Mar 31, 2022
In General Discussion
In an age where consumers can do everything Phone Number List online, from buying an airline ticket to buying a car, insurance companies must leverage their expertise and customer service to deliver an experience that builds trust, dependence and loyalty Phone Number List . McKinsey found that U.S. auto insurers that offer a "best-in-class" customer experience grow their business two to four times faster than companies that don't offer such an Phone Number List exemplary customer experience. By anyone's standards, this is a solid return on investment Phone Number List for improving a single business area. But how exactly does improving the customer experience improve profitability? Increased loyalty can make money Customer acquisition costs Phone Number List are five times higher than retention costs . In the insurance world, where professionals routinely manage tens of thousands of policies across various insurance product Phone Number List lines, the "revolving door" of high churn can quickly grow into a make-or-break factor that determines whether a business fails or succeeds. Also (as confirmed by Bain 's insights ) "churn" is significantly reduced when Phone Number List insurance businesses sell additional policies to customers. Particularly in the commercial sector, satisfied customers will be more inclined to purchase additional policies with the Phone Number List insurance business they already work with and subsequently become more involved in the relationship.