Loyalty (“rewards”) programs are everywhere. In fact, you get asked if you’ve got your rewards card in almost every shopping setting. It’s hard to think of a retail business that doesn’t have some sort of reward system—usually points-based—and these systems generally work.
You do keep coming back, which is the outcome that CBLife would like for its distribution partners and producers.
The loyalty program we’re creating is based on three concepts: appreciation, differentiation, and retention, says Jeff Levin, president of CBLife. We want the appreciation component to be so strong that it sets us apart from the competitors and helps us retain producers, he adds.
CBLife’s program will include monetary rewards, trip perks, and incentives for operational efficiency, says Brandon Bullock, strategic leader for CBLife. What’s intended is that rewards are given at all three producer tier levels—top, mid-, and entry—so that everyone’s included and feels appreciated, he adds.
The goal is strengthening relationships so that everyone benefits.
Amazing Incentive Trips for Top Producers
A lot of carriers have incentive trips, but the key is to really pull out all the stops and do something incredible.
Differentiation means creating an incentive experience that a top producer wouldn’t be able to get on their own, which can be ultra-fabulous, such as a trip that also includes a once-in-a-lifetime event experience that CBLife provides, says Levin.
For instance, CBLife’s recent sales awards event in a Viennese palace included an opera singer, an orchestra, and ballroom dancing as part of its awards ceremony.
Rising Leaders Events for New Producers
It’s really a very simple appreciation concept: Bring your new producers in to the home office at the end of their first year and say thanks.
“We’re throwing an arm around them and saying ‘Congratulations, we appreciate what you’re doing, and we want to know how we can help you grow your business,’” says Levin.
We’ll give them an in-depth view of how we do business so they understand how we can better partner together, he says, and then we take them out and do something fun.
“That’s an early way of saying we appreciate what you’re doing and that when you grow, we grow.”
Contests and Perks for Everyone
Earning points for every insurance application you turn in that can be used for gift cards, for instance, is one plan, says Levin.
And continuing to offer fun, ongoing contests associated with events like the Masters, the World Cup, Super Bowl, the Oscars, and the NCAA tournament is another part of the program.
Gradual, Steady Progress
Rewarding producers incrementally—along the way to a goal—is a great idea, according to “How to Make Insurance Agents Loyal,” a July 2016 Fielo© blog post from the software company specializing in automated loyalty and incentive tracking platforms.
Incremental rewards are based on a concept called “the endowed progress effect,” a behavioral economics term, which means that when someone feels “they have made some progress towards a goal, they will become more committed towards continued effort,” the Fielo post states. “This means that it’s a good idea to recognize and reward at each incremental stage leading towards a desired final goal,” the blog reports.
The idea is that CBLife’s rewards program becomes its own brand.
It becomes associated with how we do business and build relationships, says Bullock. And that, in turn, builds our reputation as a great company to work with, he adds.
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