? Customer focus helps a P&C insurer grow | Bain & Company

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Case Study

Customer focus helps a P&C insurer grow王者荣耀赌外围,王者荣耀赛事赌博?,英雄联盟比赛竞猜

A leading property and casualty insurance company needed to better understand its customer base in order to grow. Bain determined that both customer retention and penetration provided significant opportunities. We helped our client design customer-focused programs that increased both customer retention and market share.

  • min read

At a Glance王者荣耀赌外围,王者荣耀赛事赌博?,英雄联盟比赛竞猜

  • 50% increase in retention of movers
  • 4% increase in market share of movers

The Full Story王者荣耀赌外围,王者荣耀赛事赌博?,英雄联盟比赛竞猜

The Situation王者荣耀赌外围,王者荣耀赛事赌博?,英雄联盟比赛竞猜

In order to grow, InsureAllCo* needed to better understand its customer base.

InsureAllCo is a leading property and casualty insurance company with a very high market share among U.S. households.

The company had a respectable customer defection rate of less than 6% per year. Company managers believed that only inferior customers were defecting.

Management's goal was to grow through increased share of wallet with best-risk customers, but they did not know how to do this effectively. InsureAllCo asked Bain to help determine how to grow share of wallet.

Our Approach王者荣耀赌外围,王者荣耀赛事赌博?,英雄联盟比赛竞猜

By using root cause analysis, Bain was able to determine that InsureAllCo had significant opportunities to retain existing customers and gain greater penetration in the market.

Our Recommendations王者荣耀赌外围,王者荣耀赛事赌博?,英雄联盟比赛竞猜

To enhance its value proposition and improve retention, Bain recommended that InsureAllCo initiate programs focused on managing household events and improving agents' responsiveness to customers.

The Results王者荣耀赌外围,王者荣耀赛事赌博?,英雄联盟比赛竞猜

Acting on Bain's recommendations, InsureAllCo implemented a number of customer-focused programs that improved overall company performance.

 

* We take our clients' confidentiality seriously. While we've changed their names, the results are real. 

Ready to talk?王者荣耀赌外围,王者荣耀赛事赌博?,英雄联盟比赛竞猜

We work with ambitious leaders who want to define the future, not hide from it. Together, we achieve extraordinary outcomes.

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