Customer
Multinational life insurance company
Challenges
- Reduce cost of customer acquisition. Due to fixed marketing budgets, the challenge is to deceide where to allocate resources to obtain the best marketing return on investment.
- Reduce lapse rates. Policy lapse is a concern within the first policy year and prevents the insurer from recovering the initial expenses of policy acquisition.
Solution
- Predictive modelling for customer acquisition looks at a combination of psychographic, text, web-log, or survey data regarding prospects. When the data is fed to the analytics engine, predictive modelling can uncover hot spots for prospect scoring. By looking at two factors, the propensity to convert each prospect and their future potential, the insurer can create specific market segments and build appropriate strategies and activities for each segment.
- Multi touch point program with appropriate message content and frequency .
- Cross selling campaigns based on analytics of buying patterns and uncovering customer segments that are most likely to respond.
Technologies to deploy
- Model for predicting risk of lapse
- Multi touch point program
- Model for predicting customer lifetime value
- Prospect scoring model
