CLV Analysis – How can it Help Healthcare Insurance Companies to Maximize Profits and Enhance Customer Relation?
The task of determining insurance premium and claims amount to different segments of customers requires a high level of precision. To do so, healthcare insurance companies should identify high-risk customer segment effectively. As a result, healthcare insurance companies are turning towards Customer Lifetime Value Analysis (CLV Analysis) to manage patient satisfaction levels, financial resources, and […]
The task of determining insurance premium and claims amount to different segments of customers requires a high level of precision. To do so, healthcare insurance companies should identify high-risk customer segment effectively. As a result, healthcare insurance companies are turning towards Customer Lifetime Value Analysis (CLV Analysis) to manage patient satisfaction levels, financial resources, and master retention and acquisition practices. A thorough CLV analysis allows an organization to focus their time, capital, and energy towards profitable customers.
Do Healthcare Insurance Company Need CLV Analysis?
People or companies seeking healthcare insurance for their employees respond differently to marketing variables including pricing, benefits, promotions, and distribution. Also, companies sell their product to different segment of customers, such as corporate clients who buy insurance in bulk quantities for their employee, individuals opting for Medicare plan, or individuals opting for family coverage. On that account, it is essential for healthcare insurance companies to calculate the present value of a firm’s relationship with its customers. By using CLV analysis, they can accurately estimate insurance premium rates and optimal claim value, identify the dissatisfied customer, and take measures to resolve their issue. Doing so can significantly boost their revenues and maintain a healthy and profitable customer base.
How can Quantzig’s team of CLV experts help vendors in healthcare insurance?
- Provide a concise dashboard with compiled information on customer behavior and provide details on-demand
- Develop a full-proof CLV model to gain relevant insights on the customer landscape
- Estimate churn rates and identify cross-selling and up-selling opportunities
How can Healthcare Insurance Companies adopt CLV analysis?
An efficient CLV model can help increase customer satisfaction, serve patients better, and increase company profits. It is essential to devise effective CLV strategies by taking into consideration segmentation criteria and customer relationship, which assists in making informed business decisions on product, pricing, and promotion.
Today, managers have access to a large stream of data, and decision-making on the basis of gut-feeling, the rule of thumb, and guessworks are largely eliminated with the advent of data analytics.
“Without big data analytics, companies are blind and deaf, wandering out onto the web like a deer on a freeway,” said a leading data analytics expert from Quantzig.
For more than 14 years, we have assisted our clients across the globe with end-to-end data management and analytics services to leverage their data for prudent decision making. Our firm has worked with 120+ clients, including 55+ Fortune 500 companies. At Quantzig, we firmly believe that the capabilities to harness maximum insights from the influx of continuous information around us is what will drive any organization’s competitive readiness and success. Our objective is to bring together the best combination of analysts and consultants to complement our clients with a shared need to discover and build those capabilities, and drive continuous business excellence.
For more information on how CLV analysis can be used in healthcare insurance industry: