MARKETING
interactions or the last interaction ’ s status , it can act as an important lever to create multiple targeted communications to a single client .
For example , a client near the top of the list for retention had reached out to check if a specific coverage is included in his policy , and the result was not affirmative . That client now has a higher chance of having a less optimistic outlook towards renewing that policy . A tactical recommendation would be to reach out to the client well ahead of the renewal date with a positive message . Contrary to this example , if the last interaction was fruitful , then the retention call can be enhanced with a cross-sell recommendation .
CONCLUSION With the advent of analytics , retention strategies can be built around predictive models . Just as a businessperson sees patterns in operations and results and uses those to maximize his endeavors ’ success , analytics uses machine learning to detect micro-patterns to predict behavior . This prediction can be used for intervention and correction or positive confirmation .
A key strategy to consider in the retention program is quality . There is a business that is not worth renewing
for various reasons like insufficient revenue , risk profile mismatch , and loss experience attributes . A filter for these and similar attributes can be built into Strategies B , C , and D to improve business quality by not pursuing renewals with negative attributes .
Strategy A provides the foundation by helping your agency identity whom to contact . Progressively , Strategies B , C , and D help determine the when and how of retention interactions . Data can be used to make the retention and renewal activities in an agency sharper at multiple levels in all four . Even the most basic strategy can be augmented with data analytics in a short period , and your agency can then look forward to graduating to the next level of advanced data-driven strategy .
Keagan is an innovator for insurance agents and carriers and CEO of BriteBee .
BriteBee helps insurance agents “ bee found ” online by spotlighting partner agencies where consumers are searching via a robust marketing platform and digital directory . The focus is on making insurance agencies discoverable by their brand , the products they offer , and the companies they represent . OurBritBee platform equips agents with the
understanding to translate data into actionable steps . britebee . com
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