Making Good Agents Great: Retention Incentives

By Allison Babberl on June 6, 2017 in Client Retention

Making Good Agents Great: Retention Incentives

Retention is a must

You know how important retention is. You’ve heard all the stats: “a loyal customer is worth 7x more money” and “increasing retention rates by 5% increases profits by up to 95%.” It’s proven that retention is both cheaper and more lucrative than bringing on a new client, but only 18% of companies heavily focus on it.

So what can you do to push your agents to pursue retention?

  • Educate them on best practices
  • Set up an incentive program
  • Provide them with the essential tools

We’ve written a lot about best practices to increase retention. Here are some pieces you can read and share with your agents:

Setting Up an Incentive Program

If you want to push your agents even more to pursue higher retention, then here are some things you could do:

Monetary rewards.

Money is one of the simplest ways to encourage people to do something. Providing the opportunity for a bonus could be a definite motivator for your agents. A fun way to do this is stair-stepping the award like:

  • $500 bonus for 95% retention
  • $1,000 for 96%
  • $2,000 for 97%
  • $3,000 for 98%
  • $4,000 for 99%
  • $5,000 for 100%

Note:

This is an example. You could start at $50 and work your way to $500. You could start at 98% instead 95%. Finding what works best may take some time, but this could prove to be a powerful retention booster if used correctly.

Success Board.

This is an opportunity for you to post the top achievers. Never underestimate the competitiveness in your agents. You can post these in one (or both) of two ways:

  1. In the weekly emails you send out to your company
  2. On a board centrally located in your office

Update Email Signatures.

Client retention is directly tied to the customer service they receive. To help boost retention, consider having the agents put their manager’s contact information in their email signature. It’s like the semis you see on the highways that have signs that say “How’s my driving? Call [insert number].”

The idea is that if clients feel like their voice matters, they’ll feel happier and will be more likely to stay. The agent would hate for their client to call their boss with complaints, so they'll feel empowered to provide them better service. As a bonus, this is simple and easy to put in place. Plus, it's free!

Weekly meetings.

Weekly touch points are the perfect opportunity to share stories and give advice. Set a recurring agenda item to share success stories, what worked, what didn’t, and brainstorm more ideas. Or, at least consider a monthly or quarterly meeting for your entire team to come together.

Provide them with branded cards.

Like I’ve said before, client retention is directly connected to customer service. Give your agents a pile of branded cards they can send out to their clients and prospects. Set them a goal to send out 10 a week. Push them to send one out after any significant conversation. These can be sent out for a variety of reasons like:

  • Congrats
  • Thank yous
  • Sympathy
  • Well wishes
  • Welcomes
  • Goodbyes

It’s been shown that more communication with your clients leads to higher retention. Your clients want to hear from you. Pushing your agents to regularly send out these cards could make a huge difference for your agents’ retention rates.

Not into sending out printed material? Consider an agency management system that allows you to set up automated emails to clients, like AgencyBloc.

Retention Tools

Most people like to have everything in one place. Not only does it simplify our life, but it reduces anxiety trying to remember where something is or who we have to call. This is the same with insurance. Clients like having the bulk of their insurance with one company and are less likely to leave if they do. Use AgencyBloc to make sure your clients are fully serviced by:

Cross-Sell, Gain Referrals and Maintain Happy Clients with Ease

Check out this free, on-demand webinar to learn how you can grow your business by utilizing your existing client base.

Watch Now

  1. TAGS
  2. client retention
  3. training
Allison Babberl
Allison Babberl

Allison is the Marketing Content Specialist at AgencyBloc. She creates educational content and designs videos to promote AgencyBloc's resources to help you organize, automate, and grow your insurance agency. Favorite quote: “Conversation is the bedrock of relationships. Without it, our relationships are devoid of substance.” -Maribeth Kuzmeski More articles

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