This is really how you get more referrals for your agency
Having been in the business of referrals for several years now I can tell you with certainty – there are no hacks to getting more positive recommendations for your insurance agency. I wish there were (and trust me we’ve tried just about everything), but when it comes to insurance, shortcuts to referrals just don’t exist.
What makes this such an interesting topic is that every agent loves to get referrals – so they are always thinking of ways to get more. Yet the harder they try, the more elusive referrals seem to get. Asking your clients flat out for them is about as effective as kicking and flailing in quicksand, but not taking a proactive approach is just as fruitless. So, what to do?
The first step is understanding why it is people refer their friends and family to you in the first place. Only then can you implement a consistent strategy that specifically targets those reasons. The bottom line is that people refer others to your agency because they want to help their loved ones and they trust you will take care of them. Too often I’ve seen insurance agencies implement incentive-based referrals programs that fall flat on their face. Again, this is because they aren’t putting in place a strategy that’s in line with the reasons why people refer to begin with.
The good news is that there is a strategy you can put in place that will steadily increase client referrals and retention. It all comes down to finding ways of increasing client loyalty. Collaboratively, client loyalty is referrals, retention, and renewals.
At Rocket Referrals we have had the privilege of evaluating client loyalty across hundreds of agencies over several years. We gathered thousands of survey responses from clients specifically indicating why they refer an agency to others. At the same time we have collected feedback from disgruntled clients with reasons why they would not refer.
The data pointed to the importance of one specific area: regular and meaningful communication from the agency. The positive testimonials we collected overwhelmingly reference how the agent is in regular contact and genuinely cares about them. There is no perceived indifference by the client. They believe the agent is always working for them behind the scenes and is proactively looking after their best interests.
The negative responses pointed to the same area, but on the other side of the spectrum. Our data showed that 62% of clients were unlikely to refer an agency because there was a lack of regular communication or the agent never returned phone calls.
Next page: 3 simple touch points
- Political reaction: Republicans propose The American Health Care Act
- State Farm reports $1.2 billion pre-tax operating loss in 2016
- DOL aims for initial 60-day delay in fiduciary rule effective date
- Report aims to put a stop to ‘Use It and Lose It’ homeowner policies
- Most LTCI claims begin and end at home; insurers pay out $8.65 billion in 2016 claims, new data confirms
- Record-setting fixed, FIA sales in 2016 can’t keep overall annuity sales from 6% decline
- 2nd annual ‘Insurance Careers Month’ trumpets fact 93% are proud to work in the industry; rallies recruiting efforts
- MetLife annuity and life products officially rebranded under Brighthouse Financial name