FICO Customer Communication Services for Insurance Hot Topics Q&A

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Executive Brief

Policyholder retention is the lifeblood of insurance companies. Winning new customers is critically important, however the cost associated with retaining a policyholder is a small fraction of the cost to acquire a new customer. Once new customers are converted into policyholders, the attention and personal touch of the initial sale is often lost. Policyholder loyalty can drift as the proactive communications of pursuing the sale transitions to the reactive responses to the occasional policyholder service inquiry or claim. Touchpoints become primarily limited to billing and premium payments.
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