Acquisition costs are the key component in insurance policy lifecycle costs. Aggressive management of potential attrition is critical to maximize policy lifetime value and profitability. The most effective approach is to reach out in a cost-effective way at the first sign of attrition – policy lapse. By taking a timely, personalized mulit-channel approach to communication when a policyholder fails to renew, insurers can improve the likelihood of both customer retention and payment.
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