Life insurers increasingly look to improve value for current customers to deliver long-term profitability, according to Swiss Re’s Sigma study.

Clients are being directed to products more attuned to their needs due to an increased focus on relationship building. Insurers are also working on better claims processes and using data analytics to lift customer retention rates and cut running costs.

“Traditionally, life insurers have focused on growing new business, but many are currently paying increased attention to enhancing the value of existing portfolios,” Swiss Re says.

“To do so, they are applying different levers for a more effective management of inforce books, with the aim of increasing customer satisfaction.”