Overview – Insurance Marketing Analytics
In this competitive business environment, Insurance companies are adopting aggressive marketing strategies for new customer acquisition and existing customer retention. To adapt to the changing market landscape, an organization must monitor changes in buying patterns and behaviour of the customers based on various demographics, geographies & psychographics profile. The analysis of existing customer’s data can through many insights of the customer such as their buying behaviour, buying Pattern, brand loyalty, investment pattern & customer churn. Such insight can be of great help to Marketing Head while devising new Marketing strategy. To improve this situation, GrayMatter’s is providing Insurance Marketing Analytics solution:
Insurance Marketing Analytics covers 4 modules which are as follows:
- New Customer Acquisition Model
- Upsell and Cross sell Analytics Model
- Lapse Prediction Model
- Sales Forecast & Planning
New Customer Acquisition Model
Social Media Lead generation
- Social Media lead generation model is built using advanced statistical models with several linear and non linear variables for likelihood computation
- Customer information are updated by integrating with social media sites such as Facebook, LinkedIn, Twitter etc
Positioning of right product
- Based on various attributes of the prospect, this model recommends which product to be positioned using algorithms and business rules
Lead Management
- Complete funnel management from New leads to Closure using probabilistic model
Upsell and Cross Sell Model
Upsell and Cross Sell model is a mathematical pattern based function of independent attributes built using advanced statistical models with several linear and non linear variables for likelihood computation
The following algorithms are used to infer this function
- Logistic Regression
- Random Forest
- Decision Tree
- Clustering
Selection of the algorithm is done as part of model validation using several measurement metrics
Upsell and Cross Sell model recommends which Product or riders to sell to which existing customers, based on buying behaviour of other customer in a similar cohesive group using algorithms and business rules
Insurance Analytics (IA+) Upsell and Cross Sell solution also provides monitoring of success rates of the model and remodeling of algorithms for model optimization
Lapse Prediction Model
- The lapse model predict the likelihood of a customer who will not renew the policy next year
- Lapse model has been built using algorithm such as Decision Tree, Logistic Regression & Naïve Bayes
- This model generate customer scores showing Probability of lapse
- The model also provide agent scoring for lapse
- The solution also provides monitoring of accuracy of this model on a regular basis and remodeling of algorithms for model optimization
Sales Forecast
- The forecast model is built on data mining tool, Time Series ( ARIMA)
- The forecast model will predict the business for the next 3-6 months based on last 2-3 years performance using variables such as Total manpower ( No. of Agents/ Unit Managers), Active agents, average premium, seasonality etc.
Sales Planning
Business Planning Module is built on What-if analysis principal. Unit Manager / Agency manager can project their business using this tool which gives option to select variables & set the target dynamically for the next month/ next qtr
Unit Manager or Agency Manager can project their ANP / NOP for the next month or next qtr using this planning Module
Variables such as Active Agent, Avg Premium, New Agent productivity & existing Agent productivity can be selected to project ANP for the next period
Once the projection is made, it can be submitted. Supervisor will be able to view the projection on their dashboard and will get rolled up till CAO and CEO
Competitor Analysis
Across Insurance Companies
An Insurance company can compare their performance against the Competitor in the same country on various business parameter based on data provided by Insurance regulator
Head to Head Analysis
An insurance company can also do head-to-head comparison with other insurance company on business parameters.
