Customer retention has long been a struggling area for insurers, with consumers consistently looking for better options when it comes to their renewals and various factors influencing brand loyalty including the quality of perks and rewards programs they’re offered, plus whether the organisation is trustworthy and ethical. Consumers have become increasingly selective, empowered by technology to find the perfect insurance provider that provides much more than just a lower price.
As consumers become more selective in their spending habits, what can insurers do to build a better customer retention strategy that ties consumers to their brand?
Ello surveyed over 2,000 UK consumers to uncover how valuable a loyal customer is to an insurance brand over the course of their lifetime, gaining insight into what sways their purchasing decisions and the key factors influencing them to stay with their existing insurer.
We also honed in on key differences between various demographics, surveying Gen Z, Millennial, Gen X, Boomer and the Silent Generation to help insurers make more informed decisions when creating targeted and personalised loyalty strategies for their customers.
Download our research report below.