A Case Study from the UK
Policyholder conversation after a free period
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What was the challenge?
- The client offered a product with a free cover period. At the end of this period, there was a significant jump in lapses and inability to retain policyholders who called to cancel.
- The key challenge for Swiss Re was to identify the driver for the lapses: what were the policyholders' expectations when the payments started?
What was the solution?
- We devised a new customer engagement strategy and revised the call centre script to enhance the policyholder’s understanding of the intrinsic value of the cover.
- We trained call centre agents to fully understand the drivers of cancellations and how to tailor specific messages to each policyholder case.
What were the results achieved?
- An improvement in the save rate of the call centre from 0% to over 40% in a 5-month period.
- There are revised scripts in the pipeline based on feedback from the call centre and then move to a more proactive review of the direct debit process – to also include SMS and outbound calls.
What was the client testimonial?
Don’t just take our word for it, watch the client give their view!