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With more intense competition from banks, direct writers and the internet, agencies are going to lose customers. This is not a bad thing. Let them have the low margin customers and make sure you do whatever is necessary to keep the high margin customers, the customers that will pay extra for the professional advice provided by an agency that represents multiple companies and works for the customer!
In The Odyssey, Homer tells the famous story of the three Sirens leading sailors astray. Insurance agencies have their own insidious Sirens leading them astray and one of the most treacherous is retention rates. Much has been written about retention rates...and much of it is as of mythical proportions as Homer's writings.
What's the best thing you can do to make your customers happy? Screw up! Yep, that's right, make a mistake...then fix it. According to one study, customers who had experienced a problem that was then quickly resolved to their satisfaction were happier than customers who never experienced a problem. Here's how you can capitalize on this premise....