Summary:
With the overall size of the UK general insurance market remaining relatively flat over the past few years, insurers recognise that growth for individual brands must primarily
come from taking market share from other brands whilst maximising the insurance retention of their existing customer base.
Breaking this down a little further, insurance brands have three main opportunities for customer growth:
- Reducing the number of existing customers shopping around at renewal
- Minimising the number of existing customers who switch their insurance
to another brand at renewal - Acquiring more new customers than the number who leave
Using unique insights from our Insurance Behaviour Tracker (IBT), Consumer Intelligence has been able to determine that profitable growth is driven by a focus on renewals and that there is a proven link between brands with strong retention rates and high levels of customer engagement.
