RETENTION FOR AN INSURANCE COMPANY
A priority for an insurance company is to avoid losing customers. Each lost customer is a profit loss. Effective customer retention is therefore fundamental to support the company’s growth, maximize revenues and provide guidelines for the renewal pricing strategies.
Increase the awareness of the churning behavior of vehicle policy subscribers.
Integrate a data-driven (machine learning) with a user-driven (business analyst) approach to support decision making and automate the business actions.
Build machine learning models to recognize churners and analyze their characteristics.
Timely identify vehicle policy subscribers with the higher propensity of churning based on objective (supported by data) measures. Design of personalized marketing actions to increase the customer loyalty. Design of better-targeted renewal pricing offers. Optimal design of win-back campaigns.