Many agents dread the anniversary date of their client's insurance policy. They're resigned to the potential loss of that client to another agent or broker.
But top producers know that it doesn't have to be that way.
Whether you're courting current customers or giving old prospects another twirl, renewal time can offer a golden opportunity for additional revenue. A conversation orchestrated with finesse - and good timing - can result in renewal dates that deliver new insurance leads and sales.
Your Best Access to New Customers Are the Ones You Already Have
An upcoming renewal date provides the perfect window to get your current customers on the phone. And if handled well, this can open into a discussion of other products - or even referrals, the best kind of insurance leads.
Of course, the key to approaching either of these subjects is customer service.
You don't want to give your call the telemarketing kiss of death. You also don't want to endanger your good standing with your customer and, in a worst case scenario, annoy them into choosing a different agent. However, with some judicious wording, you can actually score points by making your client feel taken care of. Try something like this:
"Hi Carol, this is Jason of BBG Insurance. Your policy's renewal date is coming up. I'm calling to give you an insurance check-up to see how your current plan stacks up in today's market."
First, this call shows that you have initiative. Second, you put your commitment to service front and center.
Before giving them a chance to move elsewhere, you can answer any questions or problems they may have. Even if they don't have any issues or problems with their current plan, they may give you an opening to bring up other products - or ask for a referral.
If you know for a fact that their premiums have gone up, offer to help them compare other plans. This may mean switching them to a different plan or carrier. The best way to do this is with a multi-carrier insurance quote engine that lets you and your clients compare different plans side by side.
You can also use the end of the conversation as a last opportunity to make sure all their needs are met by asking if they have questions about other services. Alternately, you can use the occasion to let them know that you are available to them as a complete insurance resource. Something like this achieves a good balance between directness and grace:
"Okay, great! I'm so pleased to hear that. Now, keep in mind that if you have any other insurance needs such as life insurance or car insurance, I'd be happy to help you there, too. And of course that goes for anyone you know as well. It is my goal to be as valuable an insurance resource to you as possible."
Old Prospects: Strike When the Iron's Renewal Date Is Up
Just because a prospect didn't sign up for a policy with you a year ago doesn't mean they won't this year.
They may be unhappy with the policy they chose - or the agent they worked with. Even if they are satisfied with their previous policy or agent, there's a good chance that they've received a notice of a premium increase.
Whatever the reason, their renewal time is your chance to convince them to make a switch. Ah, but how do you make sure they switch to you?
The quick answer is to be the one who gives them options and keeps your offers on their mind at all times.
While this might sound like a magical deed for many agents, it's as easy as clicking a mouse for any agent with email autoresponders. An email autoresponder is a lead nurturing tool that allows agents to program email campaigns up to 12 months out, scheduling them for crucial times - such as right before a renewal date.
LeadMiner, one of the top marketing autoresponders in the health insurance industry, even provides seamless integration with a multi-carrier quote engine. This means that you can send emails with updated, custom quotes based on the information your clients originally submitted when they were just insurance leads.
In addition to renewing a prospect's interest, an advanced system such as LeadMiner also notifies you when a prospect or client actually viewed your email and clicked on a link to get updated quotes. This is a clear indication that they have insurance on their mind and are prime candidates for a call or a timely email reminder.
So whether you're courting the prospect that got away or getting referrals and new sales from your current customers, don't pass up on renewal time-the potential for new revenue is just too great.
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