Super Agent

Archive for November, 2014

Retention Vs. Loyalty

In the insurance industry we often focus on client retention rates. (Typically we see agencies with a retention rate of 87%-92%.) But what does that really say about your agency’s relationship with your clients?

Retention is really just a measurement of how many clients you keep from year to year. It doesn’t really tell you why your clients stay, which is far more important for you to understand.
Understanding why your clients choose to do business with you and what they gain from the relationship will help you better understand how to communicate your value proposition. Asking your clients what delights them about your service and approach will not only help you and your teams make it a habit, it will serve as an opportunity to improve the areas where you’re not exceeding expectations.

Conducting simple surveys throughout the year around servicing moments is a great way to capture these insights. How do you measure client loyalty?