Search
 

InsurTech Center

Expert Opinion

3 reasons why successful agents maintain ongoing policyholder communications

Staying in touch with policyholders can help you better understand risk exposures and improve retention.

By Bradley Nevins | August 15, 2022 at 01:00 AM
The saying “just because nobody complains doesn’t mean that all parachutes are perfect” can be applied to insurance. For example you may, unbeknownst to you, have policyholders who are unhappy with their coverage, rates, billing mode and claim experience. (Credit: Rawpixel.com/Shutterstock) The saying “just because nobody complains doesn’t mean that all parachutes are perfect” can be applied to insurance. For example, you may, unbeknownst to you, have policyholders who are unhappy with their coverage, rates, billing mode and claim experience. (Credit: Rawpixel.com/Shutterstock)

A successful insurance agent knows that after a policy is written the work is far from over. Once new business is on the books, it’s important to ensure that it stays there come renewal time and, hopefully, for many years to come. After all, retention is how an insurance agency grows.

A survey by Collinson shows that only 46% of respondents regularly hear from their insurance provider during the year, with 39% missing out on receiving relevant product information and recommendations. The survey also showed that consumer openness for communication is conditional, with policyholders expecting the content they receive to be personalized and based on their individual needs and interests, as well as presenting them with key benefits. In fact, 50% of respondents said they would view their agent more positively if he or she offered information as well as products and benefits that were relevant to them in addition to core insurance product offerings.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

What is a managing general agent?

What is a managing general agent?

Jonathan Goeringer, Stephanie Pierce and JillAllison Opell |

MGAs can offer insurers a cost-effective entry into new or niche markets without having to make the typical expenditures associated with expansion.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.