Our client, a large UK insurance broker, faced a significant challenge; a customer retention rate in freefall.
The client was struggling to identify the root causes behind this decrease and recent business and regulatory changes such as re-platforming, branch closures, and market-based pricing transparency changes had led to an in-cohesive view of how customers were impacted.
Clarasys was engaged to identify the key reasons for decreasing renewal rates, with a focus on the customer journey.
To achieve this, the Clarasys team took a multi-lensed approach that included talking to customers directly to understand the reality of the customer experience. We held interviews and set up focus groups with front line and back office staff. We established key data analysis areas which provided insight into the customer's experience at various stages.
The output of each of these investigations was used to map the current customer journey as well as key pain points, and provided direction for improving the experience and renewal rates.
The results of our investigations formed a highly effective and insightful visual representation of key scenarios of the renewals customer journey. The outputs were designed to maintain accuracy in the medium to long-term and were linked to a set of clear and practical recommendations on how to improve retention and renewal rates.
Our approach enabled our client to get a cohesive and in-depth understanding of the root causes behind declining retention and renewal rates, target resources and focus on the true root causes of the problem.