SAS^® Cross-Sell and Up-Sell for Insurance

In the turbulent world of insurance, where profit margins are shrinking, claim rates and lapse rates are rising, and claims severity continues to worsen, it is essential both to retain current customers and to maximize their lifetime value through effective cross-selling and up-selling.

Despite its importance, many insurance companies struggle to perform effective cross-selling. Customer data that would help identify good candidates for cross-sell and up-sell are often scattered throughout the enterprise, making it impossible to get a clear view of customer preferences and customer behavior. Effective cross-selling, for instance, depends on detailed information about the person being insured — demographics, life style, life stage and especially claims records — information that few insurers can bring together fast enough to take advantage of the opportunity it provides.

SAS Cross-Sell and Up-Sell for Insurance aids cross-selling and up-selling strategies by letting you profile customers who have purchased numerous policies. You can then assign similar analytics to other customers in order to determine which ones are good candidates for additional product offers and predict "what next?" for individual customers.

Market basket analysis uses historical data on policies held by clients as well as details of active policies, customer demographics, claims propensity and other key variables to predict cross-sell opportunities. For example, you can identify the path certain customers take from motor vehicle insurance to homeowner's insurance to life insurance; and then you can use that knowledge to score these customers and direct marketing efforts at customers who are most likely to follow the same path.

Support your sales channels
Many cross-sell and up-sell opportunities are lost by agents and brokers who, while they represent an essential sales channel, lack a complete view of customers and their insurance needs. SAS Cross-Sell and Up-Sell for Insurance enables insurers to share customer intelligence with intermediaries, helping them to target appropriate customers proactively for additional offers.

Comprehensive insurance intelligence
SAS Cross-Sell and Up-Sell 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.