Of course it helps retention if you continue to deliver quality value once new business has been secured.
There are key messages and information which shared in a timely fashion, could greatly improve your client satisfaction.
Talking with prospective clients on behalf of brokers, there are certain areas where clients are dissatisfied with the service they receive. Here are some indicative comments.
- “My broker only gets in touch when the premium is due.”
- “I had no idea what a mid-term adjustment is or when I should have notified it to my broker.”
- “No one had explained to me what a ‘Duty of Disclosure’ is.”
– According to PWC and Mactavish, 86% of corporate buyers do not fully understand how onerous the duty of disclosure really is
- “My broker didn’t explain to me that I don’t need to insure every risk, some risks I can manage.”
- “I didn’t realise there was a better way to calculate my business interruption requirements”
- “My broker always holds on to my claims experience until the last minute”
A program of timely engagement (information and visits) with clients should significantly increases the chances of them staying with you year after year.
Now I do understand that most Insurance Brokers do not currently have any issues with their client retention rates, however with many significant figures in the industry hailing organic growth as the way forwards, and with the aggregators eating their way into the low premium commercial market; some are perhaps rightly concerned that Insurance Brokers are about to feel a squeeze of their own.
What do you think? Could your retention rates be improved by educating your clients? Or would this put you at risk?
Let’s discuss in the comments below, or better, for a more in depth discussion please call 01293 880 180, and ask for me, Malcolm. You can also e-mail firstname.lastname@example.org