A survey of auto insurance customers provides good news for insurance agents—and serves as a reality check for carriers who believe price should be the major focus of marketing campaigns.
In its “2012 Auto Insurance Customer Insights Research—Winning Share and Customer Loyalty in Auto Insurance,” consulting firm McKinsey surveyed over 17,000 people in what the firm's Principal Tanguy Catlin describes as “the most comprehensive market research on [auto] insurance in the U.S.”
Looking deep into the numbers, Catlin says, there is a consumer segment with no loyalty to their insurers. Insurance companies spend too much time and money trying to retain them, he adds. Instead, to improve retentions insurers should focus on increasing customer satisfaction and engaging clients more, Catlin says.
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