We may be running the risk of belaboring the obvious here, but another survey from J.D. Power, just released this week, reiterates the importance of customer retention, especially in recessionary times.
Although focused on auto insurance, the report is interesting in its findings about consumer buying practices. The report looked at more than 275,000 auto insurance customers evaluating more than 30 insurance carriers across the industry, including AIG /21st Century, Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, The Hartford, Travelers and USAA.
The report finds that in the past 12 months:
30 percent of households with annual incomes below $50,000 shopped for a new insurance carrier, and 45 percent of those customers eventually switched carriers;
26 percent of households with annual incomes of $100,000 or more shopped for a new carrier, and 31 percent of these eventually switched carriers
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