Renewal is a continuous selling process that starts at onboarding

Renewal is an ideal time to cross-sell, up-sell and sometimes even down-sell. It is also a time to gather feedback from clients and strengthen relationships with them.

If your renewal process isn’t well-crafted, you could lose a lot of business. Unless you involve enough customer interaction, time your renewals appropriately, and make it really easy, you may lose customers instead of gaining business.

In contrast, implementing a renewal program that consistently increases your rates by 5% each year can double your sales profit in five years.1

Here we offer you some guidelines for improving your renewal rates that starts at onboarding:

Schedule CX measuring throughout the year

The Customer Effort Survey should be set up 30 days after the onboarding process is complete. The customer may also be contacted in six months’ time, six months before the renewal time, to survey their satisfaction with the product. We highly recommend using CSAT methodology at this moment. Always allow the customer to suggest improvements and vent.

New Customer Effort Survey – Onboarding CES

Don’t be a stranger:

It is important to keep in touch with your customers throughout the year, not just at renewal time. Set up a drip content automation with valuable information and show the customer you are not only there to sell them. Build your brand and position your company as the authority. Always keep in touch.

Reward loyal customers:

Keeping customers loyal to your business begins with making them feel appreciated. At the moment of renewal, consider automation for sending your long-term clients a little show of appreciation with a loyalty discount if they haven’t renewed a week after receiving the renewal proposal.

Downselling is as important as upselling:

Some customers can be retained with the same product, while others can be upsold. However, sometimes they do not have the money or do not see the benefit of spending more, so downselling is the key. If they haven’t renewed their policy 15 days before expiration, send three proposals for cross-selling, upselling, and downselling.

Check out DANAconnect’s solution:
Automated Recovery of Customers in Grace Period

Automation to Recapture Insurance Customer in Grace Period

Support your salesforce

Automate the delivery of information to the agents regarding client policy renewals, but also other milestones such as claims experiences and birthdays.

Download DANAconnect’s Tiny Guide for Agent Retention

Use the correct channels

Younger people have grown up in a world where they expect to be able to shop online for insurance policies that meet their needs, while older people still expect a high level of personalized service. You can automate the process of funneling conversations to the appropriate channels.

Simplify payment

You may lose customers if your renewal process is too complicated or time-consuming. You can make things easier for your customers by offering automatic renewals and payments. With online payment options, it is even easier for customers to manage their insurance renewals.

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About DANAconnect

DANAconnect is a SaaS platform founded in 2012 that helps the financial ecosystem automate daily communications with customers and follow-up in marketing, sales, collections, transactional alerts, and customer service processes.

The platform, based entirely on the cloud, includes modules for the centralized management of customer data, sending of communications, and delivering documents through digital channels: email, SMS, automatic calls, and push.

Likewise, it includes several API services developed under industry standards that allow integration with any external system that also uses API, including core systems for insurance and banking and emerging channels like WhatsApp, Messenger, and Telegram.

These API respond to omnichannel and the most common uses in the industry, such as self-service of information and documents, digital signature, updating of incoming and outgoing data, one-time passwords, and identity validation with multiple factors.

Automated processes are created through a visual designer that creates logical flows. These flows integrate all digital channels with filters, events, and timers to react and take the next action based on customer interactions.

In addition to intelligent cross-channel flows and cutting-edge technology, DANAconnect adds features explicitly designed for the financial industry to ensure security, governance, compliance, and auditing.

Every month DANAconnect sends at least one communication to 9.8% of the population of the Americas.

More than 90 Financial Institutions validate our solutions.

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