Retention data
What is the percentage of homes underinsured
What is 25%
Tool used to help with comparing current term to renewal
What is the Renewal Transparency tool?
This is a general question you would ask when discussing your clients renewal.
What are discounts, changes, change in violations, cross sell opportunities, insurance score rerun, or paid in full discount?
This strategy can help an agencies retention.
What is have a renewal strategy in place? Contact throughout the year and have a timeline to address upcoming renewals.
Suggest 90-120 days with continuous engagement of some capacity throughout the year.
Review coverage not just premium.
This is how to explain what a policy may have changed in premium.
Share your talking points:
weather pattern changes, dwelling coverage A increased, share potential claims scenarios related to coverage limits, educate on auto changes- cost to repair/replace.
Of the 25% underinsured, 40% of those are underinsured by what amount?
What is 30%
This policy has common effective dates.
What is Platinum?
What is deductible, change in usage, PIP, youthful drivers, senior/retired, single car (company car), collision options, safety devices, miles driving?
This is called asking about other lines to insure.
What is rounding out accounts to impact retention. Run monoline reports, create cross sell campaigns and a contest. :)
These are questions you might ask if looking to cross sell and umbrella policy- which contributes to retention.
What is ask why don't have an umbrella, share lawsuit examples, explain the coverage, provide claims examples and reinforce the benefits of having an umbrella policy.
In 2024, the percentage of policies shopped?
What is 45%?
This billing service can help remind clients to pay on time.
What is text alerts and EFT.
These are items to ask about the home policy.
Roof status, personal property limit, deductible change, scheduled items, service line need, risk management devices, changes/improvements to the home.
This practice should be re-occurring monthly.
What is reaching out to lost accounts to remarket.
How to respond to online shopping.
What is point out the advantages of working with an Independent Agent to include consultant approach, relationship, accessibility....
The increased percentage of longer tenured customers shopping.
33%
This setting can notify agencies to support retention.
What is Intent-to-cancel notifications?
1-2% deductible, and Coverage A.
What are the guidelines for roofs?
Being prepared for renewals.
What is having talk tracks ready when clients call in to discuss their renewal.
This is how to explain an insured saying, I don't need all this coverage, I've never had a claim.
The amount of record high insurance advertising is being spent.
$10.8 BILLION
This is how much more expensive to acquire a new customer than retain an existing one.
What is 5-25x's.
What is said to a client when they call in and ask, "Why did my insurance go up?"
These are the averages for retention. Average, Strong and Best-in-class.
What is:
The reason they should stay with Citizens.
What is emphasizing your partnership in their protection. Sharing Citizens long-standing reputation and claims handling services.