Customer relationship management is one area where companies can maintain a competitive edge; business analytics and customer intelligence solutions offer valuable help by providing actionable insights into customer behaviors and preferences when it comes to:
ACQUISITION AND RETENTION It is essential for insurance companies to continually attract new business while focusing efforts on maintaining existing customers. Sophisticated, analytics-driven retention programs are especially critical given the current high cost of acquiring new customers.
PROFITABILITY Not all customers are profitable ones. Acquisition and retention programs are most effective when companies consider customer lifetime value (CLV) in targeting the right individuals for sales and marketing efforts.
CROSS SELLING Selling to existing customers is a smart and reliable source of revenue for insurers. Using analytics to identify the customers most likely to buy specific products – based on key demographics, customer behavior patterns, and lifestyle event triggers – can significantly reduce costs while maximizing profits.
CUSTOMER SERVICE MANAGEMENT In an era of cost-cutting, insurers are challenged to reduce operational overhead while still providing effective service to policyholders – especially those high-value individuals the company wishes to retain as customers.
What we offer
Temberton has been providing insurance companies with sophisticated data management and predictive analytics support for over twenty years. Our experience affords us insight into the challenges insurance executives face and the complex variables that impact profitability in this industry. We know how business intelligence tools can best be put to work in insurance companies to dramatically improve business outcomes. Our services include:
• Skillful data management that guarantees clean, consistent, accurate, and timely data
• Powerful data mining and analytics that predict customer behavior, such as likelihood to attrite or likelihood to buy
• Customer segmentation based on demographic, geographic, and behavioral data
• Easy-to-use reporting tools that keep decision makers apprised of the latest information