Why It's About Time That You Prioritize Your Customer Insurance Review Program

It’s probably not breaking news to you that regularly holding customer insurance reviews has many benefits for an insurance agency.


The main benefits we hear about from agents (and write about often on the blog) are increased retention rates, more opportunities to cross-sell, and more referrals.


I don’t want to downplay these benefits, because they’re incredibly important in your agency.


I do, however, want to go into some more detail about other benefits (that aren’t quite as measurable) you’ll see from regularly meeting with your current clients.


Most of the benefits I share will fall into one of the three categories I mentioned above.


So, why is it time for you to prioritize your customer insurance review program?


Let’s get into it.



1 - Customer insurance reviews help set you apart from your competition.


Despite the obvious benefits of annual reviews, many insurance agents still don’t prioritize them.


Research conducted by Nationwide uncovered an intriguing perception gap when it comes to an insurance agent’s view of their service and their customer’s view of their service.


95% of agents said that they’re always there when their clients need them, while only 79% of insurance customers agreed that their agent is always there when they need them.


An even larger perception gap comes into play about regular check-ins.

94% of agents said they regularly check in with customers to make sure their policies still fit their needs while just 69% of customers reported sufficient check-ins from their agent.


From these statistics, it’s clear that agents need to do more than they think they do when it comes to customer outreach - even if only to compensate for that perception gap.


Insurance agent meets with customers to review their coverage.

By regularly checking in with your customers and reviewing their policies, you truly differentiate yourself from other agents.



Peggy Corbett, insurance agent of 30+ years and founder of Agency Transformation, makes another compelling point in her Linkedin article:


“Ensuring your clients have adequate coverage is not the only reason to offer insurance policy reviews. For example, your client may have just put on a new roof or installed an alarm system which would qualify for a possible discount. They might have graduated college or landed their dream job which qualifies them for a new professional discount. The next agent that they talk to will surely discover the additional discounts for which they qualify. This will not only make the new agent’s premium more attractive but it will emphasize that you did not expertly do your job.” (LinkedIn)



It’s also important to remember that a lot of your customers will decline the meeting invitation.


This doesn’t mean that they’re not engaged or that these reviews aren’t worth it for your agency.


Even when customers don’t come in for the review, you’ve shown them that you are there for them and excited to meet and interact with them.


You also show them that you value their business by being proactive.


One of the many successful agents who uses Engagex to set their review appointments, Lisa Boston, said,


“We have a consistent touch base on all of our renewals, and even if they don’t want to come in, it’s a much needed touch for retention.”


2 - Customer insurance reviews help to increase customer engagement.


Engaged customers are gold! They buy more products, stay with you longer, and refer their friends.

(Image source: Gallup)

According to a study by Gallup, only 34% of insurance customers are fully engaged with their agent.

In the same study, we learn that customers who were reached out to by their agent in the past 12 months are twice as likely to be fully engaged than those who hadn’t been contacted by their agent. (Gallup)


As stated by Harvard Business Review,


“Companies at the top of their industries for customer satisfaction rankings for three or more years grow revenue 2.5 times as fast as their peers.” (Harvard Business Review)


So, with only about one third of insurance customers being fully engaged, agents have a huge opportunity to generate more business and increase retention from their existing book!


Man smiles while on the phone with his insurance agent.

Higher customer engagement doesn’t only bring your agency more revenue, it also fosters connection. Randy Garn, one of the founders of Skipio, said,


“In today’s fast paced business environment there’s a disconnect, and it’s a big one.


Business owners are consistently focused on acquiring new customers through “innovative” marketing campaigns.


They want a better go-to-market strategy, stronger billboards and catchier marketing phrases.


But their customers have never felt more detached.


With today’s technology it is now possible to have a person-to-person relationship with every customer.


The more personal and authentic the relationship, the more indispensable it becomes.” (Forbes)




3 - Customer insurance reviews don’t only add value, they also display that added value to your clients.


Insurance isn’t a tangible product.


Most people don’t see the entire picture of the benefits until they have a loss or accident.


So how can you show them the value of your service without them going through a major loss?


Demonstrate and display the value of not only your product, but of the customer experience you provide by meeting with your current clients on a regular basis.


Insurance agent sits with young couple for their annual policy review.

Consider this:


When you’ve found a discount that your client qualifies for, it’s a big benefit to them whether they realize it or not - they’re saving money.


The benefit for YOU, however, only comes when your client is actually aware of the discount you’ve found and applied for them.



The same principle applies to all the things you do for your clients!


By meeting with them to review their policies every year, you’re actively showing them the thing they are paying for without them having to go through a major loss.



If you haven’t been prioritizing your customer insurance review program, now is the time to do so!


It might feel overwhelming to start these meetings, but with the right tools, even the smallest insurance agencies can implement an annual review program that elevates their agency.


Check out our FREE AgencyThrive Program - a series of videos, PDF downloads, and other resources to get things started on the right track!

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