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This 478-word blog post reports on the success of an initiative by the Association of British Insurers (ABI) and BIBA, designed to help address excessive price differences between new customer premiums and subsequent renewal premiums, resulting in the ‘loyalty premium’.
Written on 13 July 2020.
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Long-standing insurance customers often face a so-called ‘loyalty premium’, paying higher premiums than new customers or those who regularly shop around.
Following an insurance industry initiative to secure a better deal for these long-standing customers, the insurance sector is seeing some signs of improvement.
According to the Association of British Insurers (ABI), the initiative which was launched two years ago is bearing fruit.
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