Improve Carrier Retention with EZLynx Agency Pulse

Improve carrier retention

Many agencies miss out on chances to improve carrier retention through cross selling opportunities every month. Agencies collect massive amounts of customer data through their normal course of business. The bad news is most systems cannot intuitively gather, analyze, and present the agent’s customer data in an easy to understand snapshot of the agency’s performance.

EZLynx Agency Pulse is a monthly analytics report that helps agencies monitor trends from several important business categories. Aggregate data (generated from an agency’s EZLynx Rating Engine and Management System account) is compiled and delivered directly to the agency principal’s inbox.

Each report clearly shows month-over-month changes to key factors. This allows the agents to quickly surmise whether their marketing tactics are effective. If the numbers are not moving in the right direction, an agency can make quick adjustments.

Agency Pulse email

Key factors include:

  • Close ratios
    • By line and by producer or CSR
  • Retention calculations
    • Total carrier retention by line
  • Cross selling effectiveness
    • Policies per customer
    • Active policy count bands
  • Policy and premium statistics by carrier
    • Ranking by percent of book
    • PIF counts
    • Change to PIF counts
    • Annual premium estimates
  • Commercial lines policy and premium statistics
    • Customers added
    • Customers lost
    • Total number of customers
    • Number of policies
    • Annual premium estimates
    • Summaries by state
    • Breakdowns by line of business
  • Personal lines policy and premium statistics
    • Customers added
    • Customers lost
    • Total number of customers
    • Number of policies
    • Annual premium estimates
    • Summaries by state
  • Business mix
    • Personal/ Commercial split
  • Email saturation
    • Percentage of customers with email addresses
    • Percentage of prospects with email addresses

Lines of business, years of business comparison chart

An example of how an agency could use EZLynx Agency Pulse to increase carrier retention would be the correlation between effective cross selling and retention in the personal lines department.  Improving the policy per customer count is a proven way to increase the agency’s overall retention. Studies show that agencies retain a customer with only 1 policy for a period of 3 years on average. That isn’t really enough time to recoup the cost of selling the policy in the first place.

Let’s say an agency decides to implement a new cross sale campaign. With the Agency Pulse, an agency principal can quickly see the number of monthly quotes is increasing and, given their close ratios, the number of new policies written also increase accordingly. With the new policies added, the resulting policies per customer will also increase. Finally, the agency will soon notice a resulting increase in the carrier retention ratio and, eventually, profit.

Make sure your agents know how to help improve your personal lines retention ratio with EZLynx Agency Pulse.

Learn more about EZLynx Agency Pulse

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