Over the last three years, M&A activity has skyrocketed, COVID-19 has created confusion, consumer dissatisfaction has grown, and client retention has been understandably impacted. The commercial insurance market continues to harden, and inflation is reaching historical heights. Property and casualty insurance consumers are anxious, looking for answers, and ways to save money.
Most believe the surefire way to earn new business is to offer the best policy price. But, policy price is often difficult to control.
Retention, on the other hand, is a whole other ball game. As you know, high retention rates indicate a prolonged and impactful value offered to a client. If a client is willing to leave your agency due to competitive, marginal price increases, you may be putting a Band-Aid on a bullet hole. Commercial property and casualty insurance market conditions, and the rampant anxiety of the consumers within it, are no longer conducive for agencies to base their value proposition solely on superior customer support and price.
High-retention indicators consist of frequent, off-cycle client communication, education, risk management, and a special focus on saving businesses money.
Sure, that sounds like a lot of work, but with a powerful learning management tool (LMS), you can increase retention, earn more money, save more time, and become a trusted advisor that your clients will consider an essential part of their business.
Here are four reasons why your agency needs a learning management system (LMS).
Education, Risk Management, and Training for Your Clients
No matter your client’s business size, the one challenge every business faces is risk originating from their employees. Poorly trained employees are less likely to be safe and productive on the job, which can open your clients up to more claims and lost revenue.
There are many federal, state, and region-specific government-mandated courses that employers are required to provide to their employees. Employers often need to source these courses from multiple locations, and these courses can be expensive when provided separately. OHSA training alone can cost upwards of $200 per course. With Zywave learning, you can offer any necessary training to your clients for a smaller fee, saving them money and building a more sustainable business relationship with your agency by keeping them in compliance with mandated employee training requirements.
A safer, better-trained workplace opens your clients up to many opportunities to save money. Their mod score, claims history, and processes to ensure the safety of their employees can be influenced by the materials offered in a learning management system. A learning management system, combined with a mod analysis tool like Zywave’s ModMaster, can help you show your clients how to create a safer workplace and deliver powerful cost and time savings.
Your Prospects Have Probably Never Been Offered This Before
The right learning management system and the ability to offer new prospects a business service outside of just a quote and guidance about commercial property and casualty insurance is invaluable.
With Zywave Learning, you can prospect differently and set your agency apart from the competition by offering their business the necessary training, education, and cost savings. In this market, every advantage helps, and this is a big one. With a powerful learning management system at your fingertips, you can expand your expertise and engage prospects with training categories like:
- Chemical and environmental safety
- Cybersecurity information and training materials
- Diversity and ethics
- General workplace safety
- OSHA compliance
- Workplace harassment and violence
Zywave Learning training materials are continually reviewed, updated, and added, with more than 150 trainings available. Every course is included and available in one location, so you and your clients will be covered.
Your Agency Will Benefit from a Learning Management System
Employee training and education are expensive and time-consuming.
Not only can your employees leverage the training and courses available in your LMS, but they can become students of the game, too. After all, the aim of a great education is not knowledge but action.
Take action, armed with training courses and materials to engage both clients and prospects with newly acquired knowledge. With this education, you will prove that you are the insurance agent with your client’s best interests in mind.
The more you know, the better.
Become a Trusted Advisor, Not Just an Agent
Look, you won’t always be able to offer the best price, but you can always provide the most value.
Today’s commercial property and casualty insurance consumers are looking for someone they can trust, not someone who only reaches out during a claim or renewal period. With Zywave Learning LMS, you can offer your clients cost-savings, expert advice, faster employee training, and a centralized location to educate their employees, regardless of business size or industry.
Create more touchpoints with your clients by tracking their training and compliance and notifying them when their behind. Form stronger relationships by providing them with the tools to create a safer workplace and tips to save money.
As a trusted advisor, you’ll see your retention rates improve, earn more business, and maintain stronger relationships.