Pega Transforming Life Insurers

Persistency – a common issue
While gaining new customers can cost up to 10 times more than retaining existing ones, it is hardly surprising that our clients are increasingly focusing on strategies to retain their own existing valued customers.

The solution
Pega clients enjoy class leading retention and persistency rates by targeting those customers they want to keep by:

 

  • Understanding the propensity of each customer to lapse or reduce their contributions
  • Understanding the complete picture of the customer – from existing policy and investment holdings through to forecasting the customer lifetime value
  • Devising and automating an effective strategy to retain their profitable customers

The results
Pega has achieved startling results at a number of insurance and other organisations:

  • An increase in new business of more than 70%
  • Improvement in operational efficiencies on transactions which has resulted in a pass through rate of more than 60%
  • 97% improvement in new feature deployment time
  • Achievement of 30 day release cycles
  • A targeted 88% reduction in manual touch equating to £12M in annual savings
  • 50% reduction in the costs involved in duplicate transactions
  • 50%+ increase in sales and productivity close rates
  • Reduction in time taken to train agents
  • Full compliance with governmental and regulatory standards