SAS® helps Alfa Vision Insurance improve customer retention
Insurer anticipates project will pay for itself in less than a year
CARY, NC (May 24, 2010) – In today’s highly commoditized insurance market, a small increase in retention rates can add millions to premium revenue. Alfa Vision Insurance Corporation, a nonstandard auto subsidiary of Alfa Insurance Company, has selected SAS, the leader in business analytics software and services, to boost retention rates.
On recommendation from Elite Technology Solutions, a SAS® Alliance partner with expertise in developing analytic solutions for insurance, Alfa Vision chose SAS Analytics Pro. SAS Analytics Pro enables users to access, manipulate, analyze and present information on their own. Because it works on the desktop, it does not require resource-intensive IT support as users can access data from virtually any source.
“SAS has been so powerful. It’s the right platform for our needs,” said Jay Kempf, Vice President of Product Development at Alfa Vision Insurance. “Elite used SAS to develop a retention prediction model based on our data, which help us to strategically target the best retaining customer segments.”
Alfa Vision Insurance plans to identify and retain customers through better statistical modeling. They have already found certain customer segments to be less costly to service and more profitable from an indemnity stand-point. The company is targeting eight program rollouts through 2010 that will use SAS and the retention predictor.
“As we measure retention today, we expect to increase our numbers by at least seven points,” said Kempf. “If we can achieve seven points improvement, we will have this project paid back in less than a year.”
Kempf added his accolades of the SAS Alliance partner. “The folks at Elite Technology Solutions were great. They helped us think through what we wanted to accomplish and provided the expertise to build the statistical model within SAS.”
About Alfa Vision Insurance Corporation
In 2005, Alfa Vision Insurance Corporation began operating as the non-standard auto subsidiary of Montgomery, AL-based Alfa Insurance. Alfa Vision, based in Brentwood, TN, operates in eight states through a network of more than 3,700 independent agents.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 45,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world
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