Create Your Agency’s Tech-Driven Customer Retention Playbook

According to sources like Insurance Thought Leadership, businesses spend five times more on average to acquire a new customer than on customer retention or efforts to keep existing customers. Your customers’ experience, from onboarding to ongoing support, informs whether they stick with you or shop around for another agency. Let’s explore what makes up insurance customer retention and how a tech-led retention strategy or playbook that includes our extended solutions that integrate with Applied Epic® will help your agency grow.

The 3 R’s for Your Agency’s Customer Retention Playbook

Real growth potential lies in keeping the clients your agency has worked hard to earn. Retaining the customers you’ve acquired will help you be more profitable and maintain a loyal base that continues to grow.

1.    Relationship Building

Your agency's success hinges on the relationships you build, and there are easier ways to meet or exceed customer expectations than endless phone calls and in-person meetings.

The relationship starts when a customer commits to doing business with your agency. While you do not want to lose the human aspect of relationships, the right tech can help foster long-term customer relationships and improve customer engagement.

With a cutting-edge marketing automation tool, your outreach efforts can be automated and straightforward. Your agency can maintain consistent communication, prove its value as a trusted advisor, and open the door for cross-selling, all without having to create added content from scratch.

2.    Retention Strategies

With a tech-driven retention strategy, your agency will be able to better communicate with customers, simplify commercial workflows, and easily access your data. Consistent communication with your clients makes them feel heard, and simplified commercial workflows make the renewal process more efficient. Data can help you plan for team capacity by seeing when you will have an influx of expiring policies for renewal.

3.     Referrals

Once you have established a positive customer partnership, encourage your customers to give you referrals. Word-of-mouth is powerful and contributes to higher retention rates.

Efficiency-Boosting Tech for Your Customer Retention Playbook

At Applied, our innovative solutions integrate seamlessly with your Applied Epic management system to boost efficiency in your retention workflow. This next-gen tech frees you up to focus on meeting customer needs and revenue-driving activities.

With the latest Insurtech tools, you’ll become more efficient in:

• Marketing automation

• Commercial quoting

• Application and submissions management

• Reporting and analytics

Measuring Success: Retention Rates in Insurance

According to Insurance Business Applications (IBA), meeting changing customer needs is one of the top five challenges that the insurance industry faces. As a part of your growth strategy, it’s essential to look at your agency’s retention rate using real-time data and metrics and use tech to ensure you’re addressing the evolving needs of your current customers and growing or maintaining your retention rate. The good news is that there are dashboards embedded into agency management systems like Applied Epic that give your agency access to data captured in your agency management system, organizing it into insightful visualizations.

Benefits Beyond Profitability

Technology can help you become more efficient in your customer retention efforts​. It takes time-consuming and repetitive manual tasks off your plate so you can focus on more complex risks, revenue-generating activities, and upselling opportunities. Visit our customer retention landing page for more information about our extended solutions integrated within Applied Epic, which will help you take the first step toward building lasting customer loyalty.