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In a competitive, commoditized industry like insurance, price has become less of a differentiator. When customers are constantly bombarded with enticements to switch and save, the smarter course is to build your retention and acquisition strategies around a positive, personalized customer experience.
Research bears this out:
- Only 30% of policyholders report having a positive customer experience with their insurers.
- 40% of customers are likely to switch automobile and homeowner insurance providers.
- A personalized customer experience can increase policyholder conversion by 20%
"Integrating these [customer contact] channels to provide a seamless customer experience across an insurer’s sales and service activities is the next competitive differentiator."*
*Ernst and Young: 2015 EY US property-casualty insurance outlook
TeleTech can help you stand apart from the crowd, nurture enduring customer relationships and grow your business with a range of solutions designed specifically for property and casualty providers.
- Saved $1.3 million per year with more efficient licensing processes.
- Improved retention rates from 2% to 17%
- Improved post-call processes, saving $20 million
Integrated approaches to acquisition and retention are essential to delivering a personalized customer experience
TeleTech's Six Pillars of Policyholder Acquisition
TeleTech has over 30 years of experience helping clients in the insurance industry successfully acquire new policyholders. Our proven approach involves delivering an integrated, personalized experience across six key pillars. While each pillar can deliver a differentiated policyholder experience, the whole is greater than the sum of its parts.
TeleTech’s Five Pillars of Policyholder Retention
TeleTech’s integrated Five Pillars solution can significantly mitigate the risk that your policyholders will switch providers. It’s the integrated, personalized approach you need to retain your policyholders, reduce churn and increase revenue.
Featured Insurance Case Study
Less Growing Pains, More Gains
Every company loves the prospect of rapid growth, but if the business can’t maintain exceptional service, the celebration will be short-lived. One of the largest life insurance groups in the world was faced with this challenge as it geared up for the prospect of a 100 percent increase in new business from its North American New Life business.