Using analytics to acquire and retain customers
Life insurance has always been a competitive business. Today, amid uncertainty and rising costs, insurers can increase top and bottom-line growth by acquiring and retaining the most profitable customers. However, identifying profitable customers and keeping them requires a structured customer relationship management strategy.
An important tool for customer relationship management is analytics. In the life insurance industry, analytics can help a company create a comprehensive roadmap for managing the entire lifecycle of a customer, from acquisition to lapse or maturity. Analytics also helps an insurer gain an enterprise-wide view of a customer to gather insights and identify opportunities across all business lines. In this paper Capgemini looks at how analytics can help life insurance companies acquire and retain customers.