Building customer retention in insurance through personalised customer communication
For decades, insurers have known that it’s generally more profitable to allocate funds to retaining existing customers than to acquiring new ones.
Insurers: Is digital the only choice now for successful customer communication?
There’s no doubt that the pandemic would have been even more disruptive for the insurance industry had it happened before digital communication.
Insurers: How customer communication can protect your business in the current crisis and beyond
There’s no doubt the global pandemic is presenting tough challenges to insurers around the world. Beyond sudden spikes in claims costs, some companies are now reporting falls in new sales as the economic impact of Covid-19 bites. Firms need to take action right now to protect and support business throughout the downturn. And to be sure they’re ready to make the most of the eventual recovery when it comes. For insurers, this should include additional focus on existing customers. In such difficult times, it’s more vital than ever to provide the reassurance those customers need to support them.
Insurers: How you can delight your agents and intermediaries – using targeted customer communication
Often, insurers were concerned that proactive contact with any of the intermediary’s clients would inevitably damage their relationship with that intermediary, especially if the contact involved any kind of selling. But the fact is customers welcome relevant, helpful contact direct from their insurance company – especially when the contact includes an offer of further insurance cover that’s valuable and tailored to the individual.
Behavioural Economics: driving revolutionary results for the insurance industry
As insurance professionals, we tend to view the world rationally. To a large extent, our industry is based on carefully measuring risk and presenting product benefits using sound empirical value. But as consumers, there’s a degree of irrationality in every choice we make. That’s why insurance, despite being based on such rational principles, often has to be “sold and not bought” – as the old adage goes.
Building insurance business & profits through effective customer communication in the digital age
Learn why personalised customer communication is the future of insurance marketing in the digital age and how digital channels boost the potential for personalised communication with insurance customers.
How effective customer communication can unlock the great hidden value in your insurance customer base
Learn why customers want their insurance companies to communicate more with them, and why many insurers still don’t deliver.How effective customer communication can boost insurance sales AND improve customer retention on existing policies held.
Insurance companies: Could you reduce policy lapse rates by 12%-30% through customer communication?
It’s often said that the key to every successful relationship is good communication. And that certainly includes relationships between companies and their customers.
Insurers: In the digital age, effective customer communication can be even more profitable than before
Relevant, personalised communication with existing customers can be highly profitable for insurance companies.
Using Precision Insurance to increase RoE on your traditional life portfolio by 0.5-1% per annum – and maximise customer value across the business.
Insurance companies around the world are increasing their focus on existing customers to maintain and build profitability.