Persistency
A plain-English definition from the DeployIT insurance technology glossary.
In short: The share of policies still active at defined anniversaries (13th/25th month); the central metric of renewal health. Indian private life insurers average 65-70% at the 13th month.
Related terms
- Clawback
- Recovery of previously paid commission when a policy lapses, is cancelled or free-looked within a defined period.
- Cross-Sell
- Offering insurance to an institution's existing customers based on their profile and life events.
See it in practice
See this concept working in software
DeployIT puts quoting, issuance, renewals, claims and commissions on one platform built for Indian insurance distribution.