Insurance 360’s secret to getting in touch with orphan or neglected clients.
Throughout this blog series we have discussed the advantages of devoting time and resources to working your existing term clients. We’ve received great feedback from our last blog which talked about Insurance 360’s telephone approach to servicing clients and in return generating a steady recurring revenue stream. Based on the responses, we have found one common concern: “How do I reach my clients if my contact information isn’t up to date?” This problem is not uncommon; we found this to be true for most of our older policies and especially within our partner’s orphan policy blocks.
So how did we fix this? Initially, we tried numerous methods and services to help acquire the correct phone numbers (paid services, free services, and directory assistance). While some of the methods did work, as a general rule, it was either too expensive or too time-consuming to be our go-to method.
It turned out to be pretty easy; we get the clients to contact us. We discovered that no matter the demographic and income level, a good “contact us” letter sent to the client will get the phones ringing. Even if the only contact information is a name, policy number, and address… that’s enough.
Out of necessity, we designed a series of letters that encouraged the clients to contact us. These letters are what we currently use for all of our clients and orphan policyholders without a good phone number. We have four basic letters we use over a 12 month cycle:
- Update your information letter.
- Policy anniversary letter.
- Conversion letter.
- No good contact information letter.
We recently launched a campaign with one of our newest partners which included approximately 1500 orphan policyholders. Once we sent the letters, clients began calling immediately and so did their incoming emails and live chats. This response is not unusual. In general, we find that after our “contact us” letter campaigns are sent out, we will get around a 20% response rate within the next 5-7 days.
Shown below is a picture of a sample letter:Once the clients make contact with us, it allows us to gather their current information such as mobile phone number, email, updated address, etc. Plus, there is always the client that has a policy that needs attention sooner rather than later. This is typically a term policy that is nearing the end of the guaranteed period or a conversion due to health concerns.
What is fantastic about this entire process is that it starts with service, and often concludes with a new sale from an old client. All of this new found business is basically free when you compare the cost to generate a new lead. We at Insurance 360 have proven over the last 35 years, more than 60% of our existing clients will buy from us again and again if we stay in touch. The client demographics do not matter, so don’t make the costly mistake of thinking your client base is different. Our various blocks of business include high net worth individuals, physicians, attorneys, and Average Joe’s all across America. It’s a beautiful thing… good service equals good sales!
Let’s breathe new life into your existing book of business!