For Insurance policy holders, renewal is an annual event, but for Insurance Companies is it a yearly or monthly or daily job? There’s no one right answer.
Insurance companies/Intermediaries run many parallel processes such as Fresh sales, Cross-sell, Renewals, Claims, Customer service and many more. Out of which renewals is debatably at pinnacle of all processes. Why? One of the prime reason – It deals with the retention of hard earned customer portfolio.
“The Customer acquisition and retention process is like a funnel, top can be wide, but the bottom should be minimal”. In other words, a customer, once acquired, should stay with an insurance company ideally for lifetime.
But how do you reduce leakage from bottom of funnel? Analytics and Intelligent interventions can help prevent this leakage.
Do we know what we know?
Descriptive Analytics enables Knowledge: Data can have variety, varsity and volume; advanced analytics extracts hidden information from data and enables Knowledge base to decision makers of business.
Do we know what we can know?
Predictive Analytics enables Monitoring and Intelligence for decision making: Traditional reporting and MIS is restricted to passive information i.e. it gives post-mortem reports. But predictive analytics enables availability of information before things have even started moving, this enables pro-active approach where monitoring can be as granular as daily. This creates a framework where analytics computes expected conversion and actual conversion, learnings are fed back and hence the outcome is a self-learning analytics driven renewal framework.
Can we act upon what we know ?
Prescriptive Analytics enable Intervention: To create real value, the actions business takes in response to alerts are key factors. Prescriptive analytics uses past data to assist business to co-create set of interventions that focusses on rich customer experience which ultimately leads to increase in retention.
Insurance Analytics Suite – Retention
Pentation Analytics has launched a Predictive Analytics application for your entire policy renewal enhancement
Insurance Analytics Suite harnesses data to bring transparency in company’s operations, customer retention & profitability. An easy to use application for optimizing your renewals through multiple interventions, early alert flags and risk scoring. Risk scoring is a unique process to assign probability of renewals on policy level. The product has 6 modules which enables customer to use it at any level of their processes separately. Our product has set of unique predictive algorithms to give real time feedback for better strategy implementation. These together result in increased renewals and transparent processes.
The key features of the product are:
- Increase renewal on a monthly basis.
- Shorter implementation time: span of 3 months.
- Automated intervention module