Insurance companies spend more than $6 billion each year in advertising to win new customers.
But in this new "switching economy," competition is making it more difficult for insurers to retain their most valuable customers. Approximately 50% of customers that shop for insurance end up switching carriers.
Active risk management can help. Simply defined, it's the ability of an insurer, agent or broker to proactively monitor its entire book of business. It helps gain a comprehensive understanding of the business so the company can focus on its most valuable customers and engage in relevant, perfectly timed communications.
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