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Boosting Retention – Your Guide to Higher Return Rates

Boosting Retention – Your Guide to Higher Return Rates

Boosting Retention – Your Guide to Higher Return Rates

Every broker understands retention rates’ significance and their role when running a successful service. Ultimately, having positive retention rates shows that your reputation as a professional and the effectiveness of your services are worth investing in.

However, we all know it can be easier said than done when trying to boost retention rates to protect your future business. There are many different ways to improve your retention rates, which can be implemented into the day-to-day running of your business.

Be a Consumer Champion

The chances of having the best customer experience possible can be increased by championing your clients’ needs. This can be anything from ensuring optimal and positive interactions between you to ensuring that you go that extra mile to find your customer their perfect insurance policy. 

At the end of the day, everyone wants their journey of finding insurance to be as smooth as possible. Because of this, it’s imperative to keep things simple and easy for your clients, ensuring their journey is smooth and stress-free. In addition, by providing you keep track of your interactions, for example: not asking the same questions more than once, your customers will feel like you’ve personalised their journey to meet their every expectation.

After-Sale Care is Underused!

Many people might expect the broker service to cease after the point of sale, meaning that this part of the process is often overlooked. However, many customers will remember this area as the final part of finding their insurance policy. Therefore, ensuring that this interaction is positive will mean a lot to your customer and the way they perceive you as their broker.

If there’s ever been a way to show your care about your customers, it’s by going that extra mile to ensure they’re happy with their policy and all the contents covered. Brokers with clients on eDocs can help access their customer’s online portal to view all the necessary documents, making the process much quicker and effortless.

Target Those Needing Policy Renewals

This point ties in quite nicely with after-sale care in that keeping up to date on your completed policies can be vital for growing your back book at a steady but consistent rate. Ensure that when your client is approaching their renewal period, you get in touch with them a month or two before to remind them of your services.

Paying Attention to the Small Details

When looking at an insurance policy, it’s always best to envisage the process as an efficient machine, with all the little features of a quote working as cogs. These cogs must be functioning for the process to run smoothly; otherwise, your clients will find it a more stressful experience, especially if these smaller details are overlooked.

Forming an accurate quote is a necessity throughout the policy-finding process. Ultimately, if an insurance policy isn’t accurate, then it can cause problems in the event of a claim. Although these fine details might seem minor to the larger picture, they are the foundations and building blocks that will define a policyholder’s package.

We have worked with brokers and their clients for over 25 years at Source Insurance. To get in touch with our top-quality broker support team, call us at 02920 265 265. Alternatively, you can use our website for queries at www.thesource.co.uk.

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Retention rates