Insurers need to start thinking about short-term and long-term strategies for customer retention. Automation can help. (Shutterstock)
Holding onto the best customers is of paramount importance for all businesses, regardless of what products they sell. Insurance companies are constantly trying to retain their best policyholders, typically needing to fend off competitors who attempt to swoop in and entice the customer's loyalties.
But with COVID-19, new challenges present themselves when it comes to customer retention. With most businesses shuttered and people stuck inside, a number of insurance products have become either unnecessary or underutilized. Take, for example, car insurance. Why should someone who uses their car once a week to drive to the grocery store be obligated to pay the full premium cost? What about restaurant owners? Should they pay for business owners' insurance (BOP) if they're going to be closed for two to three months?
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