Recent research by the Chartered Institute of Loss Adjusters reveals that general insurers suffer the second highest rate of customer churn in the whole of the UK service industry. Twenty-five percent of UK consumers have changed their home or motor insurance provider in the past year and more than a third (36%) plan to do so in the year to come. Churn rates of this magnitude would be unsustainable in any industry. In insurance, coupled with tightening margins and falling premiums, they are potentially ruinous.
There is a light at the end of the tunnel though – customers who feel ‘engaged’ by their insurers are less likely to churn and will tolerate a price differential of up to 15% before defecting to a competitor. But what is an engaged customer, and what is it that they care more about than price?
In this white paper we will answer these questions and explore how delivering an exceptional customer experience can increase customer engagement levels and reduce customer churn.
Simply fill in your details below and you will get instant access to the free paper.
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