What does retention mean?

The term “retention” is used in the insurance industry to describe the percentage of policyholders who renew their insurance policy with the same company when their policy is due for renewal. A metric for calculating the percentage of policyholders who renew (or retain) is “renewal to date.

” The renewal to date is the number of policyholders whose policy is due to renew as of a specific date.

The renewal to date metric is particularly relevant to life insurance and annuity

What does retention rate mean in math?

When we talk about retention, we usually mean the percentage of existing customers you have who have paid you in the past 12 months and are still customers today. In order to calculate your customer retention rate, you need to have a list of your customers and the date of their last payment.

What does retention rate mean?

If you’ve noticed that your current customer base is growing, but your customer base isn’t, this could be because your current customers aren’t retaining your services. At a minimum, retaining existing customers is a key step in the customer lifecycle management process. If you want to grow your business, you need to work on improving customer satisfaction and building deeper relationships with them. While it takes work, there are some strategies you can use to improve customer retention rates.

What does retention rate mean in economics?

Retention is a measure of how many of your customers you retain after they’ve purchased from you. Keep in mind that it’s possible for your customers to leave your business after the first transaction, even if they didn’t get a bad experience.

What does retention rate mean in politics?

Retention rate is the number of voters who will vote for a particular candidate in the next election. It is calculated by looking at the number of voters who voted for the same party or the same person in the last election as they did in the previous election.