The UK general insurance sector has experienced a massive increase in customer defection levels, soaring by 43% since 2005, according to a recent study.
The research, conducted by Pitney Bowes Group 1 Software, collected data from financial industries in European economies and in the US, and found customer defection, or 'churn', had risen from 17.8% in 2005 to 25.4% in 2007.
Andrew Greenyer, vice-president of international marketing at Pitney Bowes Group 1 Software, said: "The world is becoming mo
- Ardonagh picks up selected renewal rights from Ageas Retail in £7m deal
- Eldon Insurance states none of its data was used by Leave.eu campaign
- Stackhouse Poland buys Honour Point
- Close Brothers and other creditors to lose out following collapse of Ignition Select
- Primassure moves from SSP and Open GI to Applied
- Is the talent pool drying up?
- Aggregators eating into SME business – GlobalData