Retain and Gain Customers with Quality Staff and Resources

In today’s financial environment, every transaction with a customer or prospect needs to be handled with great attention to detail. Yet it’s not just about transactions. Your agency team needs to represent you well on every single interaction – even if it doesn’t result in a policy retention or sale.

Let’s look at the factors driving the current competitive insurance market and then address ways you can rise above your competitors.

The Impact of the Economy and Industry Trends

Although inflation is starting to slow slightly and the Dow closed at a record high in mid-May rising above 40,000, insurance carriers in many markets are still exiting, retracting, tightening underwriting and implementing significant rate increases.

This can make it difficult to retain customers, so resources are often needed for an agency to focus on requoting, changing coverages or moving carriers. On the flip side, it can provide an opportunity for you to serve those who are seeking new products and agents.

Any successful agent will point to their frontline staff as a primary key to their retention and sales success. So how do you make sure you hire the right people for your office and how do you make sure they’re equipped to excel in their job?

1. Be choosy about who you hire. Although it can be time-consuming to conduct effective interviews, time spent with a potential employee is always valuable. As you start thinking about the role you need to fill, focus first on the characteristics and traits the ideal candidate should have and THEN define the details of their role. You can always train someone on software, office procedures and other tasks, but you can’t teach someone how to have integrity, kindness and a strong work ethic.
2. Set your staff up for success. Wise employers make sure that their team members have everything they need to do their job at peak performance. Whether that’s ergonomic seating, current technology or other agency resources, employees should have the tools needed to function efficiently, comfortably and confidently.
3. Train and prepare. Depending on the employee’s role, they may need computer guidance, product training, licensing resources, cold call instruction or other skill development. In addition to increasing their knowledge base, it’s important to prepare them for the office culture – that could include simple things like addressing older clients as Mr. or Mrs., handing out coloring books to children while their parents meet with you, offering beverages, the level of formality/informality you prefer when calling or emailing customers, etc.

Making It Happen

If you need to hire additional staff to meet your customers’ needs – or you need to give your existing staff a promotion or raise – then working capital can fill in the gap as you lay the groundwork for a growing agency.

Perhaps your technology or office furniture should be upgraded for optimal performance, requiring a capital investment. Investing in technology to make the process of customer retention and requoting more efficient can help gain back time to focus on new customer acquisition.