A poor retention rate is a major concern for any Broker. When you lose clients during their renewal windows, it’s hard to establish a regular base of income and any new clients simply fill a void instead of growing your business. This uncertainty is a big reason why many Brokers strive to improve retention rates with their Groups. There are several reasons why Groups leave—poor service, promises from other Brokers, a client not understanding the extent of your services— but there are measures you can take to be proactive to limit the chances that a Group will leave. Here are three ways that you can improve your retention l rate ahead of quoting season.
Begin the Quoting Process Early
You don’t have to wait for a group’s renewal window to start the quoting process for that group. In fact, getting an early start can help you improve retention rates in a few ways. Renewal times typically ranges from 60 to 120 days, but a head start can give you more time to work with your group. That means more time to collect medical information, pull rates, and present quote options to your Groups, which can be extremely helpful if you’re approaching the renewal deadline. Combine an early start with a few time-saving tips to quote more Groups faster and you have a plan that can help you increase the number of Groups you work with and the retention rates for those Groups.
Another big advantage of starting the quoting process before the renewal window is that it can limit the chance that your Group will contact another Broker. An incoming plan renewal period can lead Groups to consider shopping around with other Brokers. Being proactive with your Groups can get you out in front of them before they have the chance to talk to Brokers who promise more value than you do.
Stress Customer Service Early
While it’s good to start the quoting process early, it shouldn’t be the only thing you talk to your Groups about before the renewal window. Quality customer service can help you build a relationship that leads clients to remember you instead of considering other Brokers. There are measures that you can take to proactively keep your clients happy. If there’s a change in legislation or some other update that could affect a client, reach out to your Groups to let them know about it, explain how it impacts them, and give them next steps about what they can do or come to expect. You can also ask for feedback about how you can improve and what you can do to better serve them. This personalized service can help you build a stronger relationship ahead of quoting season.
Make the Quoting Process Easier Ahead of Time
A little preparation can make a big difference when it comes to your retention rates, especially if that preparation involves investing in tools that make the quoting process easier for both you and your Groups. By taking the time to evaluate Broker quoting software ahead of time, you can have the technology in place to impress your current clients and take on more Groups at the same time.
The FormFire platform is designed to give you a suite of professional tools that will streamline the quoting process for everyone. Through this platform, you can collect employee data electronically, which eliminates tedious paperwork. FormFire’s online interview system will make Employers happy by limiting the amount of work on their end while you receive more accurate data in less time. FormFire can also help you standardize your proposal efforts, and keep you from having to handcraft each group's proposal individually. That’s a combination that not only saves you time, but also makes you look even more valuable to your existing Groups.
Want to see how the FormFire’s health insurance quoting and proposal software can help you improve your renewal rates and take on new Groups? Request a demo [link to https://www.formfire.com/demo] of our software today to see the benefits for yourself.