Property & Casualty insurance is fairly unique in the insurance world, as customers are not locked into their purchase for any regulated period of time. This means that P&C insurance customers are driven by entirely different reasons than those purchasing health insurance, life insurance or other insurance products. Loyalty to their providers is one of the largest driving factors for individuals seeking to purchase property & casualty insurance. Because of this, additional emphasis must be put into the way that your agency handles customer service and how you communicate with your customers.
Here are a few ways to ensure that you are getting the most out of every lead:
- Enhance Customer Service Processes: Understanding the customer sales cycle is vital, especially when it comes to wanting to convert more leads. Agencies that do not track all points of contact with a customer are at a distinct disadvantage when it comes to the sales process. By understanding previous interactions between a customer and your P&C agency, you will be best equipped to provide the best product recommendations for your customer and, thus, improve the overall customer service experience.
- Be Versatile: Being able to handle and meet with leads in the way that they are most comfortable is an extremely important aspect of sales. Some customers are perfectly comfortable purchasing insurance over the phone, while others prefer to meet with an agent face-to-face. Being equipped to identify these preferences and appropriately route leads to the correct avenue will help to increase lead conversions and the overall satisfaction of your customers.
- Automate Intelligently: Too often we find that agencies are spending a significant amount of time doing things the old way, missing out on a number of opportunities and significantly reducing their chances of converting a lead. Implementing a system that automates the correct areas of your agency will help ensure that you continue to focus on the important things, such as your customers.
Customer loyalty is key regardless of your industry, however when it comes to insurance, this is most true within the realm of property and casualty insurance. While prices may vary across providers, oftentimes this is not the primary reason for an individual to seek out new options. Many individuals are willing to pay more for better service, and while price can definitely be a driving factor, it is much more likely you will retain these customers by providing a superior level of customer service.
These tips will not only help you improve your overall number of P&C conversions, but also help you optimize sales efforts across all of your distribution channels. Because the P&C sales cycle is so different from other forms of insurance, it is vital that your agency understands the importance of providing industry-leading customer service to ensure you are getting the most out of every P&C lead.