Marketing 101 – The Hidden Value of Policy Reviews

This week we are continuing the popular Marketing 101 series. Even the most basic tasks in an agency need to be reviewed from time to time. When you have a proven process, these tasks are gold!

Policy reviews are a fundamental, basic of the business that you and I are in. It is critical that you offer and complete policy reviews on a regular basis.

Here are a few tips to make sure that you and your customers are getting the most out of policy reviews:

  • The best time to do a policy review is when your customers are renewing their policies. After testing this thoroughly, we found that at renewal is the most convenient and profitable time to complete a policy review. If you do a policy review at every renewal, you ensure that your customers are up to date and have the protection they need. For homeowner’s, this review comes annual at renewal, and for auto customers, their policy review marks their anniversary date.
  • Take a proactive and controlled approach using multi-media (email, direct mail, text, and phone call) to contacting the customer. When we speak to our customers at renewal, we need to control the conversation. With that mindset, explain immediately that you want to help them by ensuring that they are receiving all the discounts possible. Once you say “discounts” most customers will be receptive (and even excited) to continue the conversation to find the gaps in their coverage … more on this below.
  • Key point of a policy review— Make sure that your customer has adequate protection. Remind your customers that as the circumstances of their lives change, it is likely that they will need to change their insurance protection as well.
  • Make sure that you are making the most of your time with the customer. Above everything else, be helpful and listen carefully. Answer any questions that the customer may have about their policy.

Take these tips, and turn your current Policy Review process into a new business and retention

Want an easy to follow sheet that helps you through the review? Email [email protected] to request our step by step process that walks you through it with scripts.