10 best ideas for increasing retention

[InsuranceMD]

Among other new marketing activities, my newsletter has been going out quarterly for one year now and my persistency has climbed over 3% !!! Freakin awesome! That equates to around 20K in commission I "WILL NOT" lose out the backdoor this year. Currently at 93.4% and shooting for 95% by 2009

added bonus is the PIF growth bonuses we will be getting

Do you create the news letter yourself? Do you just send it through the mail to every customer you have? Seems like a good idea, but Im just wondering how to create something similar and be effective.

 

[BTFuzz]

Do you create the news letter yourself? Do you just send it through the mail to every customer you have? Seems like a good idea, but Im just wondering how to create something similar and be effective.

First thing you should do is to segment your client base. Meaning, based on size, policy counts, referral possibilities, profitability, etc...segment them A, B, C & D. A's are obviously your best, B's are above average, C's average (1 policy or two small policies) and D's below average. Then...

Create a 4 page newsletter using YOUR personality and send it to your A & B clients using the 80/20 principle. 80% of your business comes from 20% of your clients...send them a monthly newsletter to educate, upsell, cross sell, promote referrals and most of all to make them smile.

I guarantee this information used right here will give you your best ROI of anything you do by a long shot.

 

[InsuranceMD]

First thing you should do is to segment your client base. Meaning, based on size, policy counts, referral possibilities, profitability, etc...segment them A, B, C & D. A's are obviously your best, B's are above average, C's average (1 policy or two small policies) and D's below average. Then...

Create a 4 page newsletter using YOUR personality and send it to your A & B clients using the 80/20 principle. 80% of your business comes from 20% of your clients...send them a monthly newsletter to educate, upsell, cross sell, promote referrals and most of all to make them smile.

I guarantee this information used right here will give you your best ROI of anything you do by a long shot.

That is some great advice Fuzz! Thank you

 

[FEX Quotes]

Hey veterans out there. I've been working on my numbers lately and notice that our retention rate for our non-standard P/C book is around 73%.

What are your best ideas for increasing that number? We are currently doing nothing formal, so all ideas are welcome.

Thanks in advance,
Kassidi

Have your companies keep rates stable. P&C is a rate driven product

 

[Guest]

Have your companies keep rates stable. P&C is a rate driven product

Well, first, figure out why they are cancellation, I bet its a HUGE number due to non pay....call them, email them....

Also, I would convert them to standard ASAP the reason they are non-standard......say when the SR-22 falls off or if they didnt have prior, now they do, so they should probally be standard now....

 

[djs]

First thing you should do is to segment your client base. Meaning, based on size, policy counts, referral possibilities, profitability, etc...segment them A, B, C & D. A's are obviously your best, B's are above average, C's average (1 policy or two small policies) and D's below average. Then...

Create a 4 page newsletter using YOUR personality and send it to your A & B clients using the 80/20 principle. 80% of your business comes from 20% of your clients...send them a monthly newsletter to educate, upsell, cross sell, promote referrals and most of all to make them smile.

I guarantee this information used right here will give you your best ROI of anything you do by a long shot.

Why would you not send a newsletter to ALL of your clients? When it comes to actively marketing for cross-selling, I get it, but a newsletter? Send it to everyone. Life is to short to worry about who I send my newsletter to.

Dan

 

[1manshow]

Why would you not send a newsletter to ALL of your clients?

I actually send my newsletter to all clients..but...if i measured response, referrals and profitability of C & D clients I'd bet there is zero return on mailing them a newsletter. Maybe BT has done the tracking?

eliminate 1000 Newsletters @ .68 each = $680 that could be spent on a direct mail piece to 1300 prospects or something that pays back "something"

 

[BTFuzz]

I actually send my newsletter to all clients..but...if i measured response, referrals and profitability of C & D clients I'd bet there is zero return on mailing them a newsletter. Maybe BT has done the tracking?

eliminate 1000 Newsletters @ .68 each = $680 that could be spent on a direct mail piece to 1300 prospects or something that pays back "something"

Exactly...I actually send to a select few of the "C" clients if I see they have the potential to be "B" clients. But I have no "D's" that receive my newsletter. I don't have an over abundance of D's anyway.

 

[Guest]

Why dont you send your newsletter thru email?

 

[Sales71]

I use to send newsletter at $1 a pop it got expensive. I do bday cards that's a good hit for clients. Try to place clients on auto pay. That should help can for non payments.