In my role as CEO of an insurance company, I have plenty of opportunities to work with numbers. Anyone who knows me can vouch for the fact that I don’t mind it one bit. In fact, I’m downright passionate about the way numbers can tell a story. One of my favorite illustrations of a story within a number comes in the form of SFM’s annual policyholder retention rate of 96.3%.
A customer loyalty score in this range is certainly nothing new for us. SFM has maintained retention rates of 95% and above for many years. Seeing this number climb even higher coming off the year we had in 2020 encourages me to reflect on how important consistent customer satisfaction is to our business.
What does a high policyholder retention rate say about customer service?
I believe that this singular number speaks volumes about the job we’re doing for our policyholders. Customers who are treated right tend to stick around for more, and we strive every day to make sure our partners have the best possible experience with SFM.
How does this number compare to our peers?
A retention rate of 96.3% puts SFM well clear of the competition. In the insurance industry it’s not uncommon to boast about holding on to 9 out of 10 policyholders from year to year. A typical retention rate for an insurance company is in the mid-80s. Many insurers are perfectly content watching their customers walk away, but that’s just not how we operate at SFM.
We understand that business owners have many choices when it comes to selecting a workers’ comp insurer, and we never take it for granted when they choose SFM as a partner. We work hard to reward our loyal customers for choosing to stay with us year in and year out.
If there’s ever anything we can do to make your experience of working with SFM easier or more rewarding, don’t hesitate to get in touch.
President & CEO