When you meet with clients to review their life circumstances compared with their current policies, you often find that there are gaps in their coverage, and you are then able to up-sell or cross-sell these clients. People’s lives constantly change. For example, a young auto policyholder may have gotten married, bought a house, and/or had a baby since you last met. These are opportunities to turn a mono-lined customer into a multi-lined customer and sell new policies. Another example: your client has a daughter who is now 15 years-old and enrolled in driver’s education classes. You can make a note to follow up in 8 months when she gets her license and needs to be covered on the auto policy.
In a recent survey or insurance agents who conduct policy reviews, 96.3% of agents identified uncovering new policy opportunities as a reason for emphasizing customer insurance review meetings. The same agents reported uncovering an average of 1.7 new sales opportunities in each meeting they conducted. 89% of agents said these sales opportunities are typically the same or higher value than other lead sources.
When you meet with clients, you can also help them avoid risks and even find discounts. When your client has a positive experience, they are more likely to refer friends and family to you. A customer insurance review meeting is the perfect time to present your referral program and generate referrals.
By meeting with your customers on a regular basis and finding ways to protect them from lack of coverage or even save them money with new discounts, it helps you build a strong personal relationship. You also get the opportunity to display your expertise in the insurance industry. Your clients can see that you are looking out for their best interest and know how to protect them from risks. This relationship creates a reputation for you as a trusted advisor rather than a simple insurance salesperson. The result of this relationship is improved client retention.
In the same survey mentioned before, 92.6% of agents who conduct policy reviews identified improved client retention as a reason for conducting the meetings.