|
Banking, Finance and Insurance - revenue enhancement |
|
|
|
|
Insurance – holding on to high value customers and agents is the key to success 
THE BUSINESS CHALLENGE As new customers are generally not profitable for the first few years, minimising defection – particularly among high value customers - is a critical challenge. Building on experience gained in insurance cross selling, customer and campaign management, AGILE8 consultants worked with a leading multinational insurance organisation on their Asia regional customer retention programme. In establishing a strong customer management capability to complement its sales and marketing activities our client needed a set of actionable business rules to prioritise their customer retention effort. AGILE8 APPROACH Working with our client’s Asia Pacific country data, AGILE8 consultants used our Insight© process modelling and knowledge discovery solution to analyse the major factors affecting orphan creation, lapses and surrenders in a number of countries across Asia. Insight© identified retention rules derived from this data were then presented to country management teams for their consideration and subsequent implementation. THE SOLUTION Using Insight© our joint client and consulting team were able to identify and resolve major retention issues in their direct sales channel as well as ‘early warning’ linkages between calls to the service centre and defections. As most insurance customers in Asia are relationship buyers we were also able to develop a high value Agent retention model for one country where 5% of Agents deliver 80% of the business. This model accurately predicts which high value agents are at risk. THE BENEFITS At a result of this assignment our client has a set of actionable rules that can be applied on a regional basis to improve customer lifetime value and retention in Asia. Additional benefits included the identification of key factors affecting high customer attrition in their direct marketing and sales channel, and the delivery of an Insight© derived high value agent defection predictor.
|
|
|
