The Yellow Jersey Success Story – Enhancing Customer Retention through Rewards
3 years on from implementing Endurance Zone’s reward solution, Yellow Jersey have seen a real positive impact on retention - policy holders who engage with the rewards are 54% more likely to renew. Discover how Yellow Jersey achieved this.
Client Background:
Yellow Jersey (YJ) is a leading cycling insurance brand in the UK, catering to a wide base of cycling enthusiasts with their specialised insurance policies. Striving to enhance customer value and distinguish itself from competitors, YJ aimed to incorporate highly relevant rewards into their offering, aiming primarily to improve policyholder retention and serve as a unique market differentiator.
Challenge:
The main challenge YJ faced was adding substantial value to each policyholder's experience in a cost-effective manner. The goal was to make policy benefits so compelling that customers would see clear value beyond insurance protection alone, thereby improving retention rates.
Solution:
YJ partnered with Endurance Zone to implement a customisable rewards programme tailored specifically to the interests of cyclists. The programme offered exclusive, cycling-related rewards, making it possible for policyholders to save significantly—potentially offsetting the annual cost of their insurance policies. Our solution emphasised relevance, choice and a frictionless experience.
Results:
Data verified by Yellow Jersey shows that policyholders are 54% more likely to renew their policies when they’ve engaged with the rewards, underscoring a significant link between rewards engagement and customer retention.
Client Feedback:
Ryan Georgiades, Managing Director of Yellow Jersey, shared his thoughts: "It's incredibly exciting to see how the platform has fostered such a strong, positive relationship in retaining policy holders. We've been thoroughly impressed with the custom nature and relevance of the rewards solution, which has been perfectly aligned with our customers' cycling interests, offering them true value”
Lessons Learned and Future Plans:
A critical insight from the partnership was the effectiveness of targeted communication, with dedicated emails highlighting the rewards leading to a significant increase in engagement. Our platform facilitated these communications, thereby streamlining the process for YJ and ensuring their customers were promptly informed about available offers.
Moving forward, YJ and our team are exploring ways to further increase engagement and add even more value for policyholders. This includes enhancing the rewards user journey and deeper integration of the rewards into the customer experience, aiming for even greater impacts on retention and overall customer satisfaction.
Conclusion:
The partnership between Yellow Jersey and our platform demonstrates the power of adding relevant rewards to traditional service offerings. Through the integration of a customisable rewards programme, YJ has not only differentiated itself from competitors but also impacted customer retention rates, setting a new standard in customer engagement for the insurance industry.