Business Need/Challenge: A large insurer wanted to reduce lapsation and improve the long term financial performance of its life and supplemental insurance portfolio.
Our Answer: drias International implemented an enhanced retention plan to reach out to customers directly, should there be any missed payment. By contacting customers through a daily outbound call centre initiative, we are able to retain an average of 87% of customers contacted.
The Result: The results include a marked improvement in customer experience, reduced lapsation and significant long term financial improvements to the portfolio.
- 19,917 annual policies saved 2014
- $3,346,653 total premium improvement 2014
- Significant gains to the long-term value of the portfolio