A message too good to ignore
Recent research has shown a correlation between marketing, communication and customer satisfaction but, as Andy Wood explains, sending relevant and timely marketing messages to consumers will allow insurance firms to retain business and bypass their competition
In an industry where purchases are often out of necessity and customers shop around for the cheapest deal, customer satisfaction is of utmost importance if businesses are to stem churn. Recent research from Group 1 Software indicates that customer churn in the UK insurance sector stands at 25%, which is higher than any other country studied. Churn levels in general insurance across Europe were found to be level at 19.4%, a figure that hides a wide polarisation of individual company churn rates
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on E-Trading
Polaris at 30 – managing director Vivek Banga
Ahead of a week-long ‘Polaris at 30’ series Insurance Age caught up with managing director Vivek Banga to run the rule over the history of e-trading developments and what is coming next for brokers.
Broker Insights launches in the US
Insurtech Broker Insights has launched in the US following research and collaboration during which time it analysed almost $1bn (£770m) of gross written premiums.
Broker Expo 2024: Education part of solution to cyber cover confusion
Specialist insurers can provide cyber cover expertise and training to brokers to build confidence, according to experts at the Broker Expo 2024 in Birmingham.
Blog: Now Open GI has finally been sold what do brokers think?
The future of Open GI has been spoken about for months. But now a deal has been done Rosie Simms discovers brokers are neither frothing with excitement or overcome with concerns about the future.
Applied Net 24: European business expanding commercial lines panel “significantly”, says CEO Needs
Applied Systems Europe is expanding its panel “significantly” in commercial insurance according to CEO Tom Needs, adding both Zurich and Aviva.
Applied Net 24: Commercial lines panel main UK market challenge for software house
Taylor Rhodes, CEO of Applied Systems, claimed the challenge in the UK market is the commercial lines panel from insurers and getting them to broaden their panel placement.
CDL grows revenue but profit drops for second year in a row
CDL grew revenue by 6.9% to £59.54m in the year ended 30 September 2023, however profit after tax dropped for the second consecutive year to £10.01m.
RSA expects new business “clunkiness” to ease from July as it continues NIG integration
RSA expects any “clunkiness” in how it handles brokers seeking quotes from both itself and merger partner NIG for the same business to improve materially from next month.