3 tips carriers should know when it comes to customer retention

Customers will always be the lifeblood of the insurance industry, and so carriers must find new and innovative ways to keep them around for the long haul.

Carriers have addressed customer retention in a number of ways. For example, some leverage third-party data to supplement in-house information and use that data to aid in targeting and segmentation.

Today’s insurance marketplace is highly competitive. With a number of companies to choose from, consumers are not tethered to any one company these days. While this is great for policyholders, carriers of all sizes are sure to feel the effects of a lost customer in their bottom line.

LexisNexis Risk Solutions, a subsidiary of RELX Group, has released a new report, Acquire with Retention in Mind, filled with insights to help carriers identify ways to maintain policyholder retention rates.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
Educational webcasts, resources from industry leaders, and informative newsletters.
Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].

More from this author

Dig Deeper

Recommended Stories

Pet insurance gross written premiums grew more than 20% in 2023

Steve Hallo | April 11, 2024

The sector’s gross written premiums have been growing by 20%-30% annually since 2020.

California contractor fesses up to workers' comp fraud charges

Steve Hallo | April 12, 2024

The contractor underreported payroll by nearly $1 million to lower his workers’ comp premium.

6 tips for working from home securely

Stu Sjouwerman | May 25, 2020

With so many working remotely, cybersafety becomes a paramount concern for businesses and their employees.

Resource Center

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Guide

Sponsored by gryphon.ai

The Ultimate Guide to SMS/Text Messaging Compliance

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Browse More Resources ›

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

White Paper

Sponsored by Origami Risk

Build or Buy? Considering the Critical Decisions in P&C Core Insurance Cloud Digitization Projects

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

Browse More Resources ›

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

White Paper

Sponsored by Melissa

Clean Your Data to Win the Customer Retention War

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

Browse More Resources ›

PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.