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Why should you have real conversations with your customers?

As an insurance agent, there are generally three goals that you have for your agency: growing revenue, building agency value, and increasing profitability. The very best way to accomplish this is by having real conversations with your customers. Doing so will:

Increase Customer Retention

Identify Cross-sell Opportunities

Earn credibility to ask for referrals

Insurance Agents

How does retention help your agency?

IIABA lists customer retention as the single most important factor in determining an agency’s value.

It costs 7-9 times more for an agency to attract a new customer than to retain one.

A 5% improvement in customer retention can double profits in five years.

Reducing cancellations by 2% is equivalent to cutting costs by more than 10%.

How does cross-selling help your agency?

Cross-sell leads have an 85% close rate

Cross-sell leads have an 85% close rate vs. internet leads that have a 5% close rate.

Probability of cancelling drops by 50%

For every 2 additional policies written for a customer, their probability of cancelling drops by 50%.

How do referrals help your agency?

A referred customer generates an average of 5X more revenue than a non-referred customer.

Referred customers have the lowest acquisition costs of any lead type.

A referred customer has an average of 92% retention rate over the first three years vs. a 67% rate for a customer from any other marketing source.

Reducing cancellations by 2% is equivalent to cutting costs by more than 10%.

Ready for the next step?