A Case Study from Spain

Communications Re-boot

What was the challenge?

  • After an initial project to improve customers’ lapse rates reactively, we started to work on a solution to reach out to customers at a stage before they expressed desire to lapse.
  • There was concern that by contacting policyholders proactively we would end up enticing them to lapse (i.e. „wake them up “).

What was the solution?

  • We designed an enhanced communication plan based on behavioural economics that used multiple contact channels.
  • Through machine learning, we identified the policyholders that were most likely to lapse in the coming month.

What were the results achieved?

  • Up to 50% improvement in lapses (by call) with an average of 20% improvement across all channels.
  • Extend the initiative to more customers not just those identified as at risk and vary timing of communication.
Proactive communication based on behavioural economics triggers client engagement and satisfaction that ultimately boosts retention.

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