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atriga CRM-driven retention for the insurance industry:

atriga allows recovery of Insurance customers in the dunning processtry:

Acquiring new customers is an expensive matter for the insurance industry, because here, too, the old sales wisdom applies: new customers cost, existing customers bring money. This makes it all the more astonishing that at the end of a customer journey, consumers with impaired insurance contracts quickly end up on the siding.

Strategic customer recovery measures are still not a top topic for many insurers despite the immense sales potential. This will fundamentally change with atriga CRM-driven retention, a real innovation for the entire insurance industry: atriga, pioneer in customer-friendly and digital receivables management, is using a solution for the first time with which insurers can win back defaulting customers via a dynamically controlled process. The process developed and AI-controlled by atriga thus goes far beyond what is known in the insurance industry so far.

 

atriga CRM-driven retention: Evaluate, look after and win back each defaulting customer individually

It is worth taking a closer look at the dynamically controlled customer retention process developed by atriga for the insurance industry: The basis is, among other things, customer value-oriented characteristics of the individual insured person, up-to-date creditworthiness information and behavioural characteristics, which are defined in a valuation scheme together with the insurer and deposited as a set of rules. The linking of all information in combination with a current credit check then gives an overall picture of the retention capacity of the customer. This includes, for example, whether an agreed installment payment is made on time or how quickly an invoice is paid and via which of the offered payment methods it is paid.

All factors allow a systemic-dynamic decision in the overall view of how the course of a retention process is controlled when a customer has settled the outstanding claim. As part of the atriga Customer Communication Journey, each insured person is communicated individually throughout each process step via the contact channel he prefers in his preferred language. Christoph Overmann, Head of Sales at atriga, explains: “atriga CRM-driven retention makes it possible to implement customer recovery measures individually controlled, effectively and purposefully by means of an AI/ML-based process.”

Christoph Overmann, Head of Sales at atriga: “atriga CRM-driven retention enables the insurance industry for the first time to implement customer recovery measures individually controlled, effectively and purposefully by means of an AI/ML-based process.”

atriga Christoph Overmann

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
www.versicherungsakademie.de/fachtagung-zahlungsverkehr-v804/

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