Business development in life savings

The life savings business closed the 2010 financial year on the path of growth. The managed balance increased by 1.88% throughout the year, reaching 146,000 million euros. This growth has been sustained over time, with pension plan assets having increased by 0.2% during the first three months of the year.

Although these data are positive, the behavior of Spaniards is not so positive, as they allocate only 15% of their savings to pension plans and insurance, while in Europe 35% is allocated for this purpose. These data reflect, on the one hand, that the assets of pension plans in Spain have a long way to go, if we take into account the size and income level of our country, as well as the difference we maintain with respect to Europe; on the other hand, in Spain there is a large potential market for pension plan savers, which, if well exploited by insurers, should contribute to achieving high growth rates in the sector over the next few years.

From the particular point of view of an entity, there are three clear strategies to accelerate the growth of its life savings business:

  • Acquisition of new clients.
  • Increase in existing customer positions (loyalty).
  • Customer retention to avoid the loss of balances in favor of other entities.

Analyzing the customer life cycle, we can see how each of the above points corresponds to different moments in the life of a customer.

The  acquisition  of new clients can be articulated mainly from two complementary sources:

  • Clients without any kind of relationship with the entity.
  • In the case of banking insurance, customers of other banking products that have no connection with the insurer.

Knowledge of the profile of the client who contracts our products allows directing the commercial activity to clients who fit the profile; this strategy being especially effective through the banking insurance channel, as it has the very broad customer base of the financial institution.

Business  development,  understood as increasing the positions of the entity’s current clients, is one of the most effective commercial tools, as it focuses on clients who already have a relationship with the entity. Carrying out cross-selling models to direct the commercial strategy towards those clients who are more likely to purchase life savings products who are already clients of other branches and not of this type of product, as well as towards those who already have said product but have a long way to go with respect to the contributions they make, it allows the effectiveness of recruitment campaigns to be doubled.

Customer  retention  can be addressed at two different points in time:

  • When a client has already caused cancellation, thus “recovering” the client.
  • When reductions in the managed volume and/or in the number of contracted products are detected, this being a much more appropriate moment to avoid customer flight.

Having predictive models that assign a probability of flight to each client allows us to direct proactive retention actions that translate into reductions of between 10% and 30% in capital flight.

Cognodata has developed customer portfolio development strategies that will allow you to grow your life insurance business and increase your market share and profitability.

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