Blog: Policy renewals – the importance of loyalty
What many insurance companies perceive when their customers renew is the illusion of loyalty. Oke Eleazu, chief operating officer at Bought By Many, argues consumers don’t have an affinity for their insurance company and renewals are usually down to convenience rather than devotion.
With so few touchpoints after someone has bought a policy and opaque pricing that often changes each year, it’s no surprise that many people shop around at the end of a policy year.
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