A client facing a big rate increase starts shopping before anyone calls.
Get a one-page Payback Sheet for your agency: what lost renewals cost a year, what one more point of retention returns, and what is left after the cost of the technology.
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Want the background? Check out the Financial Services & Insurance industry page.
Example Payback Sheet
Vellacourt Insurance Agency
Renewals · independent agency
What it costs a year
16 percent of revenue does not renew
$480,000
What fixing it returns
1 more point of retention, first year only
$30,000
After the cost of the technology
Pending
Recommendation: Worth pricing. Start with outreach before every renewal.
From an industry study of independent agencies: “Among agencies with improved retention, 32% proactively reach out to clients at least once a month, compared with 24% of agencies with flat or declining retention.”
