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Customer loyalty gets its reward from the FCA

With so-called “price walking” now banned, insurers can no longer penalise loyal customers with higher annual rates, but what does it mean for companies who rely on consumers switching their deals?
January 5, 2022
  • Lack of price walking creates a problem for Moneysupemarket
  • Diversification key to its future success

The practice of charging steadily higher rates for customers who stick with the same insurer has caused controversy for years, not least because it seems to make little sense to penalise loyalty.

However, too often in the personal insurance industry, the writing of new business – and the top line revenue boost it generates – has taken precedence over the interests of existing customers.

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