SAS^® Customer Retention for Insurance

Successful retention starts with the first customer contact and continues throughout the entire lifetime of a relationship. Built on this principle, SAS Customer Retention for Insurance enables your organization to quickly gain a better understanding of the variables that influence customer lapse — allowing you to determine not only which customers are likely to lapse, but why.

The dramatic increase in competition among insurance providers and declining loyalty among their customers has placed new emphasis on the value of customer retention. Because insurers' marketing organizations are under pressure to generate more sales revenue with no increase in resources — and because recruiting new customers is so much more expensive than retaining old ones — it is imperative to determine whose policies are likely to lapse, and which of those customers are most valuable, so you can take the necessary steps through the right channel (including intermediaries) to prevent their attrition.

Such retention projects require organizing and analyzing huge volumes of data that are often difficult to access and consolidate. And many firms simply lack the ability to support the complex data mining and analytical tasks that are essential to combating customer attrition.

SAS Customer Retention for Insurance provides powerful capabilities for determining causes and predicting occurrences of customer attrition — all built on an extensible architecture specifically designed to help insurers retain their best customers. The solution offers:

• Accurate reporting on lapsed policies.
• Insights into the major factors influencing that lapse.
• Industry-leading accuracy for predicting who is likely to lapse in the near future.
• Proactive, rules-based analysis of account behavior.
• An accurate early-warning alert system.
• Flexible and scalable technology that can keep up with your company's growth.
• Easy integration with other solutions such as marketing automation or performance management systems.

SAS Customer Retention for Insurance uses customer data gathered from all corners of the enterprise to calculate a customer's likelihood to have a specific policy lapse. Marketers can use these "likelihood" scores, in combination with customer profitability information, to segment the existing customer base and effectively target valuable customers to prevent further attrition.

Comprehensive insurance intelligence
SAS Customer Retention for Insurance is available as a component of SAS Insurance Intelligence Solutions, a suite of software and services that combines award-winning analytic and data warehousing technology with decades of industry experience. Through proven, prebuilt processes, techniques and models, SAS Insurance Intelligence Solutions speed up both implementation and results — yielding significant returns within months, not years.