In our last infographic post, which you can read here, we examined some reasons why customers of an insurance company churn. For this post we look at some measures which an insurer can take to make sure their customers stick. Some may seem obvious, such as improvement in customer experience levels, but may not be easy to implement. Persistency is a tricky issue – both to measure and manage. A mix of these initiatives, coupled with the right data analytics approach can help boost persistency over a period of time. In our experience, even a 1-2% improvement in persistency can boost the top line by USD 2-3 million over a couple of years.
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