Client loyalty is a huge deal.
It may seem that someone who is buying life insurance would be making the purchase for life, not seeing a reason to switch agents or carriers. But the moment another agent comes along and offers better service and a better price, you bet they'd consider dropping your policy and picking up your competitor's.
The top 3 life insurance companies for customer loyalty are State Farm, NY Life & Allstate. Their scores were determined by the NPS score. Need a refresher on the NPS score? Look here. Let's take a look at their scores (infographic courtesy of LifeHealthPro):
What have these three companies done right?
The biggest thing they did right was to collect their NPS score in the first place. You'll usually never know what your clients think of you unless you ask, and the NPS survey is the perfect way to do that. Basically, you'll ask your clients how likely they are to refer you on a scale of 1-10, with 10 being very likely. The more likely they are to refer you, the more likely they are to be loyal to you. That only makes sense right?
With this intel, though, these companies are able to solve areas where they might not be meeting their clients' expectations. For instance, they can reach out to clients that give them a medium to low score and hopefully resolve the issue. Bottom line: you can't solve problems you don't know about, but you can lose clients over problems you don't know about.
A good example of this is if a client doesn't realize you sell a certain product, so they switch to a competitor who offers them the policy you had with them plus the new product they were looking for. You would think a client would come to you and just ask, but that's not always the case. So, always be monitoring how you're doing with your clients.
There are, of course, more things these companies have done to have the high client loyalty that they do. The information in the infographic is based on these areas where they please their clients: "company reputation, buying/sign-up experience, ease and convenience of finding policies and acting in customers' best interests."
But the most important thing to realize here is that these companies wouldn't know how they were doing in these areas without the NPS, so get started with that immediately. There's a pretty cool company who helps insurance agents with it every day: Rocket Referrals. Happy NPS surveying!
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