There is an ancient insurance industry rule of thumb that states it costs 6 to 7 times more to acquire new business than retain on-board clients. Another old adage holds that the average agency's book of business will turn over every 7 to 10 years.
Related: Read about one agent's methods on rethinking his sales approach.
Whether or not these are truths or truisms is debatable; some believe the original concept of value of retention versus acquisition came from a broad-based Harvard University business study that was not oriented in any way to insurance.
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