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Winning the Battle for Customer Ownership and Retention
Datamonitor, June 2006, Pages: 57
Examines the cost to the UK life and pensions industry of poor policy persistency and rising lapse rates. Utilizes in-depth primary research to assess strategic options available to life companies and the steps they can take to improve retention rates
Scope of this title:
- Uses FSA persistency data and premium information from the ABI to assess the cost to the industry of poor customer ownership
- Examines the interaction between customers and their advisors and assesses ways in which providers can be part of this client relationship
- Identifies strategic actions that providers can implement to improve their levels of customer ownership
Highlights of this title:
- We estimate that policy lapses cost the industry an equivalent of 14% of the total new business premium inflows between 1998 and 2002. Primary research suggests that since the last FSA persistency survey was carried out lapse rates have continued to rise, therefore the industry needs to act quickly to reverse this trend.
- A key reason for poor retention levels in the market is the remuneration through commission rather than fees. An over-reliance among IFAs on upfront commission for income rather than fees or even trail commission leads to high levels of churn.
Reasons to order your copy:
- Assess the full implications of falling persistency rates and what the true cost is to the industry.
- Identify those clients who are not being fully serviced by their IFA and where the opportunities lie for providers to increase ownership
- Identify strategic options that life companies can employ to improve retention & cross-selling opportunities & how these strategies can be implemented
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Weathering the storm in Life and Pensions
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