Anyone checking their retirement accounts right now is in panic mode.
Tariffs are shaking up the economy, world markets plunged, and inflation is expected to tick up. All this uncertainty will have consumers on edge—and looking for ways to cut back.
The insurance industry is facing the same pressures—and then some. The replacement cost of everything, from car parts to home materials, is poised to rise should tariffs remain in place. And let’s not forget Mother Nature: extreme weather events aren’t slowing down, adding even more strain across the board.
The biggest mistake businesses make in times like these? Slashing communication efforts.
Staying visible and connected is what keeps your clients from shopping around or walking away.
We’ve put together a few strategies to help you stay connected and keep your clients close, no matter what the economy—or the environment—throws your way.
Don’t be quiet
There’s nothing worse than silence when things are uncertain. Consider sending your customers a periodic update on the state of the industry. It’s ok if you don’t have all the answers—share what you know when you know it. You can provide updates via emails, letters, a quick card in the mail or a more detailed blog on your website. Just knowing you care and are available will mean a lot to your clients. Remember, to them, you are the trusted source of all things insurance.
Here’s a sample email you can send to your home and auto customers to get started:
[Client name],
I wanted to reach out to talk about recent trade policy, the resulting market crash, and how these changes may affect auto and home insurance premiums across the U.S.
As you know, in early April, the U.S. administration implemented new tariffs, including a tariff on imported automobiles and auto parts, as well as tariffs on construction materials.
These tariffs are expected to increase the cost of vehicle repairs and construction materials, which may, in turn, lead to higher auto and home insurance premiums.
My team and I are actively monitoring the situation and will keep you informed of any changes that may affect your insurance coverage.
My job is to stay ahead of these changes, and I will continue to work hard to get you the best coverage at the most competitive rates available.
I will continue to update you as I learn more. Please don’t hesitate to reach out if you have questions.
Sincerely,
Your agent
Focus on retention
It’s far more cost-effective to keep a current client than to win over a new one—especially when fewer people are making big purchases that require new policies. That’s why retention should be a top priority when business slows down.
Make it a habit to collect feedback and respond to every review, whether it’s glowing or critical. Reaching out to a dissatisfied client can dramatically boost your chances of keeping their business—and if you’re unsure what to say, we’ve got resources to help guide the conversation.
Check in proactively year-round
Don’t wait for renewal time or a complaint to touch base. Proactively checking in—whether it’s through email, text, phone or even a handwritten card—shows your clients you’re thinking of them.
When it comes to renewals, it’s critical to reach out early to explain premium increases or rate changes. Give your clients a heads-up, explain what’s changing and walk them through options like bundling or switching carriers to help ease the impact.
Send messages that add value
Not everything needs to be about insurance. Stay relevant by sharing helpful information that fits into your clients’ lives—think seasonal tips, community updates, helpful tips on self-care, etc. Client Connect is a great way to send personalized emails with content that makes your clients feel like you’ve picked it just for them.
And keep showing appreciation. A thank you card for a referral or a handwritten card on your client's birthday is a simple gesture that sticks.
Give clients more ways to connect
Customers want to reach their agent in a way that is convenient for them. Texting, live web chat, phone calls, emails, handwritten cards—every client has a preference. The more flexible you are, the easier it is for clients to stay in touch. The extra effort shows you’re adapting to their needs, not the other way around.
Stay consistent
These strategies work in any economic climate—but they’re especially important in times of uncertainty. If you stay present, communicate early and clearly, and take care of both your clients and employees, your agency will be in a strong position when the pace picks up again.
Let us help you stay connected and competitive. With ClientCircle, you can strengthen relationships, protect your book and grow even in challenging times.