Question

Agencies, brokerages, and insurers all have customer retention objectives. There are two principal ways that an insurance organization can improve retention, what are they?

Answer 1

Insurance organizations can improve customer retention by providing competitive prices and ensuring customer satisfaction.

Step-by-step explanation:

Improving Customer Retention in Insurance Organizations

There are two principal ways that an insurance organization can improve customer retention:

1. Providing competitive prices: Insurance companies negotiate with healthcare and service providers to offer lower rates to their customers. By offering affordable premiums and favorable coverage, customers are more likely to stay with the insurance company.
2. Ensuring customer satisfaction: Insurance organizations focus on providing excellent customer service, responding to queries and claims promptly, and addressing customer needs and concerns effectively. Satisfied customers are more likely to renew their insurance policies.