We have all seen a “Get rich quick” scheme, or the magazine article with “The secret to improving your business.” Most of these articles do not provide new information or even a solution that is easy to implement. The idea that if it seems too good to be true, it probably is, still resonates.
It’s not a secret that retaining business is less expensive than gaining new clients. In fact, experts estimate that it is four to six times more expensive to gain new business than it is to retain existing customers, and an estimated 65% of new business comes from existing clients. Still, if retaining business were simple, every agent would have a successful agency. As the process of retaining existing customers for a larger book of business becomes more cumbersome, it is understandable that, on average, agencies only hold a retention rate of 78 percent.
Agencies with EZLynx Retention Center, however, take a proactive approach to customer retention with “too good to be true” results — with an average retention rate of 86 percent.
With the EZLynx Retention Center, the client retention process is put on autopilot. Agents are provided with recommendations for accounts that are up for renewal to help agents prioritize their customer service activities.
An Expiration List is generated to provide agents with a list of upcoming renewals. Policy management is streamlined by customer risk, allowing agents to focus their attention where it is needed most.
For commercial clients, the Expiration List automatically displays the upcoming commercial renewals, with each agency having the ability to customize the specific expiration timeline for personal and commercial lines separately. Patented automation allows agents to prioritize and analyze renewal offers on commercial policies.
Even an agency with a perfect retention rate can stand to improve its retention process. EZLynx Retention Center brings policy renewals into focus, prioritizing retention and standardizing efforts around repeatable best practices.
Listen to one of our existing agents and find out how EZLynx Retention Center can improve your workflow.