Not only is it good for holistic planning; for getting the full picture of your client’s financial situation; for fulfilling a need often overlooked in retirement, and for so many other reasons. Now comes word that it’s good for client loyalty. Consumers who purchase an insurance product from an institution or association tend to be more loyal, and also have longer, more positive relationships with those institutions, according to a study from Affinion Group.
- More than nine in 10 respondents (91%) who had purchased insurance from a financial institution or association indicated that they were loyal to that institution; four in 10 called themselves “very loyal.”
- Seven in 10 who purchased through an association rather than a financial institution were more loyal to that association, compared with two-thirds who called themselves loyal and purchased through a financial institution; the younger the respondent, the more loyal they were.
- Younger consumers, ages 18 through 49, were more likely to buy their insurance through a bank or a credit union; the higher their income, the more likely they were to purchase coverage through these institutions.
- The length of the relationship with the institution was longer for respondents with higher incomes.
- Respondents were also open to cross-selling from institutions from which they’d already bought insurance; six in 10 believed that improved the relationship.