Donegal Insurance & Armed Forces Insurance Report Retention Increase With New CXIS Offering
P&C companies are averaging 2-3% increase in retention through its program, CXIS reports.
St. Petersburg, FL, April 18, 2017 (Newswire.com) - CX Insurance Services, Inc. (CXIS) reports that P&C insurers are averaging a 2-3% increase in retention through its Retention Improvement Program. Due to lower switching costs and what many see as advancing commoditization in some lines of business, consumers are more likely than ever to change insurers at renewal. The CXIS Retention Improvement Program enables P&C insurers to identify at-risk policy renewals and retain them. Using a proprietary combination of web-based automation, P&C licensed services, and advanced modeling, the new CXIS program is delivering results for companies spanning $18 billion to $100 million in direct written premium in 50 states.
For some carriers, the results have been transformational. Rick Mason, Senior Vice President at Le Mars Insurance, a Donegal Insurance Company quotes “Our work with CX Insurance Services has resulted in more than a six point increase in policyholder retention.” Kurt Seelbach, President & CEO of Armed Forces Insurance further indicates “Working with CXIS and the Retention Program has been very productive. The customer insights we receive pre-renewal are actionable.”
"Our work with CX Insurance Services has resulted in more than a six point increase in policyholder retention."
Rick Mason, Senior Vice President at Le Mars Insurance, a Donegal Insurance Company
CXIS President Joseph Serrano continued on “While analytics grow on trees these days, our program is a different blend of data aggregation and tactical business process. Data on its own can be somewhat useless - it helps to actually do something with it. Our retention program is delivering results for P&C companies because it's a balance of targeting, predicting, and tactical policy retention. We've fused technology & service together in a simple monthly subscription model, and the ROI for clients has been compelling. So in other words, things actually get done."
Retention has long been a critical component of insurer profitability, as it costs less to retain existing customers than to acquire new ones. Insurers also benefit from potential cross-sell and up-sell opportunities with existing policyholders. However increasing competitive pressures and rapidly evolving online capabilities are creating retention headwinds for many P&C companies. As in other industries, it's relatively easy for consumers to compare, price shop, and switch insurance companies in today's online environment. Web-based insurance purchasing has evolved beyond personal auto into small business commercial and other lines of business, and many predict the trend will only continue.
As an innovative P&C operational support and revenue growth company, CXIS helps P&C companies fill operational gaps and boost retention or policy growth. Those interested in the Retention Program or any of the other CX Insurance Services offerings can learn more at http://cxis.com.
About CX Insurance Services, Inc.:
CX Insurance Services provides 100% on-shore business process outsourcing, retention, and policy growth services to P&C insurance companies. CXIS is led by a team of former P&C carrier executives with a combined 75+ years’ experience in P&C product, underwriting, sales, claims, & customer service functions. 100% of CXIS associates are P&C insurance certified.
Contact Info:
Name: Joseph Richard Serrano
Organization: CX Insurance Services, Inc.
Address: St. Petersburg, FL 33701
Phone: 1-855-676-2947
Source: CX Insurance Services
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Tags: business process outsourcing, P&C insurance, retention
