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Preventing Customer Churn in Insurance Sector

A recent survey on customer retention revealed that insures lose as much as 20% of their customers each year. For the insurance agency this corresponds to approximately £500,000 to £1 million in lost premiums for every 1,000 policies. Customer retention is thus an important issue facing the industry. Three key points can help insurance companies to eliminate customer churn.
• Firstly, they need to properly understand their customer, which means determining overall market segmentation to understand cross sell and up sell opportunities at individual policyholder level.
• Secondly, insurance companies must be able to provide tailor made policies for each individual and also have a unique selling point in comparison to their rivals.
• Lastly, companies need to realize that they have to listen to their customer’s preferences rather than the customer having to choose from the list of policies the insurer has to offer.
Should the above be kept in mind in a company’s planning and operations customer churn can certainly be minimized if not completely eliminated.

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