Improving customer loyalty in the protection industry
Toni Smith says that brokers would not have to seek out new policies so often for clients if insurers offered long-term customers the same or better deals as new joiners.
How often do you hear the phrase ‘great rates for new customers'? Giving preferential deals to acquire new customers is common practice - indeed ‘number of new customers acquired' is often a key metric in the financial performance of financial services companies (and telecoms and utilities providers). However, if new customers receive all the perks and benefits while existing customers - the ones who show loyalty - do not, then it's not surprising that customer retention will be a challenge....
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