With the rise in insurance coverage penetration and the surge in demand, firms are going t AI and automation that might help organization scale in an environment friendly and savvy technique. However, in order to maintain progress, renewal of insurance policies and repeat purchases are crucial.
Persistency ratio – An important metric for insurance companies
Persistency rate may be the extent of policyholders who choose to pay their renewal premium. Insurance firms need to maintain a high persistency ratio in order to stay rewarding from both a customer retention and acquisition’s perspective. A high persistency ratio likewise shows credibility and gains client trust. Holding a customer is probably the most crucial as well as challenging aspects of a business today and precisely like the majority of things in life, there is no quick-fix or solution to the problem.