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Policy renewal

It costs ten times more to acquire a new customer than it does to retain an existing one. Yet, with today's savvy insurance customers increasingly buying on price alone, it's getting harder to keep hold of the good ones.

The problem is that many insurers can't or don't fully understand what drives their policyholders to behave in a certain way. For instance, we know that people who hold two policies are more likely to renew with the same insurer than those who have just one. But if your motor, household and life policyholder information isn't integrated, you won't know who those valuable policyholders are - or be able to target them. And you'll have no way of knowing how pricing a young man out of a motor policy is likely to affect his father's choice of life or pensions cover.

With a clear view and thorough understanding of your policyholders, however, you can develop products at the right price and risk and offer them to the right customer groups through the most appropriate channel. And if that results in even just a small increase in renewals, it will significantly boost your revenues.

Customer Success Video

Allianz Portugal enhances customer value with SAS

How SAS Can Help

SAS® Customer Retention for Insurance helps you understand when and why policyholders might lapse. You can then confidently identify those who need targeting for retention and understand the triggers for attrition and growth.

  • Create a single view of policyholders: by collating disparate data - regardless of format - you can identify your most profitable policyholders (with the highest risk of attrition) and make targeted efforts to retain them.
  • Predict policyholder behaviour: SAS uses detailed analytics to gain insights into the major factors that influence renewals and anticipate when their behaviour is likely to change.
  • Make the right offers to the right customers at the right time: Use predictive analytics based on demographics, geography, attitudes and behaviour to score customers, develop pricing models, match customers to campaigns and automatically deliver them.
  • Improve your data quality: Embedded quality routines make sure you have clean, accurate, up-to-date data to improve the success of your marketing efforts.
 

Ready to learn more?

Call us at 01628 486 933 (UK) or request more information.

 

 

Questions?

 

Customer Video

Allianz Portugal enhances customer value with SAS