Growing your commercial insurance agency requires having a strong marketing strategy to find and attract new customers. Just as important as customer acquisition, though, is a solid commercial insurance customer retention strategy, which is critical to keeping your existing customers for the long haul.Becoming a resource quarterback is one powerful way to boost your retention rates. A resource quarterback means that you provide powerful insight, information, and expertise about the issues facing your commercial clients. Whether your client comes to you for liability insurance, risk financing, property insurance, or other commercial needs, providing resources about their challenges and opportunities will help increase loyalty and create a bonding customer experience.
Here’s what you need to know about improving retention rates by becoming a resource quarterback.
Why You Need to Become a Resource for Your Client
It doesn’t help your commercial insurance company to attract insurance shoppers but keep them as clients for only a short amount of time. Your retention rate is just as critical to maintaining and growing your business. Each year that your customer chooses to stay with you, their insurance premium will be more profitable and enable better cash flow for your company
Whether for liability insurance, risk financing, auto insurance, or more, organizations want to know that they are using one of the most helpful companies in the insurance industry - yours.
While many businesses understand how important it is to retain customers, many insurance agents fail to find effective ways to ensure their clients come back year after year. Becoming an informational resource for your clients is a powerful way of encouraging loyalty and increasing insured retention rates.
Organizations no longer want another vendor to only sell to them - business insurance requires you to become a trusted advisor. They want to look towards brokers as a source of information and connection to grow their business and reduce the amount of risk in their companies. Your insured will pay and stay loyal to insurance brokers that they see as valuable resources to their company.
Take, for example, the sudden rise in digitizing. While this has been exploding in popularity the past decade, the pandemic has made it non-negotiable. Businesses that choose not to digitize their business will be hurting unlike ever before. It is a crucial opportunity for insurance brokers to provide resources, insights, and help connecting them with experts so they can digitize their businesses. Phone calls are a thing of the past - your clients should be adding online channels, and you can guide and motivate them, leading by example.
How to Become a Resource Quarterback
Becoming a resource for companies takes intention. If you take these vital steps, you can become the “Resource Quarterback” that continues to pass on information, connections, and insights to build loyalty with your clients.
Find What Your Clients Need
Depending on their industries, challenges, and opportunities, what your clients need may vary. You take a certain amount of risk pouring your time, resources, and expertise into a subject that may not be a concern for your customers.
Take the time first to find out the issues your clients are facing. Ask and actively listen to what their concerns are. Surveys can also help you get a feel about what they would like to know more about, their top priorities, or their biggest challenges as a business.
The needs of businesses change, so continue to listen and be prepared to venture in new directions. COVID-19, for example, presents companies with challenges that are far different from last year. The passage of the CARES Act also creates new concerns for companies that need help. Always keep in contact with your clients, listen to their challenges to see where you can provide support.
Establish Connections with Local Experts
While providing useful information and insights can make you a powerful resource, your connections to other companies and experts can make you the ultimate resource quarterback. Having the right connections for your clients will ensure that their party administrator will turn to you not only for indemnity payments, risk management, or in the event of a claim - but for all their needs. Developing these relationships is an important part of customer retention. Make yourself indispensable!
Take time to develop the relationships within your community. If you connect your customers to a digitizing expert, marketing professional, or stellar security company when the need arises, they will continue to turn to you in the future for their needs.
Create a Resource Center
A website and social media presence with valuable information for visitors and customers not only attracts customers but keeps your current clients coming to you for information. It might not occur to your customers that their broker is a resource for vital information. If clients find information they need on your site or in your LinkedIn articles, for example, they may see you as an authority to turn to for help.
Continue to share relevant and dependable updates on any information. If applicable, share information from experts and officials. Many leaders may struggle to understand how changing laws, policies, or the newest research affects their business. Provide them with practical translations that explain what each development means to their business.
Each department in an organization has different areas of risk and general liability. HR representatives, CFOs, and general managers each face unique challenges. Consider segmenting your information to specific groups so they can better understand what their risks, challenges, and opportunities are.
Encourage Retention for a Better Business
Commercial insurance retention means creating connections and information valuable to your clients. When you become a resource quarterback, you become a trusted advisor and earn client loyalty.
Take some time today to see how you can increase your retention rates with valuable resources!
Always keen on helping others make their dreams come true, Tony and his team have helped independent agents grow into more than 250 independent agencies. This has made OAA the number one ranked Strategic Master Agency of SIAA for the last 5 years, and one of Oklahoma's 25 Best Companies to Work for.
Tony loves to share his knowledge, insight and wisdom through his bestselling books as well as in free mediums including podcasts and blogs.
Tony and his family are members of Crossings Community Church, and he is very active in community initiatives: he’s chairman of It’s My Community Initiative, Inc., a nonprofit working with disadvantaged people in Oklahoma City; and chairman of the Oklahoma Board of Juvenile Affairs., and he has served through many other organizations including the Salvation Army, Last Frontier Council of the Boy Scouts of America, and the Rotary Club.
In his spare time, Tony enjoys time with his family. He’s also an active outdoorsman and instrument-rated commercial pilot.