General insurers suffer the second highest rate of customer churn in the whole of the UK service industry. The management consultancy Accenture estimates that, if insurers lost a conservative 20% of their customers each year (and in truth they lose more) it would create ï½£3.3 billion worth of churn across home and motor insurance alone. How can UK insurers protect themselves from the escalating costs of accelerating churn?
This infographic shows how insurers can increase their customer engagement and reduce customer churn levels by centering on the customer, focusing on convenience and aiming for transformation.
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