4 Tips for Insurance Agents to Increase Retention

Insurance agents are the consummate salespeople. So I’m probably preaching to the choir when suggesting that cross-selling will grow business. Agents already know it is important. Many of them actively bring cross-sell opportunities to their clients every day.

But most insurance agents are not using technology and data to identify every opportunity, and leave significant money on the table. With better use of technology and data, agents can increase their sales funnel by 20% to 30% simply with cross-sell opportunities within their current client bases.

Here are four ways to increase retention:


  1. Go beyond the agency management system: While there is a lot of information stored in an agent’s management system, there is plenty of information about clients that agents might not have readily available. Great sales opportunities can be found by enriching data with information from other sources,  to easily identify, for instance, that a client has recently purchased a new vehicle, or a new home.
  2. Make it easy for clients to tell you what they need: The more information agents can get from their clients, the better. Having an easy, open method of communication that doesn’t require a customer to write an email, could provide the agent with valuable insight that could lead to new opportunities.Mobile apps enable clients to communicate with their agents seamlessly. Engaging effectively with clients is also critical to increase loyalty.

  3. Set a retention goal for the agency and make it a strategic priority: For an agency to be successful and grow, it must make retention a strategic priority. Setting up a company goal number for retention (based on historic performance) would align the team on the required behavior, which includes increased communication with clients and enhanced focus on proactiveness. Once the team has a shared goal, provide them an easy way to track and report on these numbers, and compensate according to goal achievements.
  4. Analyze data to identify cross-selling opportunities. Cross-selling is important to every agency’s business, and they are well aware of the sales opportunity. What many don’t know is the role technology and data analysis can play in increasing these opportunities exponentially. The right tools can quickly uncover these opportunities and make it easy to capitalize on them. Digital solutions not only can turn data into leads but also can help bring them to close, quickly and efficiently.

    Grow a Strong Business with Better Retention

    Improving retention is a great way to increase your revenue and profitability. Look for ways to create a better experience for your customers, leverage data to look for coverage gaps and client needs, and align your team around a common goal.

    Get the good stuff

    Get regular hits of insurance inspiration delivered to your inbox.

    Meet the Nation

    They are the trail-blazers and the member supporters who selflessly share all they have learned with our community. Say hey to the fam and check out their contributions to Agency Nation!
    Share This