Creating Stickiness in the Insurance Industry
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Overview: All businesses aim to foster loyalty in customers, but for insurers the problem is sharper. Winning new customers is more expensive for insurers than for many other industries, and the benefits of loyalty are greater. This has been exacerbated by customers shopping around to find the best deal in the downturn. Insurers need to make their products more “sticky”, to use a term invented by author, Malcolm Gladwell.