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 customer retention rates can add millions to premium revenue, while an increase in lapse rates for unprofitable customers can dramatically improve combined ratios.
" SAS is a strategic resource for customer segmentation, customer prospecting, market assessment and data quality."
— Jeff Hoffman
Senior Vice President, Market Planning and Performance, Chubb Group of Insurance Companies
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 insurers to predict customer lapse and implement successful marketing campaigns to improve customer retention and 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® 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.
SAS® Customer Analytics for Insurance
SAS Customer Analytics for Insurance delivers specific analytical techniques to help you understand and drive decisions related to customer profitability. The solution enables you to segment customers according to a multitude of variables – including demographics, geographics, claims history and other behavioral attributes – to create more meaningful and targeted marketing programs that lead to improved retention rates.
Ready to learn more?
Call us at 1-800-727-0025 (US and Canada) or request more information.