Improve Customer Retention by measuring persistency and rewarding distributor

SymbioSys Persistency enables Insurer to enhance the customer service and improve customer retention thru innovative persistency-based compensations. Insurers can take an informed decision and incentivize the distributors that contribute towards retaining regular policy renewals, thus maintaining higher persistency. This service also helps the insurer to derive advisor ratings and segmentation to motivate the high performing advisors.

SymbioSys Persistency is being extensively used across 14 delighted customers from 9 countries and processed over 10 million policies. Over 50 unique persistency rules measured across 5+ million advisors from 4 different channels.

Business Challenges

• Timely and accurate Persistency processing
• Ability to measure persistency for rolling block of business
• Ability to measure persistency at all levels of hierarchy

Business Drivers

• Improve customer retention by measuring persistency
• Enhance customer service thru Persistency based compensations

Features

• Persistency measurement for Rolling and fixed block of business
• Basis API / APE, Case Count, Premium and Face Amount / Sum Assured
• Flexible block of business
• Separate for Rookie and experienced advisors
• Personal, Group, Geography, Channel and at Company level

Benefits

• Ability to measure persistency at all levels for informed decision making
• Incentivize distributors having higher persistency
• Incentivize internal staff servicing Orphan portfolio by measuring persistency
• Drive persistency thru innovative persistency base compensations