Sympany once again proves itself to be a reliable and solid partner
In spite of a challenging climate, Sympany has remained a reliable partner for its policyholders and remains in a strong financial position. 2022 resulted in a loss of CHF 61.5 million, caused primarily by higher benefits costs and negative returns on investments. Equity and solvency are, however, stable. Strong customer growth and high customer satisfaction are very encouraging signs.
Basel, 24 April 2023 – 2022 was an exceptionally challenging year with numerous factors affecting all parts of the economy. Sympany was no exception, with high inflation and turbulence on the financial markets having a particularly negative impact. In extraordinary times like these, Sympany is all the more committed to being a reliable partner for its policyholders and has once again succeeded on this front. Various independent surveys have confirmed its strong customer focus and high satisfaction ratings.
Reduction of reserves
Sympany has decided to reduce its reserves in 2023 and has calculated its basic insurance premiums with correspondingly narrow margins. In addition to this, Vivao Sympany AG and Moove Sympany AG policyholders are receiving a compensation amount in 2023, which is credited to their monthly premium invoices.
In 2022, premium income decreased to CHF 1,020 million (previous year: CHF 1,047 million). By contrast, the cost of claims and benefits rose to CHF 989 million. This can be attributed to general inflation and a continuing catch-up effect in the wake of the coronavirus pandemic. Premium income was also down in basic insurance at CHF 788 million (previous year: CHF 806 million). This is due to the very moderate premium increase and the increased choice of Managed Care models by the customers.
Strong customer growth
Advantageous premium positioning relative to the market in many premium regions and successful customer retention measures led to a significant increase in private customers of over 30,000 to around 287,000 policyholders by 2023. 239,200 of these have Sympany basic insurance (previous year: 206,600). The company’s border commuter business once again performed particularly well, with Sympany continuing to expand its market leadership. In the corporate business, Sympany succeeded in acquiring new companies and successfully maintaining existing customer relationships in spite of the highly competitive market.
New brand identity
In summer 2022, Sympany launched its new brand identity, including the tagline “All the insurance you need”. This is a brief and punchy summary of what customers can expect from Sympany: reliable support, outstanding customer service and good value for money.
Expanding the services on offer
In the past financial year, Sympany continued its efforts to strengthen its customer focus. Partnerships were one aspect of this. For example, the cooperation with PostalNetwork launched in 2022 has given Sympany its own consultation rooms with on-site employees in nine Swiss Post branches. The cooperation is being con-tinued and expanded in 2023. The collaboration with the mail-order pharmacy DocMorris has also been highly successful. It has enticing advantages for border commuters who reside in Germany.
The digital customer experience was further optimised in 2022. The home page in the customer portal and mySympany app was redesigned to improve clarity. Important functions can now be reached with a single click and submitting reclaim receipts has been made even easier. Currently, over half of policyholders use mySympany. Over 80% of these receive their documents exclusively in digital form. The website and premium calculator are also constantly being developed and made more user-friendly.
Sympany Customer Advisory Council
Sympany boasts a special feature in its Customer Advisory Council, which was launched in 2019 and has around 250 members. Its feedback helps to improve customer benefits and ensure customer focus. In 2022, the Customer Advisory Council provided feedback on documents for new policyholders, documents related to sending policies and Sympany’s new brand identity. The improvements this yielded also helped to increase customer satisfaction, perhaps most apparent in Sympany’s frequently excellent scores in independent surveys.