Indys... what is your retention rate on a year by year basis?

Mar 10, 2019

  1. MyGenericName123
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    MyGenericName123 Expert

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    This makes a lot of sense because the agent becomes more selective about what they’re writing.

    As I know you’ve been in the business a long time I was surprised to see your first post indicating 10-12%.

    Thanks for clearing that up!
     
  2. BADTROUT
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    BADTROUT Guru

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    By retention standards we have always referred to these in a manner like 80% retention meaning we have retained 80% of the business. In your example of 10% being good, I assume by translating this to my vernacular you would be stating 90% retention and losing 10% (to things like death, moving, closing business, you losing the business to a cheaper quote etc)?

    If I am understanding this correctly I think you are on the money when it comes to the rate improving with experience for sure...
     
  3. Markthebroker
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    Markthebroker Guru

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    Ahh, I was using the other side of the numbers, but you guys figured it out. Yes, I mean losing 20-30% of the bizz in the beginning, then down to 10%ish. As in 70 or 80% retention to start, then getting up to 90%. That's what I mean, yes, thanks for clarifying.
     
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