if you weren't doing these calls at your agency before this can be scary for you and for your staff just know that app has done these with a ton of agencies and they work I hope we helped go to app agencyperformancepartners.com see how we can help your agency today thanks so much Therese Potter with agency performance Partners operations and training coordinator have a wonderful day