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Commercial Insurance

Improving profits in commercial insurance services

Creating differentiation insurance isn’t easy – we all need bank accounts, merchant services and finance but they are invisible products where customers see little tangible benefit and the only visible update is a bill.

Customer Retention

Our starting point is to focus on improving loyalty with your existing customers – with typical customer retention as low as 80% this means an insurer is letting it’s profits seep out like water from a leaky bucket.

Loyal customers are :

5x
as likely to repurchase
4x
as likely to refer
3x
more will buy a new product
5x
as likely to forgive
7x
as likely to try new things
5%
the cost to sell to
20x
profits per 5% + retention

Top commercial insurers can achieve retention rates in the mid to upper 80s.

Most insurers’ retention rates are much less. Strangely in this market customer loyalty strategies take second place compared to gaining new business.
On a £1 billion book, every point of retention is worth £10 million a year. This lack of focus on customer loyalty is also contrary to their independent brokers’ priorities.
The secret is to creating happy customers is to help them to grow their business – imagine if you could provide expert, personalised advice and support that creates business growth of between 18 and 47% every year?

Wouldn’t that make you a loyal customer?

Delivered through a web portal and app, the programme can include:

  • Personalised advice on growing their business
  • Business insights on their performance vs their competitors
  • Training
  • Lead generation
  • Search engine optimisation
  • Advertising
  • Reviews and referrals
  • Business automation tools
  • Privileged rates on vetted suppliers to help them grow
  • The ability to earn points to spend on equipment and services to grow their business
  • A better customer experience as our feedback helps to minimalise negative experiences

In addition providing the ability to contact customers with regular positive news, the customer loyalty programme will help re position their Account Manager as a trusted advisor that helps them grow.
If your bank or payment processor was providing you with the majority of your business growth, would you consider going anywhere else?

Customer Acquisition

Once you have created this compelling point of differentiation, we can help you acquire more customers.

Our acquisition team can help you through:

  • Getting referrals through existing customers
  • Motivating introductions through influencers and channels like accountants, associations, business networks and other loyalty programmes
  • Prospecting with our Nano solution to set-up highly qualified appointments at the point when a customer is looking for (or looking to move) a solution just like yours

Experienced team

We have worked with many of the leading financial services companies including: Allianz, AXA, BUPA, First Personal,More Than, Legal and General, RCA, Standard Life to name a few

Find out more

We invite you to book a free 30-minute strategy call
directly with Tim Peniston-Bird to see how to add value to your initiative.

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Tim Peniston-Bird