Growth is one of the most important KPIs for P&C insurers. Increase in new customers, a number of policies in force, and the gross written premium will showcase a direct reflection. (Photo: Elnur Amikishiyev/Adobe Stock)
Customer acquisition cost (CAC) is one of the major expenses for any enterprise, including insurance carriers. The average expense of an organization to acquire a new customer is five times more than to retain an existing customer.
Today's insurance carriers must focus on customer retention as well as acquisition. However, while about 44% of organizations dedicate themselves to the acquisition, only 18% pay attention to retention initiatives.
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