Customer churn is not a new concept in the insurance industry — in fact, losing customers is often considered part of doing business for insurance companies, and many companies accept it as inevitable.
However, it does not have to be. It all comes down to understanding the emotions of the clients: fear versus care.
Warranted or not, fear is the emotion many customers associate with insurance, whether purchasing as consumers or as businesses, whether in the "value P&C" or the "premium specialty" market. Insurance is essentially sold in this world based on fear of what might happen. It is purchased for a "just in case" situation, and customers fear they or their loved ones will be left liable for a large sum of money.
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