Customers and beneficiaries

Personal service and good accessibility are the core elements of Veritas’ customer service. At Veritas, each customer receives their own designated contact person. Our customers can trust that they will receive individual and high-quality guidance in all matters pertaining to earnings-related pension insurance.

Our customers have expressed their gratitude for our customer service. Many corporate executives, entrepreneurs and beneficiaries appreciate the fact that help is always available, even in unexpected change situations. We promise to answer calls in less than 20 seconds. The level of customer satisfaction is reflected both as high NPS scores and in the favourable development of the insurance portfolio.

The year 2024 was a year of record-high growth for Veritas. The growth in TyEL insurance policies, measured in premium income, amounted to over 6 per cent and the number of YEL insurance policies increased by 7 per cent. For the second year in a row, this growth was faster than the industry average.

Target 1: We focus on customer service

Indicator 1A: Customers’ assessment of the customer service for insurance services, NPS*

Customer feedback was at a very good level throughout the year. The NPS score was above 50 for all months. 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. We received special praise for the level of our personnel accessibility.

The significance of work ability risk management and vocational rehabilitation for our customers continues to increase

Measures to manage the work ability risks of our customer companies continued to focus on enhancing the work ability expertise of their entire work community, on managerial work and on improving personnel processes that promote work ability. The impact of events intended to enhance expertise and knowledge was at an excellent level. Based on the feedback given, it can be stated that the participants in these events are able to utilise the acquired knowledge in their own work for the purpose of promoting work ability.

The ability to continue working and cope at work is essential in terms of the sustainability and prosperity of overall working life and the pension system in Finland. During 2024, we developed a new well-being at work survey as a means of serving our customers more extensively and targeting our services to precisely those areas in which work ability risks can be detected. Our survey serves both workplaces and work communities, particularly for the purpose of identifying psychosocial risk factors and loading, and helps to prioritise the most important development areas. In 2024, our experts actively supported policyholders and inspired discussion, among other things, about the possibilities for working part time to support sustainability and well-being.

With the support of Veritas’ work ability surveys, our customers continued to actively develop their work communities and exerted efforts towards supporting work ability in 2024. In comparison to the previous years, the results were processed more comprehensively by organisations and were more actively utilised in development work. During 2024, themes associated with management, in particular, were included in the development agendas of organisations whereas the share of development projects associated with the maintenance of physical work and functional abilities was decreased.

Comprehensive work ability risk management is essential, so we actively engage in co-operation with our insurance customers, providing them with everything from work ability improvements to vocational rehabilitation. Our goal is to increase awareness of the possibilities offered by vocational rehabilitation and to support our customers in utilising these possibilities to get employees back into working life and to reduce overall work ability risks.

Target 2: We support our customers in managing work ability risks

Our objective is to advise and support our customer companies in their efforts to reduce disability risks. We utilise customer surveys to regularly evaluate the usefulness of our services.

YEL income reviews continued

The Self-employed Persons’ Pensions Act (YEL) was amended as of 1 January 2023. The legislative reform obligates pension insurance companies to review and adjust YEL income levels regularly every three years.

In 2024, the reviews were relevant for entrepreneurs whose YEL income was less than EUR 25,000 and had not been reviewed or significantly changed (more than 15%) over the previous three years. This accounted for just under one third of all YEL insured in Veritas. In the first round of reviews, the level of the YEL income can be raised by a maximum of EUR 4,000, i.e. no more than EUR 85 per month.

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. 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 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. The YEL income serves as the basis for the payment of your old-age pension as well as possible disability pension, survivors’ pension and the cash rehabilitation benefit. The YEL income also affects social security benefits while in working life, such as sickness and parental allowances and unemployment security.