Re: Call to action
Is the turnover policyholders leaving one insurance company for another insurance company? Or leaving an insurer for some other kind of non-insurance financial protection provider (that obviously would be more likely in life, annuities, etc. than in P&C)? That makes a huge difference in terms of assessing these trends. If customers are starting to do more business with non-insurers -- a trend we are seeing more dramatically in banking, where more consumers are handling financial services with non-banks -- that calls into question the industry's entire business model. If customers are more actively departing one insurer for another that better meets their needs (financial, contact, customization, tech-enabled, whatever) that definitely is significant but I would almost say it is good news because it suggests that some companies really "get it" and are making the right kinds of investments in customer experience/engagement, multi-channel, infrastructure, etc.