Retention. It’s a word that’s floated around in the insurance industry often. But how do you future-proof your services in a market with many options for clients to self-serve?
Why does focusing on retention matter to your back book?
Alongside the introduction of self-serve options and a change in customer behaviour, the insurance market is seeing less opportunity for new business. So, capitalising on your re-mortgaging clients, retaining your back book and cross-selling your services will be essential for your future business model.
In addition, dramatic price increases throughout the utility industries and rising inflation rates are making it difficult for customers to balance their finances. As a result, some may look to clamp down on their spending by reviewing their need for additional services. So, with winter fast approaching, your ability to counter objections will be critical for retention in the colder months to come.
Although retaining your clients has become more important than ever, we know that it doesn’t always come easy and must be earned, which is why we have put together some of our top tips for boosting retention.
Putting customer satisfaction at the forefront
If there’s one thing brokers know, a happy customer is a returning one.
There are many ways to improve customer satisfaction, but to make a genuine difference, you first need to understand your customers’ entire journey when engaging with your service. Map out the end-to-end journey capturing all touchpoints between you and your customers. Touch points are any ways you interact with your customers as they move through your process.
Once you have mapped out your journey, you can then look to identify areas where you could add value. Whether that’s adding an email touchpoint, providing educational pieces to help your clients understand the process or setting expectations by providing your clients with average time frames. Adding these points of engagement can aid you in creating a supportive feeling throughout your service, which will see your clients returning for years.
Surveying your customers is a great litmus test for discovering your overall customer satisfaction. So be sure to add this into your process and act upon feedback, keeping any customer promises you make.
Incorporate your cross-selling
Creating a spider web of additional services is a great way to retain clients.
Although, from the outside, it may seem that the perks swing in your favour. For clients, having multiple services at arm’s reach is hugely beneficial. Clients often relish the opportunity to keep things as simple as possible, so the idea of one advisor controlling various policies and services will appeal to many. With your clients safely tucked under your wing, they are unlikely to want to go through the rigmarole of changing advisors.
Offering general insurance alongside the mortgage is a great way to keep in touch with your clients annually and offer new and alternative services. GI is a great stepping stone to reaffirm your value at re-mortgage and maintain a steady trickle of communication annually.
Offer quality Insurance with the mortgage
Offering GI alongside the mortgage doesn’t have to be time-consuming for you or expensive for the client but must cover the entirety of their needs. Fortunately, if your time available to quote is scarce, you won’t have to look far for a quality solution. At Source Insurance, our panel offers a vast range of policies from blue-chip providers in one place, meaning you can save time shopping around and offer quality cover at a fair price.
Active after-sale care
After-sales engagement is where you can earn some great kudos with your customers. Whilst many others will drop off on the communication after the sale is complete, clients are often positively surprised when they receive contact after purchase.
Drop in with your clients and share a personal note with them, we’re all human, and when someone shows they care, it’s never forgotten.
Focussing on the little things
At Source Insurance, we know it’s essential to put your customers at the heart of your decision-making. So, take pride in the minor details within your service. For example, the environment you sell to your clients, how you present yourself, and your language can make a client feel comfortable and at ease.
When focusing on the little things, ensure you are continually consistent across the board, and you’ll increase reputation and retention.
How making the little changes can benefit you in the long run
A ring-fenced client bank
Providing an excellent service will increase your retention rates and help to ring-fence your client base. The power of advice is increasingly prevalent today, with self-serve options wherever you turn. So sound, authentic advice will go a long way to avoiding your clients being poached by competitors.
A great reputation
One of the main selling points for a broker is their reputation. If you have many happy customers, they’re more likely to spread the word about your services locally through online platforms or word of mouth.
A steady flow of income
Of course, you need to be making money to keep yourself afloat. But, by strengthening your offering and improving your services, you’ll find that you’ll often see an increase in demand for your assistance.
A stress-free interaction for all
The more you interact with your clients, the better you will understand each other. Anticipating your client’s needs and offering relevant services will show your clients you know them and care.
Source Insurance offers one-to-one training on their system for all registered brokers. If you’d like to contact a support team member, you can call 02920 265 265. Or visit www.gi.thesource.co.uk to start a new quote or register. Take a look at the rest of our blog here.