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