Customer retention

Customer retention is critical to any business- as important as new sales. While new-business is achieved through expensive marketing and business development cost, retaining existing customers offers a more profitable avenue. Low persistency ratios result in increased pressure on revenue and profitability. It affects all the three stakeholders- Company, Customer and Channel.

There are various reasons for low persistency. We help you identify them and invoke suitable management strategies to address the causes, where it is likely to achieve the most significant improvements.

Good persistency means

  • Customer-focused propositions are meeting customer expectations
  • Recoupment /diversification of expenses, i.e. lower unit cost
  • Better risks on the books
  • More stable claim experience
  • Better reputation
  • Ongoing opportunities for adviser-customer engagement

A great persistency management framework

  • Sustained internal campaign to embed the message and make retention a part of the organisation ethos.
  • A dedicated retention team and structured feedback loop
  • Practical usage of customer touchpoints and improvement in the customer journey
  • Terrific customer engagement strategy and a compelling proposition
  • And much more

We can help you increase your Customer Lifecycle and Customer Life Time Value by designing an incredible retention architecture

how can we help you?

Contact us at Your Thinking Hats by submitting a business inquiry online.

I worked with Arvind during my 2 years at FPI and he was a tremendous asset to the business. Arvind is an opportunity spotter and combines his excellent creative skills with a completer-finisher mindset. A top-class chap and enhances any team of which he is a member.

Chris Divito
Head of Financial Services Subject Group/Non-Exec Director

Generate significant data and accordingly deploy an integrated, multi-channel communication strategy across digital and human communication channels

Customer Data & Insight | Customer Engagement | Operational improvements Customer Proposition | and more…