SAS^® Customer Segmentation for Insurance

The ability to segment customers according to their likely behavior and potential profitability is key for gaining a complete understanding of customers — and understanding customers is more important than ever for insurance companies, where intense competition, declining customer loyalty and high lapse rates continue to erode profit margins. SAS Customer Segmentation for Insurance employs decades of industry experience to help you combat these issues with more effective customer communications.

Many insurance providers struggle to segment their customers effectively, often because they have difficulty making sense of the huge volumes of customer data that exist throughout the enterprise. Insurers frequently lack the ability to track changes in customer segments as well — such as changes in life stage or overall buying habits — leaving no way to evaluate the long-term success of their marketing efforts.

SAS Customer Segmentation for Insurance uses the analytical depth of SAS to help marketers create more accurate customer segments and predict customer behavior, which in turn gives insurers the power to create better-targeted product offers, product communications and bundled services.

The solution identifies and categorizes the customer base into distinct groupings with similar characteristics to:

• Create manageable groups for targeted activities such as underwriting and marketing campaigns.
• Identify attributes, needs and wants of each customer group.
• Compare the characteristics of different segments to determine segment-specific actions.
• Set effective measurable goals for each segment.

SAS Customer Segmentation for Insurance uses demographic, geographic, attitudinal and behavioral data available from across the enterprise, as well as information from analytical applications, to develop highly accurate segments. These segments can provide relevant channel support and aid marketing efforts by supplying customer intelligence to insurance intermediaries.

Comprehensive insurance intelligence
SAS Customer Segmentation 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.