When expanding your book of business, we often focus on producers working their networks, building relationships, and capitalizing on opportunities to bring on new accounts. However, what about the internal growth opportunities at your agency? Your service team can assist you in developing your book, might already be helping it grow, and may have ideas for further growth. In this article, let's explore how your service team can help you expand your book of business.
The Client Experience
Your insureds may love your agency's owners, principals, and producers. They may even have long-standing relationships with them. But when it comes to their account service, your internal team is likely the "face" they deal with or get to know. You'll likely keep more clients longer if your service team provides a robust client experience. But what about growing those current clients?
Clients who are satisfied with the services provided by an agency are more likely to become loyal customers. This loyalty could result in referrals and lead them to ask, "What else can your agency do for me?" However, rather than waiting for clients to ask that question, your service team should proactively ask, "What else can we do for you?" This is the next step in the process.
Service is Selling
Suppose your service team members are the ones primarily interacting with current clients. In that case, let them know about additional coverages or other lines of business that your agency can offer. While they may bring in a producer to the conversation, their service work and the communication they've provided may lead you to new sales.
Communication and Retention
Your clients want to feel confident in having their coverage with your agency. Consistent and responsive communication is a massive part of that. If they think that they trust your team, then small changes in pricing or coverage are less likely to impact their decision to renew. But what about if they are considering shopping their coverage? Outreach in the policy period and planning ahead of the renewal date can help increase your retention.
How can retention grow your book? The market we're currently in can answer that question. A hard market results in higher premiums – and with good retention – higher revenue for you and the agency. And while this may not be how we typically want to grow, it still results in growth.
In addition, improving your retention is also just good business. You're spending less on client acquisition, and your new business is adding more to your bottom line instead of replacing accounts that have left at renewal. Not to mention, the value of your agency is typically higher if you can show a higher retention rate over an extended period.
ReFocus AI can help provide additional solutions for your agency on improved retention. We can empower your team with tools to target and identify who they need to focus on for renewal marketing. Let's discuss it!
