Search
 

InsurTech Center

Commentary

Insurers need to strategize around client stability

Given current headwinds, insurance carriers need to focus on retaining market share and providing assistance to customers.

By Nicholas Hamwey | May 27, 2020 at 05:00 AM
Insurers need to start thinking about short-term and long-term strategies for customer retention. Automation can help. (Shutterstock) Insurers need to start thinking about short-term and long-term strategies for customer retention. Automation can help. (Shutterstock)

Holding onto the best customers is of paramount importance for all businesses, regardless of what products they sell. Insurance companies are constantly trying to retain their best policyholders, typically needing to fend off competitors who attempt to swoop in and entice the customer’s loyalties.

But with COVID-19, new challenges present themselves when it comes to customer retention. With most businesses shuttered and people stuck inside, a number of insurance products have become either unnecessary or underutilized. Take, for example, car insurance. Why should someone who uses their car once a week to drive to the grocery store be obligated to pay the full premium cost? What about restaurant owners? Should they pay for business owners’ insurance (BOP) if they’re going to be closed for two to three months?

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?

 

Recommended Stories

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 © 2023 ALM Global, LLC. All Rights Reserved.