With the cost of attracting and underwriting new customers many times the cost of keeping current customers, customer retention is a high priority for most insurance companies. For some companies, a five percent improvement in customer retention can increase profitability by 25 to 100 percent. Adding predictive analytics to your renewal processes can help you proactively identify policyholders likely to defect and take the actions necessary to keep them.
Customer retention solutions from SPSS provide you with powerful predictive analytics capabilities that help you keep the right customers longer. For example, they can help you to:
By integrating predictive analytics into your customer retention strategies, you can provide the early warning that agents, call center representatives, and other employees need to keep your best customers longer and improve customer lifetime value.
--------------------------------------------------------------------------------------------- Winterthur Insurance, developed a model using SPSS predictive analytics that correctly identified approximately 60 to 70 percent of the customers who would cancel their policies. Armed with this invaluable understanding of which customers were most likely to cancel, Winterthur was able to focus more readily on reducing customer churn and retaining profitable customers.
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Contact SPSS sales to learn how predictive analytics can deliver rapid return on investment for your organization.
