Improving retention and retirement decision-making

Project name:
Increasing the preservation of benefit outgo _ Extension of work with forms

Service:
Applied behavioural economics

Sector:
Financial Services

Area of Expertise:
Behavioural change
Prototyping

Client:
Global insurance provider

Date:
2015 - ongoing

Country:
South Africa


A large global insurer commissioned the Applied Behavioural Economics team to redesign its client-facing documents, resulting in better customer decision-making and large increases in retention rates.

 Through the course of the engagement, the Genesis team adapted and tested various policy cancellation and disinvestment documents to incorporate key behavioural nudges.

In a rigorous pilot it was shown that the new client-facing documents increased client retention by 24%, resulting in material benefit to the customers (better financial wellness) as well as our client (increased average policy/investment terms).

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