Building customer loyalty through successful retention campaigns
With a presence in twenty countries, our client provides a wide range of tailored corporate and personal insurance solutions for a diverse portfolio of clients. Over the years, Stellar has provided a range of customer contact solutions in support of their business and has established integrated links to the client’s systems.
In 2009, our client had a requirement for an inbound customer retention project aimed at customers calling to cancel insurance policies offered in association with a major financial affinity partner. With a solid reputation in the Financial Services sector, Stellar was their natural choice of outsource partner for this project.
Develop and implement a campaign to retain the loyalty of existing customers and protect market share.
Minimise customer attrition and maximise revenue growth through cross-sell and up-sell opportunities.
Deliver an excellent customer experience and seamless customer journey in line with the brand values of the client’s affinity partner.
Stellar scoped, designed and launched a retention solution that employed our unique business intelligence system to ensure effective scripting and best practice retention techniques.
Detailed profiling was used to identify advisors with proven sales and customer service ability within the Financial Services sector.
Advisors were immersed in client’s brand value and those of their affinity to partner to ensure that they understood the key triggers for retaining customer loyalty.
Ongoing analysis of performance enabled the team to identify opportunities to up-sell additional benefits or minimise cancellation levels by retaining the customer on a lower level of cover.
Over nine months of the campaign, Stellar achieved an average retention rate 44.5% with a financial value of £113,702, significantly outperforming the client’s target of 30%.
Retention rates were three times higher than those achieved by client’s in-house team on a previous campaign, with monthly revenue increasing four-fold.
The retention model developed by Stellar for the campaign was adopted by the client across 15 of their other affinity partner accounts.