Our high impact Data Analytics services for the Insurance Industry helps organizations maximize customer acquisition, enhance customer loyalty and retention, maximize customer life time value, detect fraud and manage risk, maximize policy renewals, determine accurate premium rates, optimize offers, improve collections and recovery, improve customer satisfaction and sales force effectiveness, reduce settlement delays, optimize operational costs and maximize profitability.
Industry challenges:Regulatory and compliance, risk management (ORSA, CBI), customer experience management, inability to exploit data through analytics, inefficient billing and claims functions are some of the most pressing challenges.
Benefits: Market Equations helps organizations maximize customer life time value, detect fraud and manage risk, maximize policy renewals, personalize offers, speed up approvals, reduce settlement delays, enhance sales force effectiveness, optimize operational costs and maximize profitability.
- CASE STUDY
Market Equations helped a large insurance company in the United States develop an analytics based scoring engine that identified fraud and suspicious claims thereby, helping them take corrective action on a real time basis.Read More
- CASE STUDY
Market Equations helps a large Insurance company in the US take preventive action by identifying individual members who have high probabilities of incurring high medical costs.Read More
Market Equations India helps organization in the Insurance industry optimize their customer acquisition strategies and increase response rates by employing smart analytics methodologies to identify and target the right customers through effective customer segmentation, tailor made offerings (product, price, promotion and channel) and enhancing customer life time value through effective cross sell and up sell strategies.
Market Equations India helps organization in the Insurance industry use proven analytics methodologies to measure and monetize their marketing strategies by employing analytics methodologies to optimize their market mix strategies, maximize response rates from campaigns, optimize promotions, and positioning, identifying key triggers and analyzing RFM while optimizing marketing spends, improving customer experience and maximizing profitability.
Customer Relationship Management
Market Equations India helps organization in the Insurance industry enhance customer loyalty and retention while controlling attrition levels by applying an analytics driven approach to improve customer service levels on every interaction, reduce claims settlement period and optimize and personalize offers to enhance customer experience and life time value helping them maximize customer profitability.
Market Equations India helps organization in the Insurance industry with determining accurate Price and Premium rates, developing loss models and segment based plan optimization outputs helping insurance firms acquire and retain customers through accurate and personalized offers and help enhance life time value, mitigate risks and maximize profitability.
Market Equations India helps organization in the Insurance industry manage their product portfolios and detect fraud and risk by accurate forecasting models, risk scoring, analyzing loss triggers/drivers and apply predictive and preventive analysis into understanding high risk customers that have higher probabilities of incurring high medical costs.
Renewals of lapsed policies
As is customer churn, the rate of policy lapses is very high in the insurance industry. Market Equations offers data analytics and modeling services to the Insurance industry to identify target customers who are more likely to revive their lapsed policies. This ensures customer retention, minimizes costs and enhances profitability. We help you identify, authenticate and validate your member base to help you maximize profits.