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Revenue generation and analytics
Data opportunities and tougher market conditions are driving the need for the insurance industry to look at data analytics. Using data intelligently, an insurer can extract insights that guide decision-making and achieve better results at every point of the customer lifecycle, from market segmentation, pricing, cross selling, adding customer lifetime value and retention modelling.
Analytics uses advanced statistical techniques to analyse large quantities of internal and external information to unlock previously unknown, but meaningful, business relationships allowing clients to significantly improve profitability. Analytics has a wide range of applications including:
- Maximising conversion rates by gaining insight to customer and agent behaviou
- Maximising profitability by understanding the price elasticity of different customer/agent segments
- Increasing profitability by focusing underwriting resources on more complex risks
- Increasing the likelihood of successful cross-sell by targeting marketing resources more effectively
- Improving customer experience by selling the right product, at the right time, through the right channel
- Minimising lapses / optimising renewals by understanding key persistency drivers