Part 1: Retention and Inflation

Chris Paradiso Customer Retention Video Recording

“The Path to Agency Growth? It’s All About Customer Service”

Chris Paradiso Recording - 1.10.23

Chris Paradiso, owner of Paradiso Insurance, led an interactive discussion about tools and practices that agents should consider implementing to improve their customer experience and retention rates. The session delves into five key discussion themes (theme timestamp in parentheses):

·Current strategy (5:09 – 52:47)
·Gaps in Strategy (52:47 – 54:30)
·New Strategy (54:30 – 1:02:16)
·Data Scientists and Their Use of Retention (1:02:48 – 1:07:04)
·Ways to Get Started (1:07:05 – 1:16:30)

PIA Partnership Customer Retention Inflation Checklist
  • Talk with customers about what’s making rates go up.

  • Send out materials provided by carriers about the increasing
    costs of and lack of supplies.
     
  • Create short videos about the reasons rates are going up.
     
  • Explain to clients the difference between replacement
    costs and actual cash value policies.
     
  • Offer educational webinars for your clients.
     
  • Provide safety goody bags to clients who visit the office.
     
  • Make sure clients are taking advantage of safety discounts to save money.
    •alarm systems
    •new roof
    •safe driver
    •telematics
     
  • Make sure clients are taking advantage of payment 
    discounts to save money.
    •paperless
    •EFT
    •payment in full
     
  • Make sure clients are taking advantage of other
    discounts to save money.
    •good student
    •military service
    •bundling/multiple policies, cars, homes
    •early renewal
    •no claims
     
  • Consider increasing deductibles to save money. 
     
  • Make sure you have all the latest information
    about what’s changed.
    •renovations
    •new roofs
    •new drivers
    •fewer drivers
    •changes in car ownership
    •changes in driving for work
     
  • Identify and discuss changes in risk profile.
     
  • Consider shopping the account.
     
  • Give clients a lot of information, for example show 
    value-to-risk calcluations on renewal (as both a percentage 
    and dollar amount).