India's largest platform for AI & Analytics leaders, professionals & aspirants

Sign in

India's largest platform for AI & Analytics leaders, professionals & aspirants

3AI Digital Library

Customer retention

August 18, 2020

Leading Life Insurance Company in China and Hong Kong

Problem Statement

  • losing out on premium due to rider and policies lapsation.
  • Overall lapsation of 16% in China and 13% in Hong Kong

Analytics Led Approach

  • It was observed attrition trends in the data over the years and an approach was formulated to provide a solution to contain further revenue leakage
  • Predictive attrition model was built to predict the propensity of policies to attrite
  •  
  • Given are high level process steps which were followed :
    • Data Load Exploration
    • Model variable Creation
    • Analytical Model Development
    • Business rules
    • possible provider frauds

Business Impact

  • Identified policy to rider relations and their lapsation pattern
  • Customized retention engine to fit survival model outputs
  • Advanced analytical algorithms were used to develop predictive models .
  • Provided list of customers based on the policy at risk of attrition for follow up and retain.

Critical Success Factors

  • Identified attrition and revival opportunity of worth US $ 10 MN and $ 6 MN for China and Hong Kong respectively

    3AI Trending Articles

  • Transformation of Talent Acquisition by Algorithms

    Business leaders have long recognized that the ability to hire the right talent plays a significant role in any organization’s performance. Views about the challenges to acquiring and retaining such talent have evolved over time. We have moved on from a focus on the notion that a talent shortage is creating a “war for talent,” an […]

  • IoT devices at risk from Amnesia:33

      A new series of vulnerabilities dubbed Amnesia:33 puts millions of IoT devices at risk of being compromised. Security researchers from Forescout disclosed the 33 vulnerabilities today. The flaws are found in four open-source TCP/IP libraries used in the firmware of products from over 150 vendors. According to the researchers’ estimates, millions of consumer and […]

  • Revenue Growth Management in the New E-Commerce-led Phygital World

    Author: Imran Saeed, Vice President and Global Head CPG, Course5 Intelligence (LinkedIn – linkedin.com/in/imran-saeed-608a3b1) ‘Phygital’ is a portmanteau of ‘physical’ and ‘digital’ and symbolizes the seamless relationship between the two channels. It takes the best elements from both and merges them to create an entirely new customer retail experience. Though this does bring in a […]

  • Top four focus areas to help you shape a data-driven enterprise

    Author: Praveen Reddy, Vice President (Digital – data, analytics, and cloud) | Genpact As we navigate the world of data, some significant trends are manifesting with respect to data ownership and utilization. There are multiple triggers for these trends – ever-rising complexity of data, lack of proper intelligence concerning data assets, need for accelerated digital transformation, […]