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Increase Retention With An Insurance Specific CRM

02.14.20 09:22 AM Comment(s) By Rachel

Increase Retention With An Insurance Specific CRM

Much time in an insurance agency is spent focused on obtaining new clients.  And rightfully so.  An agency must maintain an inflow of new customers to replace existing customers that leave the agency.  However, it is widely known that it cost less to maintain an existing client than to obtain a new one.  So you do not want to neglect your current customer base.  But if you use all of your employee's time, one of your most valuable resources, providing continuous service to existing clients, then you have much less time to take care of new clients.  Here is where an insurance industry specific CRM system can quickly become your best friend.

Two smiling women at desk reviewing paperwork

Automate Policy Review Offers 

Instead of spending precious time individually calling or emailing your clients to review their policies, have your insurance specific CRM automate the process for you.  


Set the frequency you wish to conduct policy reviews and have the CRM send personalized notifications to you clients at your pre-specified times.  Set up a combination of emails, calls or texts customized to your client.  These correspondences can be personalized to the client with the clients, name, agents name, etc.


These automated communications save your agent time trying to reach the customer, while still letting the customer know the agency is concerned about them personally.  Whether the client responds to the offer or the client is not interested in taking the time for a review, just the simple act of their agent reaching out to them leaves a positive impression upon the client.  Plus, the limited time of the staff is not spent leaving voicemails and sending messages.  

 
two people's hands with paper and pen reviewing papers

Automate Cross-Selling and Up-Selling

Expressing concern for the well-being of the client and their needs is not the only way to increase retention.  The more lines of business a customer has with the agency, and the more complete the coverage, the less likely they are to leave.  If you are not actively marketing to existing clients, you are leaving money on the table as well as leaving the door open for them to walk out of your agency and into another.


An insurance specific CRM can be set up to market to your existing client base through automated cross-selling and up-selling opportunities documented within your CRM.  Whether your system requires manual input of this data or it receives current policy information from a carrier or an agency management system, automations can be implemented to make sure these opportunities to provide your customers additional and more complete coverage are not missed.  


Through a combination of customized emails, texts, calls, or direct mail, reaching out to existing customers again shows concern and a proactive effort from the agency.  And customers that respond by increasing limits, or purchasing additional policies or coverage have a higher retention percentage than customers with less than optimal or missing coverage.

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Automate Missing or Incorrect Contact Information Requests

Trying to keep track of your clients as they move or change phone numbers or email addresses is necessary but a time drain.  Instead of having your staff spend valuable time chasing down customers, have your CRM system perform this task for you.  


Create automated workflows in your insurance industry specific CRM that will reach out to clients in different methods depending on the information that is incorrect or missing.  


A fully integrated CRM can determine if the customer should be contacted by email, text, call or direct mail.  Is there returned mail?  An email or text may be the best way to recover a correct mailing address.  Is the phone number missing?  An email or piece of direct mail requesting this information can do the trick.  This can be a easy, cost-effective solutions to prevent attrition due to loss of contact.

Automate Client Reminders

While maintaining existing clients is more cost effective than obtaining new ones, chasing customers down every month to remind them of payments is generally not a good use of your staff's limited time.  Instead of trying to choose between tying up the time of your employees and letting customer leave without attempting to retain them, you can automate reminders through a insurance specific CRM system.


A robust CRM system will have the ability to automate email or text reminders for things such as late payments, reminders for audit payments, or any other action that needs to take place to keep a policy in force.  Save the clients without sacrificing your time and energy.  In addition, you no longer have to decide to rewrite or reinstate policies or let them move to another agency. 

They Key To Increasing Retention

Customers are most likely to stay where they feel appreciated and believe they are receiving value.  Setting up automated workflows with an insurance industry specific CRM system can allow you to touch all of your customers with personal correspondence without draining the time of your agents and staff.  Cross-selling and up-selling to existing clients helps them feel like the agency is taking care of them while making the barriers to leaving higher.  Increased revenue as well as increased retention is a win-win for an agency.  A robust insurance specific CRM system such as SiegeCRM by Siege Technology Solutions, Inc., can cause an noticeable increase in your retention while reducing strain on your staff.

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