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Retention and Persistency

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Enhance Customer Retention with the Power of Intelligent Digital Technologies

Don’t leave customer retention to chance. Improve customer retention by leveraging Acaasa’s blend of intelligent technologies and human expertise.

A key element of retaining customers is the ability to predict customer dissatisfaction and proactively resolve it, even before the customer contacts your business. Using the power of data analysis tools, we identify triggers and signals that indicate potential customer dissatisfaction. From there, we determine the next best action – whether to contact the customer proactively by providing them with an offer that best fits their needs or providing them with a customised and tailored experience the next time they contact your business.

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Retention as a Service for Financial Organisations

Life insurance is one of those products that you want to keep your customers invested in for a long time. As a long-term product, life insurance companies benefit when customers keep renewing their policies year after year. But the biggest challenge for life insurance companies is lapsed policies. Customers fail to renew their products on time for a variety of reasons – the product is no longer relevant to them or just simply failing to renew it on time.

Customer retention is one of the key metrics for life insurers and it matters as much as new customer acquisition. This is where, we come in. Acaasa offers retention and persistency services to life insurers and other financial organisations.

Overcome Challenges in Policy Management with Retention and Persistency Services

Persistency is a crucial factor that drives profitability in the life insurance industry. Taking the right actions to prevent policy lapses is crucial for insurers. There are several factors that contribute to persistency with customer experience topping the chart. Policy insurance holders want to feel that they are a valued customer to continue remaining with the business. Right from the customer acquisition stage to claims management, customer experience plays a crucial role in impacting the persistency rate.

Here are some of the hurdles that lead to a drop in persistency:
  • Lack of needs-based selling
  • Improper tracking of the renewal of policies
  • Limited reminders for premium payments
  • Failure to identify changing customer needs and financial circumstances
  • Inefficiencies in addressing lapsed policies
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The Solution: Acaasa’s Persistency Framework

Our persistence framework is a customised solution for life insurers, distributors and other financial organisations. Our framework helps you enhance overall strategy and planning, improving persistency rates. We provide your team with strategic insights to make informed decisions to identify the causes of lapsation and improve customer retention.

We can help you:

  • Focus on increasing profits and not just revenues
  • Identify key causes of lapsation and prevent potential orphaned policies in advance
  • Improve the customer experience to increase retention

To know more about our services and how we can help you, get in touch with our team.

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