Unfortunately it does work. I worked in insurance, and you definitely got the short end of the stick if you were a loyal customer. New customers got all sorts

Unfortunately it does work. I worked in insurance, and you definitely got the short end of the stick if you were a loyal customer. New customers got all sorts of incentives. So, perversely, the system encouraged to switch providers every year or every 2 years. Many people (myself included) don't do it because of the hassle.