Building More Profitable Home Insurance with Customer Value
Knowing individual customer lifetime values can help insurers better predict retention, business mix and more.
Many insurers have led with auto coverage, then cross-sold homeowners. But strategies are changing.
Some customers may be profitable in the short term but less valuable over time.
Customer lifetime value takes time to assess and is a wide-angle view over years.
One test of a company's ability to generate better levels of customer lifetime value is how well they identify specific needs and move to fill them.
