Client retention is crucial in any business but critical in the insurance sector. Without long-standing client accounts, an insurance agency would have little to no chance of survival.
This is mainly because a high client turnover is harsh on an agency’s cash flow. The reason many agencies fold in their startup years is because they fail to meet the requirements of their customers, which means they go looking for insurance products elsewhere.
If you are struggling to retain your customers, the growth and sustainability of your agency is at risk. Fortunately, Jenesis offers a solution that will help you address your challenges.
Why Is It So Hard to Retain Customers in the Insurance Industry?
Several factors contribute to the challenge of retaining insurance clients. Arguably, the biggest reason an agency’s existing clients would start looking for other insurance providers is cost-related.
In a time when being cost-conscious is a must, policyholders will inevitably search for the best deals. If these customers find enticing insurance deals with another provider, they won’t hesitate to switch. If your agency doesn’t offer alternative products for smaller budgets, this will hit you right in the profit. For example, you could create affordable car insurance packages for older cars. Or you could offer cheaper insurance for people who have just started their careers.
Insurance costs are not the only cause of a high client turnover. Sometimes, existing policyholders turn against their insurance providers because they experience a lack of communication. For instance, if you only contact your customers once a year to renew their policies and then tell them a huge premium increase is on the cards, you’ve all but lost them.
Moreover, a drawn-out and overly complex claims process is a big no-no for modern insurance customers. Instead of stacks of paperwork, they want a client portal where they can upload details and photos supporting their claims. If your agency takes weeks to resolve claims and, in certain cases, goes back and forth only to not pay a claim, you’ll lose even more existing customers.
There are several other reasons customers jump ship to other insurance providers or stop buying insurance altogether. These include a lack of personalization. Clients want to feel valued, so if there is no effort to cater to their needs and preferences, they won’t stick to their existing insurance provider. Also, if their insurance company doesn’t offer value-added services, it becomes harder for them to find reasons to renew their policies.
How Jenesis Can Help You Retain Clients
Jenesis can help you tackle all these challenges head-on. We have a range of solutions designed to assist insurance agencies with client retention over the long term. Our data-driven solutions help drive customer engagement and loyalty for the benefit of your business and your customers.
Jenesis’ advanced data analytics features allow you to tailor your insurance packages according to your customers’ requirements. This is the quickest and easiest way to show your customers that you value them and want to solve their insurance challenges.
Our software options also allow you to create an omnichannel customer experience. This means your customers can interact with your business across multiple channels, including your website, social media, and through dedicated client portals. Your customers can also use these client portals to access their policy information, file claims, and update their details.
Speaking of claims, JenesisNow can help you streamline your entire claims-handling process. With our software, there is minimal need for sales agent intervention. This reduces customer frustration and decreases the chances of customers canceling their policies.
Jenesis also offers risk management tools and value-added services that your agency can use to bolster your customer relationships.
Jenesis Offers Quantifiable Results
Jenesis prides itself on getting results. We want your agency to grow and succeed almost as much as you do. This is why all our agency solutions are geared towards customer satisfaction.
With the help of our range of software solutions, you will experience an increase in customer retention. This is because we give you the tools and strategies to improve customer service and create personalized customer journeys. Our software programs and systems make your agency more efficient and, most importantly, more customer-friendly.
Create Your Client Retention Strategy Today With The Help of Jenesis
The insurance world is not static. It constantly changes and evolves as laws and regulations are updated, and customer requirements increase. What used to work in the past to help agencies retain their customers no longer works.
There is significantly more competition in the insurance sector, too. This means that your agency must take the necessary steps to ensure you don’t have to close your doors due to low client retention rates. Your business needs a proactive, innovative approach to customer service and satisfaction.
That is what Jenesis offers. We’re here to give you the strategies, software, and tools you need to strengthen your customer relationships.
If you want to see the results we offer, contact Jenesis today for a consultation on how to better retain your agency’s customers.