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How to keep those customers

Last month, we talked about the impact of employee turnover and the amount of sales effort required to replace those losses. Our conclusion was that a basic conversion program helps brokers get off the attrition treadmill and use new account sales to grow the block rather than stay even.

By Bonnie Brazzell, Gil Lowerre | Updated on June 01, 2011

Last month, we talked about the impact of employee turnover and the amount of sales effort required to replace those losses. Our conclusion was that a basic conversion program helps brokers get off the attrition treadmill and use new account sales to grow the block rather than stay even.

If an important part of conservation is helping departing insureds to keep their coverage through a non-payroll remittance mechanism — then the key question is, “How do we improve our (typically) 5 percent conversion rate?” The most important step is to use a carrier’s conversion program as one of your criteria in selecting a carrier in the first place. How good is their program?

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