Success looks different for everyone…but it's always sweet
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Improving retention in the post-level term period
As level-term policies reach their limit, policyholders can face jaw-dropping rate hikes and insurers deal with soaring shock lapses. We put our market-leading lapse experience study and behavioural science expertise to work. Then together with you, we find the most suitable approach for differentiated pricing and messaging to improve renewals.
- On average, the persistency rate is tripled
- Mortality rates are cut in half
- 90% cash flow improvement due to improved persistency and profitability
Improving customer touchpoints
Our client was losing customers across various touchpoints including payments, renewals and reminders. Using behavioural economics testing on various forms of customer communication from SMS messaging to renewal letters, we found ways to optimise open rates, online registrations, renewals and opt ins to automatic payment.
- 44% increase in automatic payment selection.
- 3.5 to 6% renewal increase.
- 35% increase in opened emails.