X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Customer experience is a crucial part of customer retention, and the secret to providing a great customer experience is simple. (Photo: Shutterstock) Customer experience is a crucial part of customer retention, and the secret to providing a great customer experience is simple. (Photo: Shutterstock)

If you want your agency to be a success, making customer acquisition your top priority is a mistake. Customer retention is a far more profitable priority because keeping an existing customer is much cheaper than going out and finding a new one. The average retention rate for the insurance industry is 84%, but the top companies in the industry are beating that average by 10% or more.

According to The Independent Insurance Agents of Dallas (IIAD), insurance has higher customer acquisition costs than any other industry. Insurance agents can expect to spend seven to nine times more money acquiring a new customer than retaining an old one.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.