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How to support retention with stewardship reports

Wednesday, September 28, 2011
Written By
Patrick Noonan
Vice President of Content Development

Getting producers to focus on winning new business is key to agency growth – but their efforts can be undermined by the loss of just one important account at renewal time. Of course, it is much more cost-effective to keep an existing client than to find and set up a new one. So if you’re already providing excellent service and making a positive impact on the bottom line, what else can you do to build your client relationship and keep your clients loyal?

Remind them of the value you provide with an annual stewardship report.

Using stewardship reports
More than a policy and claim review, a stewardship report lists the employee benefit or P&C services you have performed in the past year and how they benefited your client. Use it in conjunction with your  strategic benefit plan or your strategic risk management plan.  Seem like too much work? Broker Briefcase makes it easy by providing templates for quick download and customization.

  • Stewardship Report: Service Commitment and Performance Summary
  • Strategic Benefit Plan Action Timetable
  • Strategic Risk Management Plan
  • Total Cost of Risk Trending Worksheet

Vitally important
If you think your clients don’t care about stewardship, consider these statistics from the 2011 Broker Services Survey. When we asked approximately 2,200 employers if their broker was providing an annual stewardship report:

  • 28 percent of brokers were providing an annual stewardship report
  • 77 percent of employers responding would value a stewardship report from their broker

Delivering your stewardship report in person three months in advance of renewal ensures your client understands your full value proposition, demonstrates your commitment to the relationship and removes any tension around the upcoming renewal . Even better, a personal meeting gives you a window for cross-selling, up-selling and discussing future plans. If you are not already doing so, it’s time to start offering a stewardship report to support your client retention strategy.

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