A New Era in Policy Renewal Management
In the EZLynx Roadmap for 2015, I dropped a hint about a big new product announcement coming later this year. Well, here it is…
I would like to announce the release of a ground breaking product called EZLynx Retention Center for personal lines renewal management, available as an add-on to EZLynx Management System customers only. We are extremely proud of this product because it has taken nearly 24 months of hard work to get from conception to release, and it’s as revolutionary as our original real-time rating tool!
EZLynx strongly believes that personal lines is under direct attack from other industries. One way for small agencies to combat this challenge is to be smart about how you service policies and manage renewals. EZLynx Retention Center addresses the daunting task of renewal management. With Retention Center, you no longer wait for your customer to call and complain about rate hikes at renewal. Instead, our system will identify on a daily basis those customers that you are most at risk of losing so that you can focus your efforts in the right place. As part of our twelve month beta program, several agencies used EZLynx Retention Center and, not surprisingly, noticed a huge increase in retention!
I want to spend some time impressing upon you the importance of retention. I have always been surprised during any one-on-one conversation with agents on the question of what their agency retention rate is. Agents are never sure of what their exact agency retention numbers are, but they always think it’s good. We have identified a solid and obtainable agency retention rate as being in the 90-95% range. However, you may be surprised to hear that the average retention rate across all EZLynx agencies was only around 75%.
Three years ago we made it one of our goals to attack this problem head-on for our customers. As a first step, we started delivering a monthly email report called EZLynx Agency Pulse for all EZLynx Management System customers. In addition to agency retention numbers, Agency Pulse has several key agency performance metrics that we believe every agency owner should be using as a guide to manage their business. As our second step, EZLynx Retention Center removes the drudgery of trying to manually manage your renewals.
During our beta testing, we worked with 5 large agencies to gauge just what kind of results we could see with this tool. To our delight, and to that of our beta agencies, we found that with very little effort agents were able to hit our 90-95% retention target within 3 months! Think about that…
For a book size of $10M, that’s at least $100,000 in additional annual revenue!
We believe that EZLynx Retention Center is a powerful tool that can help your business become more profitable. We have several exciting tools in development that continue our trend of finding innovative ways to help independent agents manage their top and bottom line.
Please remember that in order to enjoy the benefits of our complete customer lifecycle solution, the first step is to switch to EZLynx Management System!