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Are uncovered for each Customer Insurance Review with a customer
Is written by agents who regularly meet with their customers.
For agents who meet with at least 20 customers each month for a year.
AGENCY GROWTH, VALUE, AND PROFITABILITY
As an insurance agent, there are generally three goals that you have for your agency: growing revenue, building agency value, and increasing profitability. The very best way to accomplish this is by regularly doing Customer Insurance Reviews.
Doing so will help you:
Increase Customer Retention
Identify Cross-sell Opportunities
Get More Referrals
HOW DOES RETENTION HELP YOUR AGENCY?
IIABA lists customer retention as the single most important factor in determing an agency's value.
It costs 7-9 times more for an agency to attract a new customer than to retain one.
A 5% improvement in customer retention can double profits in five years.
Reducing cancellations by 2% is equivalent to cutting costs by more than 10%.
HOW DOES CROSS-SELLING HELP YOUR AGENCY?
Cross-sell leads have an 85% close rate vs. internet leads that have a 5% close rate.
For every 2 additional policies written for a customer, their probability of cancelling drops by 50%.
HOW DO REFERRALS HELP YOUR AGENCY?
A referred customer generates an average of 5X more revenue than a non-referred customer.
Referred customers have the lowest acquisition costs of any lead type.
A referred customer has an average of 92% retention rate over the first three years vs. a 67% rate for a customer from any other marketing source.
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