Open enrollment season is winding down. What should your focus be next? In today’s competitive marketplace, retaining your clients is key to ensure long-term profits. The average customer retention rate in the insurance industry is 84%, while the top five companies have a 93%-95% customer retention rate. This difference can represent a potential loss for you. Furthermore, it costs seven to nine times more for an insurance agency to attract a new customer than to retain one. Since replacing lost clients will cost you more, it makes economic sense to focus your efforts on keeping the clients that already trust you. In this week’s Broker Tool Belt, we share 4 programs to increase insurance agency client retention and help you succeed in 2020.
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