The Swiss insurance company Fortuna Rechtsschutz is number one in premium growth. The company relies on the support of EOS in Switzerland and its persistent but sensitive handling of defaulting clients to ensure continued growth.
The gondola takes about five minutes to glide from the base station in Adliswil, Switzerland, to the Felsenegg peak. At an altitude of about 800 metres an impressive panorama unfolds before the visitor. To the left, the city of Zurich lies directly below Lake Zurich and to the right are the peaks of the Glarus Alps. The cable car has been bringing sightseers to the lookout point on the Albis ridge for over 60 years.
Adliswil is also the headquarters of Fortuna Rechtsschutz-Versicherungs-Gesellschaft. It sells private, motor vehicle and business liability policies. Since 1996, the company has been part of the Generali Group Switzerland, one of the country’s best-known insurers. Like the Adliswil cable car, Fortuna Rechtsschutz and its 80 employees are moving rapidly upwards. ‘Thanks to innovative products and growth strategies, in 2016 we achieved an increase of 8.3 per cent, the highest relative premium growth in the Swiss legal insurance market’, says Fabien Sigg, Administration Manager at Fortuna Rechtsschutz.
Policy-holders are impressed by the company’s service and its favourable premiums. It stands out from its many competitors in three ways: ‘We react to client enquiries within 48 hours, offer legal advice in all areas, not just legal areas we cover, and are the only insurer in Switzerland to pay procedural costs’, says Mr Sigg. The insurer currently has more than 130,000 policies on its books. ‘Until now we focussed on private client business. But in future we want to devote more effort to the B2B area in order to also gain market share there’, Mr Sigg states.
Admittedly most Swiss pay their bills on time. But in recent years Fortuna Rechtsschutz has noticed a decline in its clients’ payment behaviour. That’s why the company obtained professional help for debt collection. EOS Schweiz (Switzerland) has been its partner since 2014. The receivables management department of Fortuna Rechtsschutz sends invoices, payment reminders and formal payment notices by registered letter to defaulting clients. If they still fail to pay, the company outsources further procedures to EOS. ‘Fortuna usually emails us the cases still unpaid after the internal collection procedures, in other words 90 days after due date. At present we process about 5,000 policies per year with an average debt of 300 Swiss francs’, explains Yannick Schiess, Team Leader Key Account Management at EOS Schweiz.
The success of the country’s second largest debt collection company can be measured. Mr Sigg’s view: ‘Since we started working with EOS, the number of defaulting clients dropped to the very low level of under five per cent while our portfolio was increasing’. Mr Schiess explains further: ‘Our success rate at Fortuna is above the industry average. One of the many reasons is that Fortuna uses a fully automated interface to notify us of its cases. This guarantees particularly fast and secure data transfer and speeds up the processing’.
But vision is needed along with efficiency. EOS always remembers that Fortuna’s good relationships with its clients must be preserved even when payments are late. ‘EOS is really masterful in its professional and sensitive way of dealing with our clients’, says Mr Sigg. ‘Our experiences with EOS have been consistently favourable, both at the business and personal level’. Fortuna is therefore planning to further expand its collaboration with EOS Schweiz. The outlook for the collaboration is as good as the view over the city, lake and mountains from the Felsenegg.
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