Driving Customer Retention, Development And Acquisition For Profit In The Insurance Business

Abstract

In the Age of the Consumer, the marketing dilemma that many financial institutions face is whether to focus on increasing market share, customer share, or both. Which is more profitable? Which has the greater long-term payoff?This paper explores how data warehouse technology and clear marketing strategies can be applied to building customer loyalty and retention, cross-selling opportunities, improved direct marketing campaigns, and marketing to "a segment of one."KeywordsData WarehouseInsurance BusinessCustomer RetentionIncrease Market ShareCustomer FocusThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.