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Rewarding New Clients
Objective
A large insurance agency noticed a slowing growth rate in the number of life insurance renewals. Typically, the renewal rate accounted for over 50% of the companies’ annual revenue; however the rate had dropped to 47 percent.
Strategy
The company devised a strategy to reward new life insurance clients and increase the number of referrals from their new clients. Each new client received a gift of appreciation – the beautiful crystal Fresco Trophy Bowl.
The customer received the matching smaller size crystal Fresco Trophy Bowl when they referred new business to the firm, or added a new auto or home policy.
Results
The insurance agency considered this program a great success. Not only did they improve the number of referrals to 12 within six months, but their annual payments increased 10 percent.
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