Customer retention is a direct reflection of the overall loyalty and customer experience with the brand
Globally, insurers lose 18-20% of their customers annually. Insurance companies have taken various initiatives to improve retention rates, but the problem remains deep-rooted with no quick fix solution. It is a complex issue dictated by a combination of factors. Some of these include the macroeconomic environment, product parameters, demographics, payments, etc. Unfortunately, there are no best practices documented for retention control.
The key to effectively arrest