The Insurance Couch Podcast - Auto Renewal vs. Forced Renewal

Get Your Insurance Fix on “The Insurance Couch” Podcast! Join Oliver Lang, former CEO of InsurTech Unicorn Wefox/One Insurance, Supervisory board member and Advisor and Nikolaus Sühr, Co-Founder and CEO of InsurTech Enabler KASKO as they bring you unique insights from their experiences in the insurance world. This episode is all about the renewal of insurance contracts 🎙️ Whether customers must actively renew their insurance contracts (forced renewal) or contracts renew as long as you don’t cancel them (auto-renewal) makes a big difference for insurance markets. The difference in Lifetime Customer Value (LTV) between direct customers and broker customers is bigger in forced renewal markets than in auto-renewal markets. In forced renewal markets more focus is placed on keeping the customer and the processes to do so are much more complex. Any feature to bind customers (like claims, free discounts, or recurring referral benefits) is more important in forced renewal markets. There’s generally more change in forced renewal markets: faster growth of new offerings and competitors and less legacy in old tariffs. Listen to “The Insurance Couch” to stay tuned for the newest chatter about the industry! #insurance #insuranceindustry #versicherungsbranche #versicherung #versicherer #renewal #strategy