Understanding and Improving Customer Lifetime Value Through Insurance Analytics

Overview

A look into the evolution of CLTV and analytics programs with insights from Zurich Insurance Group,HCC Service Company and CSAA Insurance Group

Insurance companies, large and small are turning to analytics to better understand the behaviors, preferences, mentalities and risks of their customers. Carriers (now more than ever) see the value in measuring customer lifetime value because the insurance industry is rapidly commoditizing and more recently, threatened by third-party digital powerhouses.

If insurers don’t make an effort to put their customers at the center of their business, they risk losing them to their competitors – who are more than ready to offer them quite competitive, personalized offers. After all, it’s well known that acquiring new customers is more costly than retain existing ones.

We’ve interviewed three experts in the field to share their successes, thoughts and experiences in developing a best practice solution for CLTV. Hear from:

  • Partha Srinivasa, Senior Vice President & CIO, HCC Service Company
  • Maroun Mourad, former CEO & Chairman, Middle East, Zurich Insurance Group& Author, The Insurance Management Playbook
  • Munish Arora, Senior Manager, Insurance Analysis, CSAA Insurance Group

This whitepaper explores the challenges and solutions from C-suite buy-in for analytics programs all the way to understanding a single customer’s view. Also uncover:

  • How to set proper and realistic organizational expectations and goals
  • The steps in making a business case, developing the right talent and overcoming biases
  • The importance of utilizing customer data in the right way (and the right amount) while focused on cross/up-sell opportunities
  • How to increase and improve customer touch points while using analytics to suit the customer’s preferences
  • Exploring social media, new external data and future hurdles to prepare foR

SOURCE https://www.insurancejournal.com/research/research/understanding-and-improving-customer-lifetime-value-through-insurance-analytics/

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