Objective: In this pillar we will discuss techniques on maintaining a high retention ratio in the agency having clients for life.

  Retention Checklist – Pillar #3

Retention will be critical to you as you build you book. For now, as a new P&C agency, we encourage you to follow these Fundamental Retention Best Practices:

1. Account Round for all of the P&C lines of business of your Personal Lines Client;

2. Be sure they are on the right payment plan – EFT, RCC, or Paid in Full and write annual policies with similar dates where possible.

3. Follow up with your new client to thank them and be sure they have YOUR contact information and you have theirs for the manner of contact they most often prefer;

4. Have a client outreach program that helps to keep you and uoru agency relatively top of mind with them.  Industry data shows an outreach of 4-6 times per year is optimal on average. Many agencies reach out once per season (4times/year) plus an annual policy review and a Birthday or Holiday Greeting.

5. Service and Insurance Carrier Choices are two aspects that many Independent Agencies pride themselves on.  From the claim to a simple processing of a change or help with a billing matter, every interaction you have going forward is an opportunity to retain your client and garner new clients.

6. Renewal quoting is not always advised.  Oftentimes there are longevity discounts offered by carriers.  If premium increases are only single digit and you already have multiple policies for clients your annual review may not include a renewal quoting – that is something you will need to determine with your experience and client’s needs.  Again, price is important but at the time of a claim it is coverage the rules the day. 

[Sales Planning & Tracking Actual to Plan and Other Sales Metrics is Critical]

Please See Operations Checklist, Pillar #4