How to Increase Insurance Agency Client Retention

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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Why Retention Marketing Is Essential For Insurance Agencies

Retention marketing is an extremely important practice for insurance agencies. It differs from acquisition marketing, which is geared toward attracting new clients. The goal of retention marketing is to keep your current clients engaged so they will continue to work with your agency long-term. Previously, we’ve shared retention marketing tips for health insurance agencies. However, this week we are going to review why retention marketing is an essential practice for insurance agencies and strategies for effective implementation.

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