A Broker’s most important clients can be the existing ones. While finding new clients can be a key part of your business, it’s extremely beneficial to focus on client retention strategies that can prevent quality Employers from moving on to another Broker. Why is silent retention so important? First, keeping clients is a good financial decision. as The National Law Review notes that it can cost five times more to acquire new customers than to keep current ones. Second, a bad experience can lead lost clients to convince other Employers not to use your services. Fortunately, there are measures you can take to keep clients happy. Here are some tips that may help you improve client retention.
Personalized Service
Clients don’t want to feel like a number. It’s important to build a relationship with an employer and making sure that they feel like you’re more than just a dollar amount to them. Try to meet with your clients in person and connect with them on a personal level. Get to know more about their business and their families. Don’t just call them during renewal season or if there’s a problem. Check-in calls can show clients that you’re keeping them in mind and not just checking off boxes to make sure your business interests are in order.
Keep Clients in the Know
The quoting and enrollment process can be confusing for Employers. It’s important that you do what you can to educate your clients so that they don’t feel like they’ve been left in the dark. Give clients detailed explanations of benefits and options and explain any specific insurance jargon or other tricky details. It’s also important to keep clients informed about other crucial updates. If a client is going to receive a premium increase, make sure you let them know before they find out about it on their own. That way you can explain why a change is happening and act as a trusted expert as opposed to someone who’s just looking to collect the bill.
Ask for Feedback
Don’t be afraid to ask your client if there are any ways that they can improve. Client surveys and one-on-one conversations can help you identify what Employers like about your services. They can also uncover potential issues that may result in your client leaving you if they’re not fixed. Hearing criticism can be difficult, but it’s better to have them voice their concerns before it’s too late. Client feedback allows you to address situations so that you can better serve your clients. Not only can this be proactive about problems, it also shows your customers that their voice is heard.
Simplify the Quoting and Enrollment Process
At the end of the day, if you can help Employers save time and energy while they find the right health insurance plan, they’ll be more likely to continue working with you. Fortunately, technology can help them cut out the seemingly endless paperwork and inaccurate data collection that can leave a bad taste in an Employer’s mouth. Information collection doesn’t have to be a painful scenario. Investing in health insurance quoting and enrollment software allows you to streamline the information collection process. This saves employers from dealing with reams of paper and improves the accuracy of the data transferred to the Carrier, which can make your customer much happier in the long run. Want to see how FormFire can make benefits management easier for your and your clients? Request a demo of our software today to try it for yourself.