It can be difficult retaining business and if your insurance brokerage has noticed a drop in policyholder retention and referrals it’s time to put in some extra work to differentiate yourself from other businesses.
We’ve compiled a list of 5 ways to increase policyholder retention and referrals to help get your business back on track.
Staying in touch with policyholders is key when it comes to retaining them and in this technological era, it’s never been easier. Adding an easily accessible contact form/details to your website, having a social media presence and providing email campaigns and newsletters will have a positive effect on business.
When an insurance company, who aren’t usually known for good customer service, provide an abundance of communication and build long-lasting relationships, customers are much more likely to renew their policies and refer your company to other people.
2. Email marketing
Email marketing is a great way to stay at the forefront of your policyholder’s minds and enforce your business. As customers crave information keeping them up to date with regular emails and newsletters is bound to retain their attention.
Successfully launching email campaigns also increases your chances of repeat business too. As the majority of customers always open emails from their favourite business it’s important to focus your efforts on email marketing. With a compelling subject line and useful content, you could see a big boost to business.
3. Content creation
Populating your website with high-quality content that adds value, entertains and answers commonly asked questions will help in retaining your policyholders and winning new business. Creating guides, helpful hints and sharing your thoughts on the latest trends will keep users coming back for more.
By sharing your knowledge and insurance expertise you’ll quickly gain trust and be seen as an authoritative figure amongst policyholders, which can potentially increase your chances of referrals too.
4. Customer loyalty platform
Implementing a customer loyalty platform to reward your policyholders with exclusive discounts, offers and deals for various industries such as fashion retail, food and drink, health and leisure is a fantastic way to retain customers and show your appreciation for them.
A customer loyalty platform can put you miles ahead of your competitors, increase your brand recognition and improve profits too.
5. Be active on social media
Having an active online presence on social media will give you an edge over competitors as many insurance agencies don’t utilise these channels enough. Social media is an easy and affordable way to market your business. By posting consistently about your business, customers who follow you will be constantly reminded of your company and will be more likely to use your for their insurance needs.
However, a lot of time and effort needs to go into social media for it to be worthwhile. Creating campaigns to keep followers engaged, measuring the success and the growth of the channels and having a schedule of content are key in building a large and loyal following.
Make sure you post relevant content that your followers will find useful and engage with people to maintain policyholder loyalty, improve customer service and find new potential leads.
Read our take on how insurance brokers can stand out in a highly competitive market.
Interested in finding out more about customer loyalty platforms? Take a look at our website for everything you need to know.