Insurance has the highest customer acquisition cost of any industry, so keeping your clients happy and building a solid retention strategy makes far more sense. The average agency retention rate is 84%, but the top performing agencies maintain a retention rate upwards of 95%.
Do you know your agency’s current retention rates?
How much revenue would you save if you increased retention by just 3-5%?
There are really three main reasons a customer will cancel their insurance policy:
AUTOPILOT PROACTIVE PACKAGE
Every agency has daily activities that should be completed to help retain customers. Most daily task lists would be collected from either the AMS or Carrier page depending on the operation of the agency. By simply providing credentials our team can login to your systems and carriers to get task lists.
- Collect list of renewals from carrier or AMS and sort rate increases
- Enter data to rater and carrier to re-shop
- Set appointment for agent to re-shop and retain client
- Process direct and agency bill payments to bind policy
- Collect underwriting documents or information for renewal necessary
- Late Payment Voicemail, Text, Email
- Cancellation notice, Voicemail, Text, Email
- Reinstatement follow-up, Voicemail, Text, Email for appointment scheduling
- Follow-up for trailing document requests from underwriting
- Policy checking with the issuance of a new policy
- Claim notification follow-up process
- Voicemail, Text, Email process welcome greeting and documentation
- Fix any pending policies that need additional information to be properly issued
- Process for onboarding and follow-up for customers to discuss with them regarding claims, service, and payments.
- Data cleanup information within the AMS to carrier upon policy issuance and download
Package Reports and Key Performance Indicators (KPI)
- # of Total New Daily Activities
- # of New Cancellations
- # of Internal Follow-ups
- # of Renewals upcoming 30 days
- # of Newly Issued Policies
- RENEWALS Policies Re-shopped
- RENEWALS Policy Reviews
- RENEWALS Coverage Changed
- ACTIVITIES Reinstatements/Rescinded
- ACTIVITIES Payment Received pending task Closed
- ACTIVITIES Collect underwriting trailing documents requested
- ACTIVITIES Contacted for underwriting information request
- ACTIVITIES Loss History
- ACTIVITIES E-signatures
- ACTIVITIES Contacts for Late Payments
- ACTIVITIES Claims follow-up
- ONBOARDING Process Completed 30 day and 90 day F/U
- ONBOARDING Resolved Pending newly issued policy or change
AUTOPILOT REACTIVE PACKAGE
As work is received by the team receiving phone service requests or email requests. This work can be assigned to work queues monitored by our service team. Reactive team member reps are trained to be able to receive incoming work requests from within the agency’s AMS and Email. Staff are assigned to be able to resolve queues within the 24-hour guarantee. Though the goal is to resolve service requests within a few hours.
- Requests from a customer to change a property on a policy all details with correct info must be provided
- Policy changes requests such as coverages, additional riders, and deductible changes
- Adding and removing lienholders as well as sending out a confirmation to the customer and lienholder
- Monitoring an inbound email inbox for certificate requests as well as completing certificates
- Entering information from a quote sheet into the rater and management system for producer follow-up
- Finalizing quote inside of the rater and bridging into the carrier page
- Fill out generic quote, Acord, and simple supplemental applications
- Process payment and bind coverage for policies, agency billed and direct billed
- Sending out Voicemail, Text and Email, notifications to customer of missing and required documentation
- Uploading received documentation to carrier and documenting the file with information
- Agency VA will provide New Business quotes on a limited basis included in this package
Package Reports and Key Performance Indicators (KPI)
- # of Assigned Tasks in AMS
- # of Received Certificates
- # of Quote sheets received for rating
- ENDORSEMENTS How many endorsements were completed daily
- CERTIFICATES The quantity of certificates that were filled and sent out daily
- QUOTES List the amount of quotes that were completed on a daily basis
- CUSTOMER FOLLOWUP List the amount of customer follow-ups completed
PHONE SERVICE PACKAGE
Being the face of an insurance agency is an enormous responsibility. This is often when customers make critical decision, and every interaction could win or lose an account. When answering inbound calls for an agency it is critical that reps maintain a relaxed almost familiar dialogue with the customer. Attempting to help every single customer is critical to not passing on calls back to agents and distracting them from their valuable income producing activities to gain new clients.
- Resolve billing questions by looking up carrier page or contact carrier service team
- Process payments for customers on carrier page or via POS (epay policy, etc…)
- Initiate claim requests and warm transfer clients to carrier claims departments
- Complete Certificates of insurance send out to customer (Role 2)
- Send out proof of insurance to customers from requests (Role 2)
- Process endorsements (Role 3)
- While on the phone fill out a generic Acord or quote sheet (Role 2 & 3)
- Receive information to process endorsements (Role 2 & 3)
- Forward calls to agents for upsell, cross sell, and new business (Role 2 & 3)
- Generate new pricing within rater for carriers provided by agent login
- Voicemail, Text, Email process welcome greeting and documentation
- Fix any pending policies that need additional information to be properly issued
- Process for onboarding and follow-up for customers to discuss with them regarding claims, service, and payments.
- Data cleanup information within the AMS to carrier upon policy issuance and download
Package Reports and Key Performance Indicators (KPI)
- # of Inbound calls received Daily
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- INBOUND CALL SERVICING How many calls were received and completed each day a task from that call
- INBOUND CALL SERVICING The quantity of certificates or EOI that were filled and sent out daily
- QUOTING The number of calls that were completed each day.
