Readers of the Ritter blog understand that client retention is great for your business, but you may be wondering what you can do to keep your clients coming back.
Let’s discuss why trust between insurance agents and clients is an invaluable resource and how you can cultivate it!
How Trust Is Beneficial in the Insurance Business
Trust is vital to creating a lasting relationship — and lasting relationships are a pivotal part of client retention. Earning the trust of your insurance client can go a long way, and there’s value for all parties involved.
It’s possible they’re already a little skeptical of insurance agents in general, so building trust is imperative to you being successful and your clients being satisfied.
Clients coming back time and time again leads to renewal commissions for you, so it’s in your best interest for your clients to have confidence in your abilities as their agent.
Studies have also found that nourishing current relationships actually costs you less money than trying to create new ones — even more reason to focus on developing trust with the clients you have.
Want even more tips on boosting your client retention? Check out our free eBook, The Complete Guide to Client Loyalty and Retention!
Strengthening Insurance Client & Agent Relationships
Instead of only focusing on the pricing and details of your clients’ plan options (even though these are still very important!), your top priority should be having interactions that will build trust. You may be familiar with the term “relationship selling.”
Relationship selling focuses on the human connection and relationship an agent builds with their clients. These interactions will help your client feel like more than just a number, or even worse, just another sale.
Customer Service Is Paramount
It’s important to remember that a client does not have an obligation to stay with the same insurance agent.
If they want a different plan or new product, they could be knocking on someone else’s door for advice. Seeing as plans can vary and change, selling health insurance is not just about having great products to offer. It’s about being a great person to work with.
Great customer service and attention to a client’s needs is critical to building loyalty. What’s more, satisfied clients likely mean friend or family referrals, which creates leads and more revenue for an agent, which, of course, means continual commissions and a self-perpetuating book of business.
Following Up Is a Good Touch
When the rush of the Annual Enrollment Period subsides, it can be hard to resist throwing up plan pamphlets graduation-style and kicking back.
Instead, try to follow up with clients on how their new Medicare Advantage plan is faring. If they’re unsatisfied with their coverage, inform them about the Medicare Advantage Open Enrollment Period which runs from January 1 until March 31.
Furthermore, some clients may not be aware of their other options, which is an open opportunity to further prove your helpfulness.
Let clients know what other products you carry. Find out what they have questions about and offer to investigate. Otherwise, they may find another agent to serve them with other products.
For instance, you could recommend a hospital indemnity plan that fills gaps in coverage and limits out-of-pocket exposure, a long-term care plan, or a life and annuities plan. This could mean additional commissions to the business you have already written.
Follow-Up One Sheet
Our Follow-Up One Sheet easily breaks down the touchpoints for you to reach out to clients at 3, 30, 60, and 90 days in just one page. Use this helpful sheet to remind yourself to build client loyalty throughout the year.
Download the Follow-Up One Sheet
Follow-Up Guide
The Follow-Up Guide offers in depth tips, strategies, and suggestions for navigating each of the touchpoints we recommend in the One-Sheet. Download the guide for our advice on how to develop client loyalty and build relationships.
Thoughtfulness Goes a Long Way
Adding a personal touch by writing Christmas letters, thank you cards, birthday cards, email newsletters, or even making a courtesy visit with loyal clients exhibits your thankfulness for their business.
IntegrityCONNECT features Automated Marketing that enables routine compliant communications sent to your clients. Register with Ritter now, if you aren’t already, to access this platform!
Be More than Just an Agent
Being an insurance agent isn’t just about lead generation and writing business; it’s about being trustworthy and guiding them with their health care. Clients deserve more attention than just their initial appointment.
By taking care of them with superior service, your business will flourish. Be more than just an agent, and your clients will start to see you that way — and that’s what will make you indispensable!
Don’t Break Your Clients’ Trust
Now that you understand how important trust is, you can probably infer the weight of breaking it. The last thing you want to do is something that will upset your clients.
Not only could you lose sales and renewals, but if word gets around that you’re an untrustworthy agent, no one else will want to work with you, either. Yikes!
Additionally, depending on the slip up, you could get in trouble for insurance agent negligence, which could result in a client suing you or even loss of your license. An insurance agent negligence claim can be filed for:
- Failure to procure requested coverage
- Failure to obtain coverage
- Misrepresentations
- Failure to properly advise clients of coverage
- Errors and omissions
If something does goes awry, be sure to apologize as soon as possible and take responsibility for your actions.
Trust is an agent’s most important non-renewable resource because you want your clients to feel safe, respected, and validated.
If you do something to break this trust, it very well may cost you their business! The more positive feedback you can receive from clients, the more they’ll see you as trustworthy and worthy of referrals.
Not affiliated with or endorsed by Medicare or any government agency.
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