In the last year, we estimate there were 1.3[i] million new business cancellations in private motor at an approximate cost of £25 to £75 per cancelled policy. Assuming an insurance provider with 100,000 policies has a cancellation rate of 5% per year, this could equate to an eye watering loss of £125,000 to £375,000 per annum. It’s not just the cost of on-boarding, there’s the risk of bad debt that may arise from unpaid premiums as well as a loss in potential...

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