Quantzig’s Insurance Marketing Analytics Helped a Company Develop a Predictive Model

What Youll Find in this Case Study

• Challenge Faced by the Client
• Solutions Delivered
• Predictive Insights
• Broad Perspective on the Industry

How is data analytics transforming the insurance industry?

In this digital era, insurance companies have been going on for years. It has increased efficiency, speed, and accuracy across every sector. Predictive Analytics systems and Advanced data help the companies to make data-driven decisions. AI algorithms has empowered insurance professionals with high-level data and information that is leveraged into improved processes and new opportunities.

A new level of innovation is emerging in all product lines and business functions using advanced data analytics. Rather than just focusing on internal data sources like auto insurance and loss histories, started work on behavior-based analytic tools and credit score from credit bureaus into their analysis. Thus, this broad analysis becomes evidence and generates valuable insights into knowing the audience who pay their bills on time are safe drivers. It makes previous traditional analytical methods advanced and more productive in that they check claim histories and demographic and physical data. Tools for underwriting risk calculation, new sources of external (third-party) data, and behavior-influencing data monitoring are the primary developments shaping up as game-changers.

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Why do we need modern analytics?

• It creates new capabilities that empower insurers to optimize all the functions in the insurance value chain with data-driven decision-making.
• It also analyzes a customers risks and address which clients are trustworthy or may cause great loss.
• It detects fraud, through which the greatest frauds happen.
• Customers can use advanced Data Analytics solutions to know which companies give a minimum price with suitable offers.

Thus, both customers and insurers can make decisions according to data and their understanding, increasing efficiency, speed, and accuracy across every branch of insurance companies. This helps this industry to make data-driven decisions. It empowers insurance providers with high-level information that is leveraged into improved processes and new opportunities.

Challenge Faced by the Client

The client, a leading player in this industry, approached our team of experts to help them devise effective analytic strategies. They also wanted to leverage analytic solutions to gain a full view of their customers across channels. The property insurance company was also looking at implementing analytic services to anticipate customer and market behavior and respond proactively to their needs. Additionally, they wanted to gain valuable insights to implement better strategies to address and serve their target audience. Our client, with operations in the North American market wanted to gain valuable insights to implement better strategies to address and serve their target audience.

After learning about us from another client of ours, the client decided to connect with us to understand how analytical tools could help them catapult their offering ahead of their competition.

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Solutions Delivered

Our solutions helped the insurance company in combining speed with intelligence to gain a stronger foothold in this sector. It also assisted them in predicting their customer’s responses to various offers and develop targeted marketing strategies. Moreover, our analytic solution allowed the company to tailor the content, timing, and delivery channel of offers to meet the preferences of customers. Also, it helped them build better products based on market expectations and brought about business growth.

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Predictive Insights

Deciding whether or not your company needs to implement an effective analytic platform calls for the same evaluation steps involved in software adoption. It includes a comprehensive analysis of your organization’s management capabilities, business needs, and financial resources. Marketing analytics tools help in measuring, analyzing, and managing market performance to optimize return on investment (ROI) and maximize business efficiency. Also, beyond the apparent sales and lead generation applications, analytic can offer profound insights into customer preferences and trends.

It also helps insurance companies in identifying the target customers and accordingly design the right marketing campaigns to suit different customer segments. Also, our clients partner with us to optimize customer experience across channels, with a goal of refining their wallet share, customer loyalty, and lifetime value.

Broad Perspective on the Insurance Industry

Over the past few decades, this industry has gone through a tremendous change as a result of deregulation, globalization, and terrorist attacks. However, the improved economic outlook is expected to fuel the growth of the global insurance industry in the coming years.

As technology brings about rapid innovations, higher end-user expectations, and other such disruptions in this industry, the insurers have to focus on improving their bottom-line profitability, top-line sales, and effectively address challenges to sustain themselves in a dynamic marketplace. Several factors have to be considered when it comes to insurance, and both the investors and consumers should concern themselves with the insurers ability and financial capability to meet ongoing obligations to policyholders.