In my last two posts, I wrote about how to retain and grow your customer base, and how to then come up with a retention strategy. Well, part of that strategy was to provide your customers with an annual review of their policy. In this post, I’m going to discuss a bit further why that is important, and maybe you will even get a few ideas why you should be doing annual policy reviews.
I don’t have to tell you how important customer retention is. The longer you have customers the better for business, and the hope is you can provide them with more than just the automotive coverage their inbound call brought you. Customers love feeling like you are really helping them. A great way to show you are helping them is through an annual review of their policies. As I’ve said before, you are an expert at risk management, your customers are not, so by you providing them with an annual policy review it instills their trust in you, placing you as more of an advisor and hopefully will inspire them to increase their policies with you, or at least renew when their coverage ends. According to insurancethoughtleadership.com, annual reviews can also help your sales team stay on top of customers’ life changes. And staying on top of life changes again helps grow your business.
As mentioned above, an annual review is a good way to stay up to date with your clients. In an ideal world, you have taken my advice and have been checking in with them every few months, keeping those lines of communication open, but if not, the review is a way to find out if they have upgraded their car or added a new wing to their home. Not all clients are aware they need to report these smaller life changes to their agents for coverage. Thus, the annual review is the perfect non-sales check-in.
Annual reviews are also good for clients to see if they qualify for any discounts. In my post, 5 tips for an Inbound Call Retention Strategy, I talked about loyalty programs. Loyalty program and discounts make clients extremely happy, and weather the discount is because their lives have changed or because of your rewards program, your clients will for sure be delighted to find out they could quality, when you do their annual review.
Now that you know why annual reviews are so useful, go check and see which of your current policy holders could use an annual review and see how this extra little step can add to your customer retention and sales.