Too few commercial insurers define and execute a dedicated strategy designed to achieve strong customer retention. But there is significant room for improvement in retention rates among carriers, and every percentage point gain can amount to millions of dollars.
In this report, Accenture examines the four areas that an effective customer retention strategy should address: distribution management, customer stickiness, the agent and customer renewal experience, and agency M&A responses. Carriers that adopt this strategy should boost customer retention rates by understanding and responding better to the behavior of customer-centric independent agents, highlighting how customer expectations are fulfilled, minimizing disruptions for agents, and not allowing business to slip away after an agency is acquired.
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