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BRIDGEi2i Case Study - Improved Profitability and ROI for Insurance Major
 

BRIDGEi2i Case Study - Improved Profitability and ROI for Insurance Major

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BRIDGEi2i identifies leads based on the propensity to purchase insurance products and profitability of insurance purchased to channelize resources optimally and achieve maximum return on investment ...

BRIDGEi2i identifies leads based on the propensity to purchase insurance products and profitability of insurance purchased to channelize resources optimally and achieve maximum return on investment (ROI) for a popular US Life Insurance broker.

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    BRIDGEi2i Case Study - Improved Profitability and ROI for Insurance Major BRIDGEi2i Case Study - Improved Profitability and ROI for Insurance Major Document Transcript

    • Customer Case Study BRIDGEi2i identifies leads based on the propensity to purchase insurance products and profitability of insurance purchased to channelize resources optimally and achieve maximum return on investment (ROI) for a popular US Life Insurance broker Business Challenge The client is a famous US life insurance broker and is placed in the top 1% of all US businesses. They work in a B2B setup wherein they acquire leads with quote information and direct them to carriers. However, they face the challenge of identifying leads of high quality which have a greater propensity to policy conversion with a high premium value. BRIDGEi2i Solution BRIDGEi2i performed extensive analysis to understand the key drivers and their impact on the business thus arriving at a top-level summarization of numbers for each of the key driver. And build look-alike models to assess propensity of purchasing insurance and continuing for the required number of months and also to assess potential premium value expected from a lead. BRIDGEi2i Approach Data Approach EXPLORATORY ANALYSIS Identify key drivers Measure impact on business for each key driver Top-level summarization of numbers for each key driver through Univariate & Bivariate Analysis Outcome MODEL DEVELOPMENT Build look-alike models to assess propensity of purchasing insurance and continuing for the required number of months Model to assess potential premium value expected from a lead (across few buckets) BUSINESS SOLUTION Identified Rules & model driven score that Define high quality (better conversion, retention & high premium) helps to De prioritize resource / agent allocation for follow up on worst leads (less likely to convert & low premium) Business Impact This scorecard helped client to identify right set of leads to be approached for an insurance product through a particular channel by selecting better quality Leads with greater likelihood of conversion and retention and paying high premium. The approach significantly reduced the marketing cost by increasing the marketing return. For more details contact us: enquiries@bridgei2i.com © BRIDGEi2i Analytics Solutions Information Insight Impact
    • Customer Case Study About BRIDGEi2i BRIDGEi2i is an analytics solutions company partnering with businesses globally, helping them achieve accelerated outcome harnessing the power of data. BRIDGEi2i helps companies to BRIDGE the gap between INFORMATION, INSIGHT and IMPACT in their journey to institutionalize data driven decisions across the enterprise. To know more visit http://www.bridgei2i.com For more details contact us: enquiries@bridgei2i.com © BRIDGEi2i Analytics Solutions Information Insight Impact