Professionals information and articles

Keeping the Customer...Happy?

Author: Loren Levitan - Licensed Producer
Publication Date: February 1, 2017

Is there loyalty in the insurance industry? Yes and No. Just like any other industry, "loyalty" is an elusive concept. As insurance producers, we all want loyal customers. It is so hard and costly to build a book of business. So much so that each customer is not just a policy, it is an annuity - for your business. So how do you keep your customers?

According to an article from Bain & Company, they state that "many executives now realize that a business built around customer loyalty and advocacy can yield substantial long-term beneļ¬ts. Customers who are loyal promoters of their insurers stay longer, buy more, recommend the company to friends and family, and usually cost less to serve.

Bain & Company also states that "one structural reason is that insurers have far fewer interactions with customers than, say, retail banks. In some markets, interactions are even dwindling with the rise of online aggregators (also known as comparison sites).

So how can you, as a producer, interact with your customers more and in such a way that intervenes and prevents a decision to "switch" before that decision is ever contemplated? Simple, give your customers a tangible reason to think of you, remember you and appreciate what you do for them all year round. You're saying to yourselves, "that's not that simple!" Well, now it is thanks to an innovative solution called

Think of when you interact with your customers. When they need to file a claim. When they are up for renewal. When they move. When they get a new car. All of which are events that don't give you a lot of opportunities to engage and therefore retain them when a better offer comes along from the competition. But, if you helped them every day with the things they engage in throughout their lives, now you create a bond. That's what does. Developed by producers, but now available to everyone, is a unique way to offer more value to customers and create loyalty at the same time. When they purchase My Staff Privileges, they get everyday value, savings and access to benefits at a price which is affordable and makes them think of you. This way when they receive an offer from a competitor or uncontrollable premium hikes makes them vulnerable, the benefits you provided and the value they receive outweighs their desire to switch. And the more customers you retain, the fewer you need to acquire.

For more information click here.