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 their most valuable customers. Approximately 50% of customers that shop for insurance end up switching carriers.

Active risk management can help. Simply defined, it's the ability of an insurer, agent or broker to proactively monitor its entire book of business. It helps gain a comprehensive understanding of the business so the company can focus on its most valuable customers and engage in relevant, perfectly timed communications.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.