How to retain and cross-sell high-net-worth clients | Blog | ClientCircle
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How to retain and cross-sell high-net-worth clients

November 1, 2023 by ClientCircle

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How would losing a high-net-worth client affect your agency? And what else would you be losing if your high-net-worth customers left?

Losing a high-net-worth client decreases your annual commissions and could mean missing out on other high-revenue referrals or introductions to well-connected individuals in your community.

Here are a few things you can do to make sure your high-net-worth clients stick around, talk about you and buy more.

Do something special without spending a lot

High-net-worth clients are just like everyone else and appreciate thoughtful gestures. And who doesn’t love receiving a handwritten card on their birthday or another special occasion? Take the extra step of sending their spouse or life partner a card to show you care about their family too. Send handwritten notes for other occasions as well, such as their anniversary, a card to welcome them to the agency or to thank them for their loyalty.

Share the news

Many of your high-net-worth clients may only live in your area for part of the year. They’ll appreciate someone local notifying them of local weather events so they can prepare. It’s easy to send an email to all your customers ahead of a blizzard with some tips on preparing their homes and instructions for what to do if they need to file a claim. Proactively check on their homeowner’s insurance and flood or earthquake coverage to make sure their limits are adequate.

Be available on their terms

High-net-worth individuals are often on the go and want to communicate in a way that works for them. That could be phone, email or texting. Be available through all those channels. Make sure you’re answering your phone and that you have web chat on your website monitored by a human. Provide specific instructions on what to do if clients need help during evening and weekend hours.

Be available via third-party chats like Google and Facebook as clients may try to contact you there as well. You’ll want to make sure you don’t miss those messages and managing multiple conversations from multiple apps is a lot to keep track of. Look for a conversation platform that allows you to read and respond to Google, Facebook, web chat and text messages in one place. You should also find a platform that allows you to add a note to any conversation so all your team members know exactly where you left off and what needs to happen next.

Conduct annual reviews

As part of your services as an insurance agent, offer to conduct annual or semi-annual policy reviews. Your high-value customers will appreciate having a regularly scheduled meeting to make changes to their policies and assess any new needs arising from life changes. You can update beneficiaries and review coverage limits. This is also a chance for you to review any new property/high value item purchases they’ve made or changes to their business that would require insurance.

Inform them of commercial coverage they may need

Many of your high-net-worth clients may own businesses. Even if they don’t have commercial policies through you, make sure they know you offer BOPs, cyber liability, business interruption insurance, EPLI, environmental liability insurance and even group health plans for their employees.

And if they don’t own a business themselves, they may sit on the board of one, so let them know if you can help them with D&O coverage and other commercial policies.

If they have employees who work for them in their home or to assist with other daily needs, such as a driver or a personal assistant, make sure you inform them of any additional policies they should consider. If they invest in rental properties, make sure they’re protected with landlord insurance in addition to their commercial property and flood insurance.

Consider other cross-sell opportunities

Once you’ve built a personal connection with your high-net-worth clients, they’ll share things they’re excited about when you chat. If they tell you their child is getting married, offer to help them with wedding insurance. If they share pictures of their new puppy, let them know you carry pet insurance—after telling them how adorable their dog is, of course. Maybe they’ve started collecting high-priced items such as cars, wine, jewelry or art. Offer to help them find the personal articles coverage they need based on the true value of their collection.

Want to retain more clients?

We can help

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