Policy renewal automation for Insurance Sector

About the client

Our client is a German broker who operates in the insurance sector as an agent and offers car insurance, health insurance, liability insurance, etc.

Motivators for robotization

Although the company has been successful in gaining leads and new customers, it has not been doing well in terms of customer retention, with the number of extended policies decreasing by a percentage each year. The company was not in regular contact with customers and overdue with offers concerning the extension of purchased insurance options.

Our goal was to deploy robots for policy renewal automation and to complement this process with appropriate analytical data, also generated automatically.

We divided our efforts into two phases: audit and automation.

The audit covered activities:

• related to performing a diagnosis of the client’s technical infrastructure
• related to the analysis of the existing business process, related systems, methods of integration between systems, etc.

In the automation phase we:

• developed a methodology for the automation of existing systems
• performed tests of solutions
• measured the parameters of the solution according to the specific client’s needs
• implemented improvements
• launched the production of the robot

Description of tasks performed by the robot

The programmed robot gained access to the customer management system (CRM) and, based on the data stored in it, automated and personalized communication and thus sent Christmas or birthday greetings.

Moreover, offers for insurance products other than those purchased by the customer were also sent by email once a quarter.
45 days before the end of the policy, the robot sent information about the upcoming expiration date of the insurance policy and sent an extension offer with the option to automatically take out the policy and pay.

The robot further reminded of the approaching expiration date of the policy, and once this period was less than 10 working days, the robot also sent a competitive offer from another insurance company’s portfolio, including purchase and payment options. Meanwhile, the robot set the same reminders in the CRM for an agent assigned to a specific customer so that he could contact them by phone.

Basically, the robot:

• produced weekly, monthly and quarterly reports on expiring contracts
• prepared a number of renewals
• arranged sales of complementary products 

The result

Additional sales of products to existing customers increased by 28%. The customer satisfaction survey revealed that customers rated the company better in terms of customer service and brand trust. During the first year after implementation, the number of renewed policies nearly quadrupled (346%).