Customer retention involves activities to reduce customer defections and is important for companies to attract and retain customers. It is crucial in the insurance industry because losing a renewal means losing a customer. Acquiring new customers can cost five times as much as retaining existing ones. Retaining customers is possible through excellent customer service and post-sale support. Satisfied customers will promote a brand while unhappy customers may discourage others. Proper customer service training helps employees improve satisfaction and loyalty through skills like active listening and confirming understanding.

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2. What is Customer Retention?
 Customer Retention is the activity that a selling
organization undertakes in order to reduce
customer defections.
 A company’s ability to attract and retain new
customers, is not only related to its product or
services, but strongly related to the way it
services its existing customers and the
reputation it creates within and across the
marketplace.
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3. Customer Retention Key Benefits
 Acquiring new customers can cost five times more than satisfying and retaining
existing customers.
 A 2% increase in customer retention has the same effects on profits as cutting
costs by 10%.
 Customer Retention is of utmost importance in the Insurance Industry as
If you loose the insurance renewal, you lost a customer.
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4. Retention Continued..
 Customer retention is more than giving the customer what they expect, it’s about
exceeding their expectations so that they become loyal advocates for your brand.
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5. How to retain customers?
 Creating a loyal base of customers
will be possible with excellent
customer service/post sale service.
 Customers always expect more from
the product sold and compare it with
other companies.
 Please remember: Satisfied
Customers Tell Three Friends, Angry
Customers Tell 3,000.
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6. Customer Service/Customer Support
• Customer service is a series of activities designed to enhance the level of
customer satisfaction – that is, the feeling that a product or service has
met the customer expectation.
• Customer service plays an important role in an organization's ability to
generate income and revenue.
• A customer service experience can change the entire perception a
customer has of the organization.
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7. Customer Service/Customer Support
 Customer support is a range of customer services to assist customers in
making cost effective and correct use of a product. It includes assistance
in planning, installation, training, trouble shooting, maintenance,
upgrading, and disposal of a product.
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8. Customer Service Training
 Benefits of Customer Service Training:
3. Employees who are properly trained and who demonstrate professional
customer service skills can improve customer satisfaction and customer
loyalty.
4. Employing good listening skills and questioning techniques can shorten
the interaction time with customers.
5. Being able to clearly explain next steps in a process and confirming that
the customer is satisfied will decrease the number of callbacks or return
customers.
6. Teaching the same customer service skills to all personnel allows them to
have a common process and language for dealing with customers.
7. Investing in employees through training makes employees feel valued and
improves motivation.
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9. Questions??
Questions??
Questions??
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10. Thank you
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