While customer acquisition is a crucial to life and pensions companies, more and more companies are increasingly looking at customer rention rather than acquisition

Research and Markets are delighted to announce the addition of Customer Retention in the Life and Pension Market: To have and to hold to their offering

(PRWEB) March 28, 2004 --Life and pensions companies are increasingly looking at customer retention rather than acquisition; however, most are still in the initial stages of implementing a comprehensive strategy. This brief gives insights into the crucial components and steps that make up a successful retention strategy and provides industry examples.

This report is designed to examine:

-The background to the customer retention problem and utilizes information from interviews with industry experts to identify the key drivers

-How to segment the customer base using lifetime valuation and gives strategic options for increasing the profitability of each segment

-Identifies key motivations for defection and explores potential strategies to counter
these factors.

Compares insurers' current customer retention management tools against best practice and provides a roadmap for change

The report also highlights

Before implementing a retention strategy, it is important to identify which customers are worth retaining. This can be achieved through Customer Lifetime Valuation. The aim of a retention strategy should be to maximize the number of customers who have high lifetime value and low service cost, the 'value creators'.

Customers can be segmented according to their defection motivation into: budget, bought, lost and stolen. The largest segment is 'budget' - those who defect because of a change in circumstance. Identifying these groups and the strategies that have the greatest impact on them allows more efficient and effective retention strategies.

Life and pension companies have only recently begun to implement customer relationship management (CRM) systems to help with customer retention and are therefore focused mostly on operational CRM rather than adopting an integrated CRM strategy.

Reasons to purchase the report:

Use insight gained from industry experts and 'best practice' examples to help develop and evaluate successful retention strategies.

Examines where insurers are today using information from experts and industry examples
and explores how CRM could progress.

Provides insight into how retention strategies have failed in the past and what companies can do to avoid making the same mistakes.

Region: Global

For a complete index of this report click on
http://www.researchandmarkets.com/reports/54482

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