It’s easier than ever for consumers to find insurance, compare costs, and switch plans—which can both help and hurt insurers. With a commercial about saving money on your insurance playing every five minutes, it’s no surprise that policyholders are tempted to shop around. Because of this, P&C insurers are often faced with policyholders who, rather than opting to remain on their plan, choose to switch providers at the renewal period. Lured by promotions, these policy-hoppers seek the best deals and change policies when they think they spy greener grass elsewhere. Combatting this trend can be difficult, however, CX Insurance Services’ Retention Improvement Program has proven effective at slowing the tide.
Measurable Increase in Policy Retention
P&C insurers who have had the opportunity to utilize the CXIS Retention Improvement Plan have reported an increase in retention of approximately 2-3%. Some companies, including Le Mars Insurance, a Donegal Insurance Company, have seen an increase of up to six points in policyholder retention. This saves insurers money since retaining policyholders costs less than attempting to acquire new policyholders. In addition, it increases the opportunities for cross-selling and upselling. Not only is this beneficial for P&C insurance companies but it can help better support policyholders as well. With a measured approach to targeting at-risk policies and a deeper understanding of why policyholders choose to not renew, P&C insurers can craft a cohesive strategy to retain more customers and propel growth. A 2-3% increase may seem small, however, it translates to large results when the saved premiums are taken into account. Our video explains this further.
More Than Just Analytics
CXIS’s Retention Improvement Plan isn’t just another analytics package. CXIS President Joseph Serrano put it succinctly when he differentiated the company’s Retention Improvement Plan from others. “Our program is a different blend of data aggregation and tactical business process. Data on its own can be somewhat useless—it helps to actually do something with it. Our retention program is delivering results for P&C companies because it’s a balance of targeting, predicting, and tactical policy retention. We’ve fused technology and service together in a simple monthly subscription model, and the ROI for clients has been compelling. So in other words, things actually get done.”
Having the information you need to better target your efforts can help you maximize your retention opportunities and identify areas with growth potential. With CXIS’s web automation, P&C licensed services, and predictive analytics, your team can focus on what they do best—selling policies. Your team won’t just have data in their hands, they’ll have a strategy they can implement to increase their retention. Thanks to CXIS’s ability to identify leading indicators of nonrenewal, you’ll be able to save more at-risk policies. Combined with CXIS on-shore outsourcing capabilities, the CXIS Retention Improvement Program can help insurance companies achieve better profit margins while exceeding policyholder’s customer service expectations.
Make CXIS Your Partner in Retention—and Growth
Partnering with CXIS is simple. Whether you’re interested in business process outsourcing or policy retention, CXIS supports P&C partners in maximizing their business potential. With over 75 combined years in P&C, we use our expertise to support insurance companies across the U.S. by offering a customized approach to operational support and agent and policyholder experience.
Growing your insurance company in the current business climate can be difficult. With CXIS, you don’t have to go it alone. If you’re ready to learn more about how CXIS can help you retain your current policyholders and promote policy growth, contact us today.