Most insurance professionals have access to a wealth of data, but an active risk management program can help them use the information more efficiently. (Photo: Shutterstock)

Insurance companies spend more than $6 billion each year in advertising to win new customers.

But in this new “switching economy,” competition is making it more difficult for insurers to retain the right risks: their most valuable customers. Approximately 50 percent of customers that shop for insurance end up switching carriers.

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