New customers are expensive, customer retrieval is worthwhile
Instead of seriously dealing with customer recovery measures, many insurers boost their business with special promotions for new customers, invest a lot of money in new customer acquisition on comparison portals, but at the same time reduce costs in service-related areas. Anonymous processes and changing contact persons loosen the bond between insured persons and providers and increase the willingness to change. This is all the more true because digitisation further increases transparency and comparability from the point of view of customers and simplifies the change of insurance,” says Christoph Overmann and continues: “I am therefore very surprised that many insurance companies do not yet deal intensively with the topic of customer recovery. In my conversations, I always ask how insurers deal with their defaulting customers. Is there a strategic approach to customer retention, or are these customers lost in the long term? Is it communicated with this customer group at all and if so, how exactly?”
In order to be able to implement this effectively, insurers would have to be able to use information about customers who come from receivables management and debt collection where it is needed. However, this can only work if data from the legacy systems becomes accessible and analysed. However, many insurers find this difficult, as the IT systems that have grown over decades with their data silos are usually unable to play relevant information about the customer back to sales or broker organisation from the end of a customer journey.
Overmann summarises: “The atriga systems are able to link the existing data with numerous other data sources or to make completely new data structures, such as customer behaviour, useable. This makes it possible to make far more reliable statements about the probability of default than, for example, in a purely forecast-controlled dunning process, which always carries the risk of running past the personality of the individual insured person.”
Implementation on your own or with suitable partners?
Insurers want to be flexible, able to act and future-oriented at all times without investing huge sums in the modernisation of their own IT infrastructure. Can and do they want to manage this technological and organisational balancing act on their own or should they better rely on partnerships? Christoph Overmann has the following answer: “Many corporations cooperate with InsurTechs. They start, participate or buy the entire startup, depending on the impact on the market share expected. However, this does not always work smoothly, as very different cultures often meet. A cooperation with atriga makes extreme sense against this background, as our company’s own IT platform is able to connect quickly, easily and non-invasively to the legacy systems of insurers via a single API. This makes atriga CRM-driven retention a real revenue generator for insurers.”
atriga is the contact person at the GDV symposium payments
After two years of digital and hybrid format, the GDV conference on payment transactions can finally take place again as a face-to-face event at the end of May. In several thematic blocks, industry experts in Cologne exchange ideas on current trends and developments around digital payment methods and processes over two days. They discuss new requirements and customer expectations for payment transactions and inform themselves about changes in the payment behaviour of consumers. atriga Head of Sales Christoph Overmann is available as a contact person at the GDV symposium and explains atriga CRM-driven retention for the insurance industry in detail.
More information about the GDV symposium at