Retain policyholders with new predictive analytics solutions
How many interactions do insurers actually have with their policyholders? Typically, they are pretty infrequent, so does an insurer knock the customer experience out of the park each and every time? Insurers have to deliver superior customer touches in all situations—whether it involves an agent, originates through a call center or comes direct through the web, and is independent of the type of interaction that may be related to a claim, the underwriting status or a simple policy inquiry.
Insurers must treat each interaction as a retention opportunity where every person in the company plays a key role in the retention process. Retention shouldn’t be something that only marketing measures. So just how does an insurer develop more robust policyholder insight with behavioral data to proactively identify “at-risk” policyholders sooner? And once those possible churn candidates are identified, how does an insurer employ the appropriate retention strategy that is personalized for each policyholder? How does the right action get into the hands of the right person at the right time during the interaction?
Using the IBM Behavior Based Customer Insight for Insurance Solution, insurers can build this personalized insight. Advanced analytics can help uncover what policyholders may be thinking, reveal patterns that indicate if a policyholder might switch, and determine which retention initiatives need to be employed at key interaction points, especially for high-value policyholders.
With producers often playing a critical role in the relationship, it is also important to identify the retention risks by agent as well, and then recommend the proper options to the agent as the face-to-face interaction takes place. This additional insight allows an insurer to strategically use the agent (or any intermediary) for executing the retention strategy, creating a strong insurer/producer relationship as the insurer takes an active role in helping producers maintain and grow their book of business.
The IBM Behavior Based Customer Insight for Insurance Solution with its predictive models, dashboards and policyholder segments enables insurers to deepen their relationships with policyholders and implement successful retention strategies. Explore how the solution can help insurers become winners in this highly competitive industry, and attend a free workshop for an in-depth learning experience.