The only way we can improve retention is to track insurance customer loyalty before our clients leave.

Tracking retention is a good thing, but ultimately a trailing indicator of a customer’s loyalty to your agency.

Meaning, we don’t know our retention rate until after a customer has canceled their policies with us. For the few independent agents

Wouldn’t it be nice to know the disposition of your customers BEFORE they cancel?

Sure it would.

In this bonus episode of The Show, we outline 4 ways you can track insurance customer loyalty.

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BY EMAILYOUTUBE

If you haven’t yet, you’re going to want to watch: Insurance Customer Retention: 7 Ways to Dramatically Improve Customer Loyalty

[VIDEO TRANSCRIPT]

4 Ways to Track Insurance Customer Loyalty

Here are four quick ways to track your insurance customer loyalty.

1) Passive Referrals

Are you getting referrals?

Not active referrals where you’re actually asking for them, but how many people are just passing your name around the community and how many people are actually calling into your office on passive referrals?

A very, very good way to track your customer loyalty is: are your customers sharing your name with other people?

Do they feel so confident with you that they’re willing to share your name with their friends in the community without you asking for it?

2) Policies per Account

Cross-sell and upsell opportunities.

The way you track this is in your agency management system.

What is your average policy count per account in your office?

If you’re seeing over time your policy count go up and up, then you know that people have an affinity to you, they’re sticking around, they’re giving you more time to add in new products. Maybe you put a personal umbrella onto a home and auto package, then you get them some life insurance, and then whatever else.

The idea is by tracking policy count per account, you’re able to see customer loyalty.

3) Engagement

Engagement with marketing materials. This doesn’t just mean social media. It could mean open rate on e-mail newsletters.

It could mean comments on videos that you do or pieces of content that you create.

If you have a little lunch-and-learn, do you get good engagement on that activity? Overall engagement with your office, are people commenting?

Do they feel like they’re part of a larger community by working with you?

It could mean open rate on email newsletters. It could mean comments on videos that you do or pieces of content that you create. If you have a little lunch-and-learn, do you get good engagement on that activity?

Overall engagement with your office, are people commenting?

Do they feel like they’re part of a larger community by working with you?

Again, this one can be tracked easily through social, through email open rate.

If you’re having events or you’re doing anything that involves them to participate, what is the level of participation and over time, do you see that level of participation going up? If you are, then you know you have strong and increasing customer loyalty.

If you are, then you know you have strong and increasing customer loyalty.

4) Net Promoter Score

This one is a little more technical but can be done fairly easily with many different tools.

The one we use at TrustedChoice.com is Rocket Referrals.

That is your net promoter score. This is a simple formula. Many, many different brands are using this.

If you fly Delta, you get this e-mail from them.

How likely are you to refer whatever the company is to your friends?

You put a score. Some are one to five. Some are one to ten. Some are just a thumbs up and a thumbs down.

Whatever the system is, the idea is that over time, you are tracking your customers desire and willingness to recommend your brand to their friends and there are different ways that you can gather feedback from that.

Seth Zaremba of Zinc Insurance explained how he is using Net Promoter Score in his recent interview on Agency Nation Radio.

Tracking over time, it can give you really good insight – not absolute, but really good insight into whether or not you’re increasing the customer loyalty of your insurance agency.

The Rub

Guys, here’s the deal.

Getting people in the door is a huge part of independent agency success, but keeping those customers is just as important.

Never forget it’s the actions you take, it’s the actions that your people take, it’s the things you do, the processes you put in place that create customer loyalty.

It’s not about the customers. It’s about you. It’s the things you do.

So take ownership of that process, use some of the stuff you heard in this video, track a few of the metrics that I talked about today, and over time, I promise you if you’re doing the work, your insurance customer loyalty is going up.

Friends, if you love the show, make sure you give it a thumbs up, make sure you write a comment below, make sure you hit the social share, Facebook, Twitter.

I want to know what you think. I want you to share this with your friends.

Thanks,

Ryan Hanley

P.S. Don’t forget to subscribe to The Show:

BY EMAILYOUTUBE

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