See how we have helped our clients in the insurance sector rise above the competition.
A Preview to What Analytics Can Do
To an insurer, 'events' are extremely important. Claims result from unfortunate events but the need for insurance protection also arises out of events large and small. From major life-changing events such as the birth of a child, to more mundane but frequent ones such as going on a weekend cycling trip or bringing an expensive camera on an outdoor excursion, consumers' needs for insurance will fluctuate and change.
However, because insurance protection is seldom a top-of-mind concern, consumers will not proactively reach out to insurers when these events occur. Therefore, insurers need to collaborate with a wide range of third parties so as they can put their "feelers" on a broader spectrum of the consumers' lives. Not only do insurers need to create new products that can be activated on-demand as and when opportunities are detected, they should also capture consumers' data and behaviour whenever possible. Then, by linking together all the events that occur in an individual customer's life, insurers will gain insights to proactively cross-sell other insurance products or repeat-sell the same coverage to the customers.
We have extensive experience in insurance analytics—boosting marketing response, lengthening policy persistency, detecting fraudulent claims, increasing product holding, enhancing customer affinity, optimising distribution channels and bancassurance partnerships.