This post originally ran on Quotit.
The insurance industry is highly competitive. Even if your brokerage or agency is doing a great job, there’s a good chance some of your clients will leave—if for no other reason than that research suggests people switch insurance plans often. To get your brokerage or agency to the next level, you need to do everything within your power to boost customer retention rates. Not only is it easier to sell to an existing customer than to a new one, but it’s also more lucrative.
One of the easiest ways insurance agencies and brokerages can increase retention is by using modern tools that make it easier to provide top-notch service to their clients. One such tool is called a customer relationship management (CRM) system, which helps you keep track of client-specific information while automating repetitive tasks and reducing human error.
What Is a CRM and What Does It Measure?
A customer relationship management solution helps you keep track of all kinds of information about your clients. Your insurance agency or brokerage should use a CRM to store the following information:
In addition to helping you keep track of all of this data, today’s leading CRM solutions can also be integrated with other tools. For example, by integrating your CRM solution with an online quoting and enrollment tool, you can improve your relationships with existing customers while strengthening your outreach to cold prospects and optimizing lead management—all of which ultimately translates into increased retention rates and more referrals.
With a CRM for insurance agents in place, you get the peace of mind that comes with knowing you won’t have to rely on bad data or—worse yet—no data. Instead, you’ll also have access to robust client profiles that are always just a few clicks away. With more information on hand, you can launch targeted, data-driven marketing efforts that will enable you to enjoy better business outcomes by serving up personalized experiences to your clients, leads, and other prospects on a regular basis.
Set Your Agency or Brokerage Apart with Modern CRM Tools
If your insurance agency or brokerage is still relying on spreadsheets to run your business, it’s time to consider moving to a modern CRM solution.
A CRM enables you to automate repetitive tasks while ensuring that you stay on top of important milestones—such as birthdays, policy renewals, and aging into Medicare.
Add it all up, and it’s an easy and fast way to provide better, personalized experiences to your clients, increasing your competitiveness and boosting your retention rates. What’s not to like?
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