Fennia – Customer value and retention

nSight carried out the research with solid professionalism and a good attitude. We knew all along what was going to happen next. I particularly appreciate the fact that nSight challenged us on the content and target groups of the survey and helped us interpret the results, also taking an in-depth look at the specifics of our industry.

Satu Puumala, Digital Sales and Channels Lead, Fennia

Fennia,  a mutual P&C insurance company, aims to deliver as much value as possible to its customers. To support this value creation, Fennia does a lot of work on customer insight, both in terms of services and the overall customer experience. Fennia is well aware of the different customer segments, both personal and corporate, and the different needs and expectations of these segments at different stages of the customer journey.

The aim of our collaboration was to deepen the understanding of how customer value is created, alongside customer experience, particularly through the factors that influence customer retention. This work was linked to a project to reform the whole concept of rewarding customer loyalty. We started with a qualitative part, interviewing personal customers as a focus group and business customers individually. Based on the interviews and Fennia’s existing insights, we formulated questionnaires for a quantitative study in both customer groups. The quantitative survey data was also combined with information from Fennia’s own data, for example, on customer segments and on duration and scope of customer relationships. A key part of the analysis was a structural equation modelling that was carried out  to identify the factors that influence the satisfaction and retention of different customer groups the most.

The aim of the research was to help Fennia to further develop its services and the value perceived by its customers. It provided Fennia with a clear picture of the factors affecting customer loyalty across different customer groups, and the insight it provided was instrumental in the design of the new customer loyalty benefit launched in early 2024.