One of the best ways agents can retain their auto insurance leads is by reaching out to them when they need assistance, a new report indicates.
According to insurance policy validation company Quality Planning, strong customer service programs can help insurers hold on to their customer base, while also decreasing the number of claims.
The report - "Customer Contact Analytics New Fuel for Bottom-Line Growth" - found retention rates were higher for insurers who were able to get in touch with their customers after a purchase was made compared to customers who could not be reached. In addition, the insurers who were able to touch base with their customers through the phone tended to receive a smaller number of claims in the following year.
Raj Bhat, president of Quality Planning, noted that quality customer service can't be emphasized enough as something crucially important for insurance agents to do. He also stated that implementing customer retention programs can help insurers determine which clients are more likely to stay with their auto insurance provider once their policy expires.