The relationship between insurers and their customers is not always a happy one. Buying cover is a mundane necessity rather than a willing investment, and it’s never easy to cultivate a meaningful relationship when the touch points are limited to the initial purchase, renewals, or when making a claim.
It doesn’t help when some insurers resort to the cynical practice of dual pricing; i.e. exploiting loyal customers with price hikes while attracting new customers with big discounts. Instead of pursuing smash-and-grab profits, insurers should be building revenue by maximising, rather than undermining, customer loyalty.