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Why Policy Reviews

As an insurance agent, there are generally three objectives that you have for your agency: growing revenue, building agency value, and increasing profitability. The very best way to achieve these objectives is to focus on strengthening your relationship with your current customers. By doing so, you will:

  • Increase policy holder RETENTION
  • Identify CROSS-SELL opportunities
  • Earn credibility to ask for REFERRALS


How does RETENTION help your agency?

  • IIABA lists customer retention as the single most important factor in determining an agency’s value.
  • It costs 7-9 times more for an insurance agency to attract a new customer than to retain one.
  • A sustained 5% improvement in your agency’s customer retention rate can double profits in five years.
  • Reducing customer defections by 2% is equivalent to cutting costs by more than 10%.

How does CROSS-SELLING help your agency?

  • Cross-sell leads have an 85% close rate vs. internet leads that have 5% close rate.
  • Additional policies written with a customer decreases the likelihood of them defecting (increases retention). For every 2 additional policies written, the probability of cancelation drops by half.
    • Customers with 1 policy have a 45% probability of canceling.
    • Customers with 3 policies have a 21% probability of canceling.
    • Customers with 5 policies have a 11% probability of canceling.
Get a Custom Policy Review Plan

Do you want to know how many Policy Review Meetings your agency should hold to monetize your current book of business? Get a Custom Policy Review Plan for free. When you do, we’ll also give you a step-by-step guide for how to implement a best-practice program used by some of the top agents in the nation!