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Omnichannel engagement approach boosts policyholder retention

Sending cancellation messages via text message on the day of renewal reduced cancellations by 52%, insured.io reports.

Even something as simple as collecting a policyholder’s email address can lift retention rates by 13%. Credit: Chaay/Adobe Stock Even something as simple as collecting a policyholder’s email address through a digital portal can lift retention rates by 13%. Credit: Chaay/Adobe Stock

Policyholders who engage with their carriers through multiple service channels, including mobile, online and in-person over the phone, are 21% less likely to cancel their policy, while those who repeatedly use multiple engagement channels have a 25% higher retention rate, according to a consumer survey by insured.io.

Consumers that use digital insurance portals are also 12% less likely to cancel policies when compared to policyholders that don’t use digital portals, the insurtech reported. Policyholders using advanced features, such as reviewing policy documents and accessing ID cards, have even higher retention rates.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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