Personal service and good accessibility are the core elements of our customer service. These elements enable the provision of individual and high-quality guidance in all matters pertaining to earnings-related pension insurance.
Our customers have expressed their gratitude for our customer service. Our service model has proven to be excellent and functional, particularly in recent years when the entire society has undergone significant upheaval as a result of the pandemic and war. Many beneficiaries, entrepreneurs and corporate executives appreciate the fact that Veritas is there to provide help, even in unexpected change situations. This customer satisfaction is reflected both as high NPS scores and in the favourable development of the insurance portfolio.
The year 2023 was once again a year of growth for Veritas. The growth in TyEL insurance policies, measured in premium income, amounted to 4.0% and the number of YEL insurance policies has increased by 3.3%. This growth was faster than within the industry on average. The prerequisite for growth lies in successful sales and customer work.
Reform of the Self-employed Persons’ Pensions Act
The Self-employed Persons’ Pensions Act (YEL) was amended as of 1 January 2023. The aim of the reform is to improve the pension and social security of entrepreneurs. The reformed Act states more specifically the information to be utilised for the determination of the YEL working income. Additionally, the legislative amendment obligates pension insurance companies to review and adjust the YEL income levels of individual entrepreneurs regularly every three years.
We discussed the YEL reform with our customers throughout the year and provided information on our website. Our goal was to increase transparency and information on a topic that has raised concerns among entrepreneurs.
Veritas initiated its YEL income reviews during autumn 2023. The 2023 adjustments concerned YEL insurance policies in which the confirmed YEL income was less than 15,000 euro. The possible increase of the YEL income amount during the first review round was a maximum of EUR 4,000, which means an increase of the insurance contribution by approximately EUR 85 per month.
We did our best to ensure that the process is as clear and understandable as possible for our customers. Entrepreneurs had the possibility to be heard and to provide additional information on issues that affect their YEL income.
For us at Veritas, it is important to help our customers understand the additional security provided by YEL insurance in matters related to pension and social security. We acknowledge our responsibility in this matter and we remain close to the customer. The YEL income needs to be at the correct level in order to safeguard the entrepreneur’s livelihood.
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 YEL income reviews came as a surprise to many entrepreneurs, and this was also reflected in the customer feedback that we received. During autumn 2023, the NPS score dropped momentarily and reached its lowest, 37. By the end of the year, however, it had already increased to 54. Based on the feedback we received, many entrepreneurs expressed that our personal customer service also made challenging issues feel easier, since they were assisted by their own designated contact person.