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Insurance Analytics

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Our Services CEQUITY’S services are powered with deep domain expertise and process excellence by adding Intelligence to Information. Our Insurance Analytics consultants are capable of generating......

Our Services CEQUITY’S services are powered with deep domain expertise and process excellence by adding Intelligence to Information. Our Insurance Analytics consultants are capable of generating effective solutions to your business problems and quickly provide you with a competitive price and turn-around time. Choose from a wide array of reports covering demographic trends, consumer spending potential, business profiles, consumer segmentation, activity volumes and more.

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  • 1. Our Services CEQUITY’S services are powered with deep domain expertise and process excellence by adding Intelligence to Information. Our Insurance Analytics consultants are capable of generating effective solutions to your business problems and quickly provide you with a competitive price and turn-around time. Choose from a wide array of reports covering demographic trends, consumer spending potential, business profiles, consumer segmentation, activity volumes and more. Our Analytical Consultants are qualified to provide deep insights by objectively analyzing vast amount of customer transactional lifestyle and secondary data to help make quick business impact. Our consultants have rich experience in key verticals like: financial services, insurance, mortgage, retail, travel, entertainment & telecommunications. Our analytics services include: CEQUITY BIZACTION – Modeling Services Insight2Action Acquisition Models Insight2Action Value-build Models Insight2Action Retention Models Prospect Modeling and Scoring Cross-Sell/Up-Sell Analytics Churn Prediction Lead Scoring and Enhancement Lifecycle Profiling Attrition Models Optimal Contact Strategy Development Response/Conversion Modeling Portfolio Analysis CLTV Modeling Segmentation Models About Cequity Customer Equity Solutions (Cequity) Pvt. Ltd. is an IT-enabled Customer Experience Management Company which will help enterprises improve marketing performance and accelerates customer relationships. We help enterprises by combining data, technology and services to build actionable analytical marketing frameworks, optimize marketing performance and accelerate real-time customer engagement. Thereby, enabling greater ROI on their marketing technology investments. Cequity brings a blended perspective which allows companies to bring the power of Marketing automation technology to business problems. Our services include: Managed Campaign Management Services Customer Management Consulting ■ ■ Marketing Operations and Measurement Services Managed Analytics ■ ■ Event Driven Marketing Services Marketing Database Solutions ■ ■ Driving new dimensions in Insurance Analytics Solution Overview The insurance industry’s dynamically changing scenario makes it imperative to utilize customer information more strategically than it has been done in the past. Contact us: Customer Equity Solutions Pvt. Ltd. INDIA USA All major insurance verticals like life, health, mortgage, and re-insurance face Mumbai Office: Chicago Office: repeated challenges in the form of Deregulation, Consolidation, Customer 105-106, 1st Floor, Anand Estate, 189-A, Sane Guruji Marg, 626, Grove Street, Evantson, IL 60201 Mahalaxmi, Mumbai-400 011, India Acquisition & Retention, Sales & Marketing and Risk Management. Phone: +91 22 23000133 / 23054039, Fax: +91 22 23053809 Website: www.cequitysolutions.com Email: info@cequitysolutions.com SIZE: BACK SIZE: COVER A4 A4
  • 2. As developing markets mature and competition intensifies, the global Insurance industry faces unique challenges that Improving Channel Effectiveness: ■ impact established entities and those contemplating entry in the market. Demand and consumer expectations would Direct Channels: Improving effectiveness of marketing techniques by optimizing spend through segmentation and better ■ understanding of current and prospective customers force Insurance operations to differentiate themselves from the competition. Indirect Channels: Improving decisions around sales and agent deployment and analyzing agent incentives and commissions ■ Insurance companies world over have shown great successes by utilizing customer information and converting it into business Sustained analytics support can increase the life time value of the customer manifold. The product mapping below would give a intelligence using decision-science tools. brief idea the various opportunity created by analytics An insurance firm, facing tremendous competition from numerous players, faced a staggeringly high rate of customer attrition. Yes Yes, No Yes, No The company utilized customer satisfaction information held in their data warehouse to generate desired information on attrition. Simple Base Upgrade Coupled with other information like product usage, financial behavioural pattern, channel preference, demographics, etc. Add on X sell Product 1 A predictive modeling exercise was undertaken which gave them ability to identify customers who are likely to attrite. The customers identified as being at a high risk for leaving were subjected to a number of retention measures resulting in significant reduction on number of attrition. Product Upgrade Add on X sell 2 By partnering with Cequity, Insurance companies can enable Integration of business intelligence and information to drive Insurance analytics and marketing initiatives. We believe that we can help Insurance companies get answers about “Who”, Product Upgrade “What”, “When” and “How” about their customers as following: Add on 3 Where can I find them? Who are my customers? ■ ■ or How can I acquire them? What are they like? ■ ■ New Suppression Survey Product How can I keep them? What do they buy? List ■ Question ■ 4 What more can I sell them? ■ b. Underwriting Customer lifecycle Analytics Cequity believes that there are some areas where we can benefit from improved analytics: Insurers have abundance of data across their organizations but most have not leveraged the full potential of this data in tracking Risk Profiling: Building risk based predictive models to manage the entire range of exposure from customer to product to ■ customer behavior across the customer life cycle and translate that into informed actions. Actuaries have been using analytics entire portfolio for a long time to underwrite and price policies. However the use of data driven decision making across other enterprises of the Product Pricing: Once such risk models have been created, it becomes simpler to create pricing tables that are determined ■ insurance industry is rare in spite of the richness of the data. by segmenting customers based on their risk and projected cash flows Life expectancy model: This will help in accurately predict the survival probability of the insured Some of our insurance data and analytical solutions will cover all aspects of an insurance business. ■ Identifying profitable and non profitable customers ■ Claims prediction modeling: This will help in better deployment of the capital of the insurance company ■ Customer & Agent Acquistion c. Claims Servicing and Management Analytics can be used to improve claims processing in the areas of: Understanding the pattern of fraudulent claims and predicting similar activities ■ Customer and Channel Migrating customers from branch channel to more cost effective channels like net, tele, etc. Underwriting ■ Management Analyze efficiency of servicing agents to optimize turn around time ■ d. Customer Management Segmentation analysis, CHAID, logistic and linear regression methodology can be used to manage existing customers more effectively. Claims Servicing & Management Build models of profitable customers and try to migrate the Lapsation model of agents ■ ■ non profitable customers Customer satisfaction index ■ Lapsation model of customers ■ a. Customer & Agent Acquisition Key Benefits Insurance companies use multiple channels to acquire customers viz agents, direct channels, bancassurance etc Insurance companies can exploit the power of analytics by using it for the following: Thus these data and analytical solutions are designed: Analyzing attributes and behavior of customers and agents: The end result of these analyses should be to provide better and ■ To increase profitability and revenue, enhance To increase ROI in marketing spend quality prospect lists, such as cross-sell and up-sell customer and agent prospect lists ■ ■ customer satisfaction To strengthen relationships with channels Targeting the right customer for the right products: Propensity models could be developed to fit the best product for a particular ■ ■ To reduce market costs by using spend optimization profile of customer which would help in enhancing customer experience and increased profitability to the insurance company ■ To generate tailored cross sell and up-sell opportunities etc. ■ 1 2 INSIDE INSIDE