Myanmar insurance retention 2020
Myanmar insurance retention 2020 In Myanmar,
the insurance industry is still in its early stages of development. In 2020, it
is estimated that the industry will be worth US$1.5 billion, and the total number
of active policyholders will reach 2.5 million.
This is good
news for the government, as it intends to use the insurance sector to help
mitigate risks associated with social and economic instability. The government
has also been encouraging the development of domestic insurance companies in
order to reduce dependence on foreign insurers.
The main
challenge that the insurance industry faces is compliance with a range of
regulations and standards. This includes ensuring that policies are affordable for
consumers and that claims are processed quickly and efficiently. Another issue
is fraud, which accounts for a large percentage of claims made by insurers.
Overall,
there are signs that the Myanmar insurance retention 2020 goal will be met.
However, there are still some areas where improvement is needed – most notably
in terms of fraud prevention and Claims processing speed.
In Myanmar,
the insurance industry is still in its early stages of development. There is a
wide variety of products and services offered, and there are currently only a
few insurers active in the market. This means that premiums are high and
competition is fierce.
The outlook
for the Myanmar insurance industry is positive overall, but it faces several
challenges. Chief among these is the fact that most people don't have any form
of insurance protection against potential financial catastrophes. Additionally,
there's a lack of trust in the industry due to concerns over corruption and
fraud. These factors will likely continue to limit the growth of the Myanmar
insurance sector in 2020.
What is Retention And Why Is It
important?
Retention is
the percentage of customers who renew their insurance policies each year. It's
an important measure because it shows how committed a customer is to your
business and how likely they are to recommend you to their friends.
Retention is
especially important in the insurance industry, where a small number of
customers can make a big impact on profits. A company that can retain its
customers over time will be able to charge higher premiums and provide better
services than one that has a high churn rate.
There are a
few things that you can do to help improve your retention rate:
- Make sure
your prices are fair and comparable with those of other providers
- Provide
excellent customer service throughout the entire process
- Keep up
with changes in the market and adjust your offer accordingly
- Offer
unique benefits that set you apart from your competitors.
Retention is
the percentage of customers who remain with an insurance company for a given
period of time. It's important because it determines how much revenue a company
generates.
There are a
few factors that affect retention rates: the quality of the customer service
provided, the benefits and features offered by the insurance company, and how
easy it is to find information about the company and make changes to policies.
When it comes
to insurance, retention rates tend to be lower in developing countries than in
developed countries. This is because people in developing countries are less
likely to have access to basic financial services, which makes them less likely
to buy insurance. Additionally, insurance companies in developing countries
tend to offer fewer benefits and features than those in developed countries,
making it harder for customers to find what they're looking for.
The good
news is that there are ways that insurers can improve their retention rates by
offering more comprehensive coverage options, improving customer service
skills, and creating ease of use when it comes to making changes or signing up
for new policies.
How can you improve your retention
rate?
There are a
number of ways that you can improve your retention rate, but the most important
thing is to focus on the customer. You need to understand what drives them to
leave your insurance company and find another one, and then work to re-engage
them with your offerings.
Some of the
things that you can do to keep your customers happy include:
- Offering a
variety of plans that fit their needs
- Responding
quickly to complaints and queries
- Providing
excellent customer service
- Offering
competitive rates.
There are a
few things that you can do to improve your retention rate, and here are some
tips:
1. Make it
easy for your customers to make a claim. This means that you need to have a
well-designed and user-friendly Claims Management System (CMS). Your CMS should
also be able to automatically process claims within a certain timeframe, so
that your customers don't have to wait too long for their reimbursement.
2. Keep up
with the latest technology trends. If you're not using the latest technologies
in your claims processing system, then your customers will likely abandon you
for companies that are. Make sure that all of your systems are up-to-date and
compliant with current industry standards.
3. Offer
attractive benefits packages. People tend to stick around longer if they feel
like they're getting good value for their money. If possible, offer monthly or
annual bonuses as part of your benefits package – this will definitely
encourage people to stay with you longer.
4. Keep up
with the competition. Be sure to keep tabs on what's new in the insurance
industry so that you can stay ahead of the curve and offer better benefits than
your competitors do. Also, make sure that you're marketing yourself effectively
– through advertising, social media and other channels – so that people know
about what you've got going on.
Which myanmar insurance companies are
doing well in retaining their customers?
There is no
one-size-fits-all answer to this question, as the best insurance companies for
retaining customers will vary depending on the specific needs of their clients.
However, some general tips that may be useful include:
- Offering a
wide range of products and services
- Keeping
prices low
- Being
available 24/7
- Providing
customer service that's responsive and helpful
It's also
important to keep in mind the demographic information of your target market.
For example, insurance companies that are focused on providing coverage to
business owners may do better than those that focus on providing coverage to
individuals. Additionally, it can be helpful to target specific geographical
areas or industries.
There are a
number of myanmar insurance companies that are doing well in retaining their
customers. Among these, the top three include the Standard Chartered Bank,
United Waikato Bank, and ASEAN Risk Corporation.
The Standard
Chartered Bank has a customer retention rate of 97%, while United Waikato Bank
comes in second at 93%. ASEAN Risk Corporation rounds out the top three with an
impressive 92% customer retention rate.
All three of
these companies have developed effective marketing campaigns that target their
customers' needs. They also offer a variety of services that appeal to
different constituencies within the population. For example, United Waikato
Bank offers financial products such as insurance and banking services to people
in rural areas who may not have access to other types of financial
institutions.
These
companies have learned how to cater to the needs of their customers in a way
that keeps them loyal and encouraged to continue using their products and
services. As a result, they are able to maintain high customer retention rates
year after year.
How to measure the success of your
retention efforts
There are a
few key metrics that you should be measuring to determine the success of your
retention efforts. These include:
- Engagement
rate: This is the percentage of customers who have opened at least one
communication from you in the past 12 months.
- A/B test
results: This tells you which communications are working best and which ones
need to be tweaked or discontinued.
- Customer
satisfaction index: This measures how happy customers are with your services,
compared to other similar businesses in your industry.
By using
these metrics and tweaking your retention strategy based on the results, you
can ensure that you're continually attracting and retaining the best customer
base possible.
There are a
few key factors you'll need to consider when measuring the success of your
retention efforts:
- How many
clients did you retain?
- What was
the average monthly premium for these retained clients?
- What were
the average years of service for these retained clients?
- What was
the average age of these retained clients?
The different methods of retention
There are a
number of different methods that insurance companies use to retain customers,
and each has its own benefits and drawbacks.
The most
common retention methods used by insurance companies are:
- Premiums
- Discounts
- Loyalty
programs
- Referral
programs
- Prize
draws/contests
-
Coupons/discounts on future policy purchases
- Special
offers or deals on products or services related to the policyholder's interests
- Low
premiums for longer terms of coverage.
There are a
number of different methods that insurers use to retain customers, and it's
important to choose the retention strategy that works best for your company.
Some common
retention methods include cross-selling, upselling, loyalty programs, and price
discounts.
Cross-selling
is when an insurer sells additional products to a customer who has already
bought a product from them. This helps the customer see the benefits of using
the insurer's other products and strengthens their loyalty to the company.
Upselling is
when an insurer offers extra features or services to a customer who has already
bought a product from them. by convincing them that they need those features or
services, it can increase their overall satisfaction with the product and make
them more likely to buy again in the future.
Loyalty
programs are designed to reward customers for staying with the company over a
period of time. This can be done through points systems or through giving away
special deals or privileges.
Price
discounts are arrangements where the insurer offers lower rates on products or
services than those offered by its competitors. This helps new customers decide
whether it's worth switching to the insurer and strengthens relationships
between customers and providers.