Insurance Analytics Challenge
First, let’s understand the role of insurance analytics for the healthcare industry. A prominent client in the healthcare insurance market space wanted to identify the current market landscape in terms of high risk, least profitable, and most valuable customer segments. The firm also started facing challenges in assessing the customer lifetime value and wanted to increase their focus on improving the retention of their existing clients. Moreover, the process of identifying the best customers was imprecise and time-consuming. As a result, the client approached Quantzig’s team of customer lifetime value experts to identify high-risk customers across segments.
Insurance Analytics Solution Delivered
After a robust analysis, the engagement helped the client segment customers in terms of loyalty, expected value, and customer value. The engagement also helped the client measured customer’s data record and predict the behavior of the customers. Furthermore, the client was able to effectively analyze customer behavior to fend off competitors. The engagement further predicted the probability of customer churn and future purchase services, assisted the client to maintain long-term relationships with customers.
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Healthcare Insurance Market Overview
Over the past few years, the global healthcare insurance market has become fragmented due to the presence of multiple companies offering a wide array of services at competitive prices. The demand for healthcare services, which includes healthcare insurance, is increasing because of the rising aging population and the increasing frequency of chronic diseases across the globe.
However, capitalizing on the opportunities in this market space requires an understanding of the fundamental forces that are disrupting the healthcare insurance market. As a result of such challenges, healthcare insurance companies across the globe have started opting for customer lifetime value analysis to identify high-risk customer segments effectively.
In today’s healthcare insurance industry, customer lifetime value analysis is considered from the patient’s perspective as it helps in managing patient satisfaction levels, financial resources, and better retention and acquisition practices. The patients of today are well informed and are increasingly aware of the current scenario, the severity of their conditions, and alternative medicines. Customer lifetime value analysis helps in examining the value of patients over the course of their life.
Quantzig’s team of customer lifetime value experts, help the healthcare insurance client to identify patients on the verge of leveraging medical procedures for their treatments. Businesses can further optimize the use of analytical algorithms to determine the probability of healthcare needs.