Viewpoint: Loyalty rides on every claim
Jonathan Hughes gives his views on claims
Insurance is a classic loyalty business: policyholders who stay longer, purchase additional products and refer other prospective clients are the cornerstone of profitability. Yet few insurers and brokers act on this fundamental fact.
Our research shows that 'promoters' - loyal policyholders who, when surveyed, are willing to recommend their broker or insurer to friends or colleagues - remain customers for up to 50% longer than 'detractors'; they are also nearly three times more likely to buy
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