Featuring: BSI Elements Winning Back Lost Customers With AI
The Customer Recovery use case demonstrates clearly how energy supply companies (utilities) can contact customers after their cancellation in the shortest possible time, using the best possible engagement approach and benefitting from AI-created follow-up offers.
According to the market communication processes for the energy industry regulated by the German Federal Network Agency, a new switching period requirement will take effect in April 2025, where the switching period between two utilities is shortened to 24 hours. It is therefore important to fully capitalize on all possible avenues of customer recovery within just one day.
What are the current challenges?
Since the German energy markets were liberalized, the switching of energy service providers has been one of the most frequent business cases in this industry. At the same time, the 24-hour supplier switch ruling (LFW24; Lieferantenwechsel), which goes into effect in 2025, makes it more difficult for utilities to respond appropriately to cancellations since they must perform all customer recovery activities within 24 hours.
From validating the cancellation received and identifying possible cancellation reasons to devising the right engagement approach with a convincing offer, customer recovery must be fast and intelligent – and at the same time it should be so convincing that it turns, in the best case, customers who canceled into particularly loyal customers.
The solution? BSI Elements
Benefits for all
- Speed
Due to the instant, AI-powered BSI Customer Suite response to incoming cancellations, your utility company optimally utilizes the 24-hour switching period to another provider.
- Resource utilization
Since the entire process, except for the personal phone call from the service center, occurs by black-box processing, i.e., it can be run in the background without any additional manual intervention, you noticeably save employee resources while providing a full-service experience.
- Improved customer loyalty
If you are successful in winning back customers, you also improve your retention rate. Why? Because the loyalty of customers who were convinced to stay typically increases significantly.
Let’s talk.
I would be happy to assist you at any time.