Improve customer retention rates and increase premium revenue
Retention of the right policyholder is imperative for profitability. The cost of acquiring new customers can be up to 10 times the cost of retaining an existing customer. A small increase in retention rates can add millions to premium revenue, while an increase in lapse rates for unprofitable customers can dramatically improve combined ratios.
How SAS® Can Help
The key to improving customer acquisition and retention is gathering and analyzing all your customer data in order to understand customer behavior and develop more effective marketing strategies. With SAS, you can:
- Create a single view of the customer by consolidating all data into a complete picture of an entire customer relationship.
- Ensure clean, accurate, up-to-date data throughout the marketing process with embedded data quality routines.
- Predict customer behavior by using analytics to gain insights into the major factors that influence customer retention.
- Connect offers to the right customer segments based on demographic, geographic, attitudinal and behavior data across the enterprise.
How SAS® Is Different
SAS provides a framework of capabilities that enable health insurers to predict customer lapse and implement successful marketing campaigns to increase revenue. With SAS you get:
- Superior data integration capabilities.
- The most powerful predictive analytics available.
- Automated campaign planning.
- Intuitive, Web-based reporting.
Related Products and Solutions
SAS® Enterprise Miner™
SAS Enterprise Miner streamlines the data mining process to create highly accurate predictive and descriptive models based on large volumes of data from across the enterprise. It offers a rich, easy-to-use set of integrated capabilities for creating and sharing insights that can be used to drive better decisions.
Forward-thinking organizations today are using SAS data mining software to detect fraud, minimize risk, anticipate resource demands, reduce asset downtime, increase response rates for marketing campaigns and curb customer attrition.
SAS® Marketing Automation
SAS Marketing Automation is a comprehensive solution to plan, test and execute marketing campaigns so you can improve marketing efficiency and effectiveness. By increasing retention and driving higher rates of new customer acquisitions, it can help you achieve a better return on investment and a healthier bottom line.
Ready to learn more?
Call us at 1-800-727-0025 (US and Canada) or request more information.