From single customer view to lifetime value analysis and churn identification, predictive analytics is empowering insurers to extract the inherent value in their data
A large multi-national insurance company had concerns about the efficiency of its marketing efforts and approached Datamine to request some ‘exploratory’ work be done. The company wanted to establish the possibility of extracting data from its array of different systems — data which could then be applied to better inform its strategy around brand expansion and customer propositions.
Datamine brought together a host of different systems and data silos into a single data mart – enabling a single customer view and identifying multiple opportunities. One entirely unexpected result was that Datamine uncovered millions of dollars in premiums which had not been charged, even though the policyholders were still being provided full cover.
The $80,000 project returned almost $10m to the company immediately — and provided insights which led the insurer to establish an additional brand and associated product range in the marketplace, while simultaneously improving its foundation business through better targeting and messaging.