Personal service and good reachability are at the core of our customer service. These elements enable the provision of individual and high-quality advisory in all matters pertaining to pension insurance.
Our service model has proven itself as an excellent and functional model, particularly in the recent years, with the persistence of the COVID-19 pandemic. A number of entrepreneurs and corporate executives appreciate the fact that Veritas lends a helping hand even in unexpected changing circumstances. This customer satisfaction manifests itself both as high NPS scores and as the favourable evolvement of the insurance pool.
Target 1: We focus on customer service
Indicator 1A: Customers’ assessment of the customer service for insurance services, NPS*
* What is NPS?
NPS (Net Promoter Score) is a generally used indicator of customer satisfaction. In the NPS surveys, customers are asked how likely they are to recommend Veritas to someone they know. The NPS score is calculated by deducting the percentage share of critics (ratings 0–6) from the share of promoters (ratings 9–10). The lowest possible NPS score is thus -100 and the highest is 100. Usually, NPS scores above 50 are considered as good.
The year 2022 was a year of growth for Veritas. The growth in TyEL insurance policies, measured in premium income amounted to 13.4% and the number of YEL insurance policies has increased by 3.8%. As a result of same, we are approaching the threshold of 15 000 insurance policies. The prerequisite for growth lies in successful sales and customer work.
The Self-Employed Persons’ Pension Act under reform
The reform of the Self-Employed Persons’ Pension Act gave rise to ample discussion in the latter part of the year. We conversed with our customers concerning the YEL reform and also provided information on our website. Our goal has been to increase transparency and information on a topic that has raised concerns among many entrepreneurs.
The reform entered into force at the beginning of 2023. The legislative reform aims to improve the pension and social security of entrepreneurs. The Act specifies the information to be utilised for the determination of the YEL working income. When affirming the working income, the pension insurance company must conduct on overall assessment of the entrepreneur’s situation. Additionally, the legislative amendment obligates pension companies to review the entrepreneur’s YEL working income regularly every three years.
Veritas will be commencing working income reviews in the spring of 2023. In 2023, the reviews will pertain to YEL insurance policies where the working income is under EUR 15 000. In the first review round, the increase to be made to the working income may not exceed EUR 4 000, entailing an increase in the monthly payments of EUR 80.
The working income will not be automatically increased, without an overall assessment. The entrepreneur will have the opportunity to be heard and to provide additional information on matters impacting working income.
For us at Veritas, it is important to help our customers understand the additional security provided by the YEL insurance policy in matters related to pension and social security. We acknowledge our responsibility in this matter and we remain close to the customer. The YEL working income needs to be at the correct level so as to safeguard the entrepreneur’s livelihood.