A Case Study from the UK

Policyholder conversation after a free period

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?

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Integration of behavioural economics and advanced retention techniques in agents discussions leads to higher client engagement and retention.

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