Our end of year figures show the percentage of clients who renew with us. In 2015, that number was 92%.
Is that good? We asked Lynda Cox, our principal:
"I’ve looked at other lines of insurance and a customer loyalty rate of 92% - in tandem with our strong new business growth - would be considered by many to be an exceptional performance.
From a customer relationship perspective ’churn’ is the rate of client attrition. Modern-thinking businesses look to nurture a long-term relationship with clients, minimising churn, and we are no exception. This makes us stand out in the locum insurance market. Locum insurance is our speciality - it is all that we do and we must continue getting it right.
So we have to be here for clients - now and into the future.
Although we feel that many of our competitors would be glad to be at our level, we are not content with 92% so we will continue to work to get the figure closer to 100%. In practice this will be virtually impossible to achieve as individuals retire or practices merge, but that is our target.
We will hope to build towards that using the qualities and benefits that have helped us grow consistently and strongly:
• We do not discriminate on age
• Our premium rates have not increased for in over 6 years – even if you’ve made a claim
• If you haven’t claimed you get a no claims discount
• We will not undercut premiums to a level that is simply not sustainable in the hope that we can put in a large increase next year
• We will not retrospectively underwrite clients
• We will respond quickly and honestly to queries from both new and existing customers
• We will continue to offer the most flexible locum insurance policy you can buy.
For GPs, dentists, allied health professionals and their Independent Financial Advisers our aim is to make our locum insurance the one you want now and into the future, so churn becomes a thing of the past."
The opinions presented in this blog are solely those of the author on behalf of Practice Cover Limited and they do not constitute individual advice.
