Educating Customers on Market Conditions Can Pay Off in Retention Rates

EVERETT, MASS. — Independent agents have learned a lot of lessons in the three years since the COVID-19 pandemic began, including that growing their books of business and profitability are in reach — even in today’s hard market.

Consumers are bombarded by daily TV ads from direct writer insurance companies, promising to save them money and time when buying insurance. Internet giants, led by Amazon, have made buying products faster and easier than ever. Successful independent insurance agents need to get better at blending excellent customer service and sales to remain competitive.

For Greg Kline, owner of ASK Insurance in Stratford, Conn., relationship building is key as is acknowledging that small agencies simply cannot compete with those companies and should not be trying to.

“It’s a different market entirely,” he said. “When I think about how we grow our agency and how to continue to evolve, I’m thinking more about the relationships that we can build in our local communities. I focus entirely on building those relationships and those centers of influence that are going to be sending us referrals. The more you focus on your centers of influence, the better you’re going to do.”

Read the full article, “Educating Customers on Market Conditions Can Pay Off in Retention Rates,” published May 26, 2023 in The Standard. Reprinted with permission from The Standard, Copyright 2023, Standard Publishing Corporation, Boston, MA. All rights reserved.