The insurance industry has proven itself to be both pandemic and recession-proof. Uncertain times tend to highlight the need for insurance and protection. However, some clients have had to cut back on their insurance portfolios, due to a lack of work and resources. Now that we're nearing the light at the end of the tunnel and the country is starting to wake up and start to thrive again, it's time for independent insurance agents to look back on lost business and take steps to regain lost clients due to COVID-19.
How to approach lost clients
As with most major loss events, the insurance industry has been prepared for the impact of the global health crisis. Though financial losses are expected to exceed USD$200 billion globally for the industry, the demand for insurance remains relatively steady.
How to approach lost clients in order to regain their business requires a bit of empathy and fitness. One of our biggest strengths as independent agents is our personal touch, and this will be your biggest asset when you take steps to regain lost clients due to COVID-19. Another is the ability to customize their coverage to fit their needs and budget because you have a variety of options to offer.
Approach clients with empathy and understanding for their situation. Knowing why your clients had to leave your agency, or simply cut back on insurance will ultimately be what helps you gain back their business. Being mindful of their situation will help guide your approach.
Regaining lost clients due to COVID-19
Reaching out with a personal email - or the client's preferred method of communication - to simply make yourself available is the most effective way to regain lost clients. Making yourself available if and when they need you will leave the door open for them to return. A gentle reminder of your services, without being pushy, will make it easier for them to reach back and talk about coming back. Inquiring about their new situation and how you can help find different policies that reflect their new normal and new lifestyle after the pandemic is a major selling point; you can find the insurance that meets their requirements and provide them with the best value for their current situation and budget. You open the door, and then you wait and hope that they walk through that door.
At Affordable American Insurance, we offer our members a proprietary dashboard that has changed the way that we operate, giving each independent agent unique insights and analysis to help grow their agency. It also acts as an organized client database with important information about each client so that you can better serve their needs. The more detailed and organized you are, the easier it will be to retain clients, as well as regain lost clients and business.
Contact AAI and join us today and help your continue to grow your agency and provide the best customer service to your clients.