You’ve probably heard about the four P’s of marketing, but have you heard about the four B’s of client retention?

It’s common knowledge that it’s a lot cheaper to keep a current client than it is to get a new one. In fact, business leaders estimate that it costs six times more to acquire new clients than it does to keep existing ones.

Client retention is important for business success, but it’s also an often overlooked principle among health insurance agents and brokers.

Here’s part 2 of this 2-part article…

2. Be Indispensable

Each new client is another opportunity to establish your thought leadership in your market. It’s another chance to build your reputation as the agent that consumers can turn to for the vital health insurance information they need.

To capitalize on this opportunity, top producers now maintain an email newsletter or blog, or both, that keeps clients informed about their health insurance options:

• Answers to common program questions
• Advice on how to expedite claim requests
• Tips for lowering premiums and costs
• New plans now available from your carriers
• Life insurance, annuities and other plans your clients should consider

Email newsletters and blogs are inexpensive to create and maintain. However, it does require a commitment to creating and delivering helpful information. So make sure you have at least a three-month calendar of topics before you launch.

3. Be Brave

Customer complaints and angry clients are part of the business. When a client receives unsatisfactory service from a carrier representative or from a network provider, they may take it out on you.
Sometimes the problem is close to home, such as an unreturned phone call or a file misplaced by your assistant.

Whatever the cause, avoiding an angry client is the worst thing you can do. True professionalism requires having the courage and self-confidence to handle customer complaints and dissatisfaction head on.

You may not resolve every issue, but it does show that you’re someone that prospects and clients can rely on for professional and sincere service.

4. Be Ready

One of the best ways to increase client retention is to anticipate when they’re most likely to start shopping for a new plan.

Many individual health plan consumers typically get that itch to switch plans shortly before their current plan expires. That’s usually when they get a notice from the carrier announcing an increase in their premiums or a change in their coverage.

As they say in the old Westerns, you need to head them off at the pass.

That’s why top producers routinely turn to their BrokerOffice lead management system to keep them on top of current clients, as well as prospect and leads. They can use BrokerOffice’s calendar feature to schedule reminders a couple of months before each client’s anniversary date.

You can then use BrokerOffice’s convenient email program to start sending those clients an invitation to call you for a “health insurance check-up.” Let them know that you can help them review their policies to see if you can find better options for them.

And if your BrokerOffice lead management system is integrated with the Norvax Insurance Quote Engine, your email can even include a link to a personalized health insurance quote. Your prospects can then follow that link to your website and online quote engine to start comparing plans and policy options — that you offer.

By becoming your clients’ shopping advocate, you can continue to help them find the right insurance plan. You’ll also continue to be the person they turn to year after year for their health insurance answers.